Your Shopify Payments account is on hold… Now What?
“Your Shopify Payments account is on hold.”
Seven words that can be the difference between a successful eCommerce business
… or a colorful learning experience.
Unfortunately, it’s an experience more and more merchants in the supplement industry are getting thrown into.
The appeal of Shopify Payments is understandable – According to their website, you can sign up and begin accepting payments almost immediately, no fuss, no muss.
In reality, that sentence needs to be followed by more asterisks than your uncle’s “Big Fish” story.
As more and more entrepreneurs are finding out, Shopify is really only that easy for a select few.
Per Shopify’s definition of eligible merchants, anyone operating in “High Risk” categories isn’t actually welcome on their system.
How do I know If I’m “High Risk”?
That’s a difficult question to answer – but here’s the scoop…
Shopify’s payments are actually facilitated by Stripe, so the most accurate answer is that your business is “high risk” when Stripe decides it is.
Stripe makes frequent changes to their list of High Risk businesses, with very little warning before-hand to merchants on their platform.
So am I “High Risk”?
Stripe’s new terms and conditions say that…
- Any product that is drop shipped is considered “high risk”
- Any product that makes ANY claims about health benefits is considered “high risk”.
- ALL supplements are considered “high risk”
- All products that have affiliates promoting them are considered “high risk”
And these are just the recent changes that they have made!
Since they aren’t taking the time to understand your business at the onset, you never know when you are under review and about to get thrown into the “high risk” bucket too.
What do I do now?
Whether your account has already been closed, or you just aren’t willing to leave your financial well-being to chance, there are steps you can (and should) take.
- Make sure you are working with a company that understands your business. Your provider needs to understand how and what you are selling, and know which member banks are best suited to work with your product type.
- Ensure you have your “eggs” spread out into more than one basket. If your provider doesn’t work with more than one member bank, it’s time to find a company better suited to keep your business safe.
- Use the right technology to support your business.
Using a payment gateway which can divide your volume across your merchant accounts with various member banks (automatically) is the final piece of the puzzle.
Being able to run sales without having to micromanage on a transactional level will let you get back to the important things, running your business.
If you need help – Click here to setup a Free 15 minute Consultation with one of our Certified Payment Specialists.