BBB Handles Disputes Between Customers And Businesses

Category: Finance.

After all that s been said and done, your merchant account application at your local bank was stamped DENIED.

All of us feel bad when rejected, and more or less, go through moments of anger and sadness, especially if you really worked your hardest. Total bummer. You are already taking more than the usual risk if your business is already classified as high risk such as adult, pharmacy, travel, escort service, telemarketing, dating service, high volume, and multilevel marketing. One of the ways to demonstrate resiliency is to know where did everything go wrong. But, there will come a time that you ll feel alive and again, and at that moment, how do you bounce back? It is humanely possible to miss certain trivial points that when summed up, constitutes to major flaws. Papers in work.

So, knowing the basic reasons why merchant account applications are denied is crucial first step, below are the common reasons: documentary deficiencies. grave complaint record filed to the Better Business Bureau( BBB) ripoff record. misrepresenting certain, all information about, if not yourself and your business. Deficiencies in documents refers to lack of paper work submitted. If your business already has a website, then the paper work needed are. Standard paperwork submitted are application forms containing the merchant legal name doing business as( DBA) name, email address, URL, and, drivers license or, telephone number passport, incorporation documents or business license, months bank statements, monthly processing statements. Better Business Bureau( BBB) Report Printed for DBA, Legal Name and URL, yahoo. com search results printed for DBA, Legal Name and URL, list of domains printed from: whois. webhosting. info/ (URL) ,and merchant website, with product description and policy pages printed. But, remember that some of the documents are only required if they are applicable to your situation.

Discern if you really and truly had submitted all these forms, technical as it may see, failure to completely, but send in the requirements reflect your business ability to comply with simple rules. Red marks on your BBB report card. Their members include most businesses but not all, to say the least. Better Business Bureau( BBB) is an 80- year old, non- government, non- profit organization created to serve as watchdogs of the marketplace and report developments to the public. BBB handles disputes between customers and businesses. They act as intermediary provide ways to compromise so that as much as possible, the cases won t have to reach the court. From unsatisfactory customer service, non, to delayed refunds- payment of bills, and other customer, past due accounts concerns imaginable.

If your business has a complaint report filed at the BBB, they will notify you and tell the specifics of the customer complaint. Take note, that the BBB does not recommend any business, they operate on neutral ground, making sure that both the right consumer s and merchant s rights are intact as much as possible. It is in your interest to show up and settle do that future repercussions are avoided. Ripping ripoff. This happens when you buy a water lawn mower for$ 89 when the actual price is only$ 5Unlike a scam, in a ripoff situation, you actually get the product but in a higher price. A ripoff, in its business sense, is a situation where you pay too much for an item that you bought. But, how can you be sure if you have been a victim of a ripoff?

This is practical especially for expensive items or services. The best measure is to ask for receipts and try to make inquiries if that s the actual price. Altering egos. Once you submitted the documents, officers do background checks. Misrepresentation is also one cause of denied application. They coordinate with credit unions( Experian, and Equifax, TransUnion) , the BBB, people who you work, and others to verify the authenticity of the information of your office.

Bottomline, they check if you re business is what you say it is. They check if your processing volumes reconciles with your monthly statements, or if you really have an office, (if you indicated a separate work address) , by asking the landlord of the building you re occupying, and so much more. Knowing your weaknesses. You can always go to another bank, contact a merchant account provider, or opt for an offshore merchant account. With the knowledge of the common reasons why high risk businesses applications for merchant accounts are denied is a sure- way to be more cautious and plan your next move. No matter which path you want to take, learn from your mistakes.