Payment acceptance and processing are must-haves for businesses across the globe in today’s global economy. At EasyFiling, we appreciate what business people come up against in terms of payment gateways, especially those like Stripe which are popular.
Stripe is a popular payment gateway that offers an easy setup and can be integrated with various software, hence, making it convenient for most businesses. Nevertheless, the use of such intermediaries like Stripe also has its risks and limitations. It may happen that accounts will be closed without any warning; funds may stay on hold for quite a long time or chargebacks will spoil the reputation of your business online.
But What Are the Reasons behind Stripe’s Account Closure?
- Terms of service violation: sternness is key in terms of service at Stripe. Account closure can be a result of activities such as participating in prohibited business activities or violating their policies.
- High chargeback rates: when there are too many chargebacks on an account, it shows that fraud may be happening or customer satisfaction is poor and Stripe may close the account to protect itself against major risks.
- Fraud activity: if there’s any suspicious fraudulent behavior or money laundering on any user’s Stripe account, it will be closed to maintain the system’s integrity and other users’ safety.
- Insufficient funds: In case an account has overdrafts but lacks enough money to cater for its transactions, that would cause Stripe to close it down so as not to incur financial losses.
- Incomplete documentation: failure to provide required documents for verification may lead to issues with your account and then eventually its closure.
Do This If Stripe Closes Your Account
- Closure Notice Review: Get to know the exact reasons as stated by Stripe as to why your account was closed. This will enable you to fix any issue amicably.
- Contact Stripe Support: Contact Stripe so that you can find out more about it and have it addressed more concretely. The support team of this company is there to give directions on what your next steps are and if your account may be restored.
- Explore Alternative Payment Processors: Look into other payment options that are more steady and trustworthy. EasyFiling prefers underwritten rather than resold payment processors for enhanced security and improved scalability.
Exploring Alternative Payment Processing Solutions
If you are in search of alternative payment processors that support non-residents instead of Stripe, there are a number of them to choose from:
1: PayPal
Global Reach: Available in many countries.
Support for Non-Residents: Allows non-resident companies to set up accounts, but they need an ITIN or the SSN of friends and family to open a business PayPal account.
Features: Invoicing, merchant services, recurring billing, and e-commerce platform integration.
2: Payoneer
Global Reach: Available in over 200 countries.
Support for Non-Residents: Designed for freelancers and businesses operating globally.
Features: Receive payments from clients worldwide, have local receiving accounts in multiple currencies, and withdraw funds to your local bank account.
3: 2Checkout (now Verifone)
Global Reach: Available in over 200 countries.
Support for Non-Residents: Allows non-residents to create merchant accounts.
Features: Multiple payment methods supported, recurring billing, global tax and compliance.
4: Square
Global Reach: Limited compared to others but expanding.
Support for Non-Residents: Available in some countries besides the US.
Features: Point of sale (POS) solutions, invoicing, e-commerce integration and payment processing capabilities
5: Worldpay
Worldwide Presence: Extensive operations across many countries
Non-Resident Support: With appropriate documents, non-residents can open accounts here
Features: Payment Processing, Multi-Currency Support, Fraud Prevention, E-commerce Solutions.
For those looking for a more stable and reliable payment processing solution, EasyFiling recommends exploring directly underwritten payment processors. These processors work directly with banks, providing a more secure and scalable option for businesses looking to process payments efficiently.
Contact EasyFiling
If you’re ready to take your business to the next level and ensure smooth payment processing operations, contact EasyFiling today. Our team is dedicated to helping you navigate the complexities of payment processing and find a solution that works best for your business. Let us guide you toward a more secure and efficient payment processing system so you can focus on what you do best growing your business.
Nabin Adhikari
