In finance and banking, the truth is not just important; it is paramount. In a world saturated with misinformation and deceit, maintaining credibility is essential.

Maybe you've heard of “gaslighting,” where someone makes someone else question their reality to gain more power. It often avoids realizing the truth in the face of blatant lies, even when there is proof.  The natural enemy of lies and gaslighting is time. The longer time passes, the more likely the truth will come out. The best strategy when dealing with your merchant processor, banks, and anyone else in finance is the truth, as it shall set your business free.

Be Transparent

The truth is you can't gaslight your bank or payment processor. Far too many policies, procedures, and a lot of reality may come crashing down on your head should any shadiness come to light. Regarding merchant processors, banks, and anyone involved in finance, honesty is the best policy. Every relationship (personal, business, or otherwise) is about trust; you can’t build that trust if you lie your ass off on the first date. Providing false information to your processor and bank might seem minor. Still, it could result in severe consequences later, and certain omissions related to the nature of your content, or the nature of your business might lead to loss of service.  Yes, you could absolutely lose your banking.  I can't tell you how many times I've been called over the last 20 years by a potential client in chaos mode due to a lost banking relationship.  I can't tell you how many times I've lost count since it happens too often. I'm happy to say we have been instrumental in fixing banking for clients and non-clients alike, and it all starts with solid relationships.

Did you know that in over a third of marriages, one or both partners admit to cheating?  Over 22% of men say they've cheated, and 14% of women admit it.  You may wonder, what does this have to do with banking?  Imagine you're the bank. You're in this relationship with a new business that has omitted a very considerable detail about the nature of its business. That omission lies in wait, and the business relationship goes on normally. However, the bank continues to review transactions and flag unusual activity constantly. And then, one day, the bank notices something that shows that they've been lied to (many consider lying the same as lying by omission). Your credibility is lost at that point of discovery, and trust diminishes. In many cases, the bank has terms and partnerships that require that they discontinue business with a dishonest merchant. It’s like walking in on your husband or wife in the passion of an affair. Yes, relationships can, in some cases, be repaired or saved.  However, more often than not, the facts leave the situation unforgivable.

The processor is on your side

Merchants may sometimes need help trusting a new merchant or bank partner (because so many have been burned before), but the best insurance you have against sudden loss of service is being truthful from the start.  Building solid long-term relationships with banks is the basis of long-term business, and you can only do that when processors know precisely what you are processing for and how.  When mistakes happen, they are recoverable in most circumstances. However, if a gaping omission or violation comes to light and looks intentional (and not a mistake), you're finished.  Therefore, we recommend always asking permission rather than desperately scrambling for forgiveness.

Beyond the immediate consequences, dishonesty can create a ripple effect that impacts the entire industry. When one merchant engages in deceptive practices, it erodes trust in that particular business and others in the same sector. Banks and payment processors have become more cautious and vigilant, leading to stricter underwriting standards and increased scrutiny. This, in turn, can make it more challenging for honest businesses to establish relationships and access the financial services they need to thrive.

In contrast, embracing truth and transparency can be a powerful differentiator. By demonstrating integrity, businesses can build more substantial and enduring partnerships with banks and payment processors. When financial institutions see that a merchant is forthcoming, trustworthy, and committed to compliance, they are more likely to provide favorable terms, personalized support, and long-term stability. Honest businesses are seen as lower risk, which can translate into more competitive rates, access to additional services, and growth opportunities.

Help us help you

Moreover, truthfulness promotes a culture of accountability and ethical behavior within the industry. When merchants prioritize transparency, it sets a positive example for others, fostering an environment where integrity is valued and rewarded. This, in turn, helps to mitigate the prevalence of fraudulent activities, protecting the interests of both businesses and consumers.

The truth is not just essential but vital in the world of finance and payment processing. Upholding credibility through honesty and transparency is crucial for establishing and maintaining solid relationships with banks and payment processors. The consequences of dishonesty can be severe, undermining trust, damaging reputations, and jeopardizing business stability. Conversely, embracing truth and transparency safeguards businesses from potential pitfalls and paves the way for long-term success and growth.

If you have any questions regarding applying for a merchant account, acquiring a payment gateway, or all other things concerning payment processing, please get in touch with us. NO question is irrelevant, and our experts are always available to help.