The truth is always important. Credibility is also important at a time filled with an enormous amount of misinformation and deceit.
Maybe you've heard of the term "gaslighting" where a person makes someone else question their own reality in order to gain more power. It often avoids the realization of truth in the face of blatant lies even when there's 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.
The truth is you can't gaslight your bank or processor. There are far too many policies, procedures, and a whole lot of reality that may come crashing down on your head should any shadiness come to light. Every relationship (personal, business, or otherwise) is about trust and you can't do that if you lie your ass off on the first date. Providing false information to your processor and bank might seem like a minor thing, but it could result in severe consequences later, and certain omissions related to the nature of your content or nature of business might lead to loss of service. Yes, you could lose your banking. I can't tell you how many times I've been called by a new potential client who is in chaos mode due to a lost banking relationship. I can't tell you how many times, because 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 starts with solid relationships.
Did you know that 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 to it. Of those people, 36% find themselves in an affair with a coworker. 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 who has omitted a very large detail about the nature of their business. That omission lies in wait and the business relationship goes on like it normally would. However, banks are constantly reviewing transactions and flagging unusual activity. Until, one day, the bank notices something that shows that they've been lied to (many consider lying the same as lying by omission). At that point of discovery your credibility is lost, and trust diminishes. In many cases the bank has terms and partnerships that require they discontinue business with a 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, in some cases the facts leave the situation unforgivable.
Merchants may at times struggle with 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 exactly what you're processing for, and how. When mistakes happen, those are recoverable in most circumstances. However, if a gaping omission or violation comes to light and it looks intentional (and not a mistake) then you're finished. Therefore, we recommend always asking permission rather than scrambling in desperation for forgiveness. In any relationship (business or otherwise) when both partners go in with eyes wide open, the bond is more likely to be successful in the long term. If only everyone went into their personal relationships the same way!
Every day there are problems with merchants that threaten the end of their processing accounts and its usually because someone has made a mistake. We do our best to save them almost every time. It’s always a better day when there's no surprises waiting to turn your day up-side-down.
If you have any questions regarding the process of applying for a merchant account, acquiring a payment gateway or all other things in relation to payment processing, do not hesitate to contact us at firstname.lastname@example.org, as NO question is irrelevant and our team of experts are always available to help!
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