Merchants Taking Credit Card Deposits Online for Future Services Getting Cancelled

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

Do you feel like the guy walking the tight rope?

Because of COVID 19, merchants who take deposits online for future services are now considered high risk. Merchants are getting their merchant accounts cancelled or required to deposit reserves to continue processing with their current merchant services provider.

In March, many customers cancelled bookings and merchants who sell future services were experiencing a new world of having to refund more bookings than new bookings received. Merchants were not only seeing reduced revenues, but also having to cancel and refund events already booked.  Bank accounts were strained. Merchant accounts were going negative and over drafting bank accounts.

As a result, credit card processors were re-assigning all merchants taking deposits for future services to their high-risk portfolio. New merchants applying for merchant accounts started getting turned down.  Even Square was shutting down these types of merchants or asking for large reserves. And the situation is still an issue today for merchants taking deposits for future services. What is such a merchant to do?

There is a solution. Almost every industry has a software solution specific to its industry and event booking for future services is no different. Many software solutions are integrated with payment processing. A solution which has integrated payment processing with event booking software has two reasons to support the merchants in this industry and therefore approves the merchant account without reserves.

You might think that such an industry specific software would be expensive, but it is not. Many times, the integrated credit card processing has lower more reasonable rates. It most definitely beats SQUARE’s fees. The software plus the payment processing turns out to cost less than the original merchant services provider charged alone. In addition, the software saves hours of time for the owner of the company as well as for employees, thereby providing even more savings! This can result in a huge WIN!

Electronic Money Company has a white label software package specifically for event booking businesses that has integrated payment processing. In addition, it has many more benefits for in home service contractors. New merchant account applications are approved easily and quickly.

The software has an easy, drop and drag website editor for an Ecommerce solution. It also provides for an in-store POS solution. Merchants can create quotes online which are attached to the CRM.  Customers can book online in real time. Merchants can schedule crew deliveries of products with GPS tracking. Crew can manage their deliveries and schedules from a driver app as well as close add on sales. Customers can pay deposits online as well as make further payments online. Crew can also accept payments in the field.

If you take deposits for future services,give us a call at 505-296-2847 and schedule a quick demo of this software.  You will be amazed at how it manages your business efficiently, saving you hours of time.  Check it out at In home service contractors such as plumbers, electricians, remodelers, cleaning companies and landscape companies can benefit.

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