Despite only 0.04% in disputes, major bank (40% marketshare) in the country where I am operating, decided to block their cards from be used with my company/website. Means future recurring on my existing database of clients is dead for these clients.
Why blocked? No idea. Could be a number of reasons. We're not doing or selling anything illegal. The banks are in their right to shut down any capture of card at will, without explanation or warning.
1. Can I "sell" or otherwise transfer my existing active portfolio of clients, so that they will continue to be billed (and recurred) from another company/setup? Ansd if so, is that legal?
2. Another idea is to just change payment provider so that said bank does not have a flag - at least right away. But I'd like 1. more, if that's legal.
Any 3. option or alternative thinking is highly appreciated.
As I have several accounts with gateway provider ( Stripe), I'm afraid that if I ask Stripe to transfer the existing database of clients for that particular site to another provider/gateway and company, Stripe might think "something is up", and decide to block or or mess with my other accounts with them. I don't want to rock the boat. I'm not ready to take that risk.
I rather just take the hit, and think of a more clever way of setting up a future structure that can be easily implemented moving forward, so if ever a bank again for whatever (unreasonable) reason decides to block their cards with us, I should be able to have a 2nd, 3rd, 4th or even 5th backup solution, that could be implemented fast, so business can keep on running. I wouldn't mind different payment provider(s), Stripe is already charging us 6%.
Now if you have any ideas how that setup might work, I am all ears.
I do have a, albeit small, budget for any value consultancy on this.
Why blocked? No idea. Could be a number of reasons. We're not doing or selling anything illegal. The banks are in their right to shut down any capture of card at will, without explanation or warning.
1. Can I "sell" or otherwise transfer my existing active portfolio of clients, so that they will continue to be billed (and recurred) from another company/setup? Ansd if so, is that legal?
2. Another idea is to just change payment provider so that said bank does not have a flag - at least right away. But I'd like 1. more, if that's legal.
Any 3. option or alternative thinking is highly appreciated.
As I have several accounts with gateway provider ( Stripe), I'm afraid that if I ask Stripe to transfer the existing database of clients for that particular site to another provider/gateway and company, Stripe might think "something is up", and decide to block or or mess with my other accounts with them. I don't want to rock the boat. I'm not ready to take that risk.
I rather just take the hit, and think of a more clever way of setting up a future structure that can be easily implemented moving forward, so if ever a bank again for whatever (unreasonable) reason decides to block their cards with us, I should be able to have a 2nd, 3rd, 4th or even 5th backup solution, that could be implemented fast, so business can keep on running. I wouldn't mind different payment provider(s), Stripe is already charging us 6%.
Now if you have any ideas how that setup might work, I am all ears.
I do have a, albeit small, budget for any value consultancy on this.
