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Old 1st October 2012, 11:51 PM   #16

Join Date: Oct 2011
Posts: 12

Itís nearly impossible to correctly forecast monthly volume and average/high ticket when your business is growing. And you donít have to.

Keep track of your monthly sales and when close to the limit call processor and explain why you are looking for increase. They might increase your existing account or tell you to fill out another application with higher limits. The same applies to average/high ticket.

If you continue processing above monthly limit or run transaction larger then approved high ticket you will be violating merchant agreement and reserve account will be created (funds frozen).

Contact processor if you decide to sell different type of product or service. Make sure to contact them before making any changes, not after. They will instruct you on further actions if needed.

Also call processor to get authorization before running any suspicious transaction, even if itís smaller than high ticket and you are far away from monthly limit. If transaction is denied donít think that you lost sale, think you avoided chargeback. Ask customer for a different form of payment.

Follow these simple rules to stay out of trouble. Itís doesnít matter who you are processing with: local bank, credit union or direct processor. They all have similar agreements.

Independent Merchant Account Consultant
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