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Old 03-27-2018
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Default Bank Accounts for Payment Processing

I was wondering if anyone knew anything about this topic. Can I use a prepaid bank account to receive transfers from a payment processor, or do I need to use an account from a standard bank, say Bank of America? I've applied to a couple of processors and my applications get denied, so I'm thinking this might be the issue. Any thoughts appreciated.
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Old 03-27-2018
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Default Re: Bank Accounts for Payment Processing

Which payment processor?
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Which payment processor?
Authorize.net, which uses Evo. Evo closed me down due to "risk". Im looking into First Data now.
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Old 03-27-2018
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Default Re: Bank Accounts for Payment Processing

You are most likely being declined for other factors (sales info on your application or your credit report). "Prepaid" bank accounts are standard FDIC insured bank accounts so I don't see why they would be blacklisted by merchant account providers. They're the same as any other bank account. They were blacklisted by PP because they're easily abused - but that wouldn't be an issue if you've already been approved for a merchant account because they've already thoroughly vetted you as the applicant.
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You are most likely being declined for other factors (sales info on your application or your credit report). "Prepaid" bank accounts are standard FDIC insured bank accounts so I don't see why they would be blacklisted by merchant account providers. They're the same as any other bank account. They were blacklisted by PP because they're easily abused - but that wouldn't be an issue if you've already been approved for a merchant account because they've already thoroughly vetted you as the applicant.
I have a really high credit score, so I'm not sure if that's the issue. I sell around $10,000 worth of items monthly, and therefore $120,000 or so yearly. I sell household appliances usually. I don't see why these wouldn't be approved for a merchant account.

Last edited by Datx335; 03-27-2018 at 11:42 AM.
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Old 03-27-2018
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Default Re: Bank Accounts for Payment Processing

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I have a really high credit score, so I'm not sure if that's the issue. I sell around $10,000 worth of items monthly, and therefore $120,000 or so yearly. I sell household appliances usually. I don't see why these wouldn't be approved for a merchant account.
Perhaps it is the prepaid card then. It seemed illogical to me they would see that you have great credit but not trust you to use something like greendot bank.

Try TSYS if FD declines you. I was referred to them by Wells Fargo after they declined me and I was approved easily with no credit history at the time.

EDIT : WAIT... Your merchant account is supposed to ACH into a business bank account. Can you have business accounts through prepaid banks?
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Perhaps it is the prepaid card then. It seemed illogical to me they would see that you have great credit but not trust you to use something like greendot bank.

Try TSYS if FD declines you. I was referred to them by Wells Fargo after they declined me and I was approved easily with no credit history at the time.

EDIT : WAIT... Your merchant account is supposed to ACH into a business bank account. Can you have business accounts through prepaid banks?
I'm assuming no. But, the account I have with BoA isn't business checking either.
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Old 03-27-2018
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Default Re: Bank Accounts for Payment Processing

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I'm assuming no. But, the account I have with BoA isn't business checking either.
What's stopping you from getting a BoA business account?
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Old 03-28-2018
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Default Re: Bank Accounts for Payment Processing

Just saw this on TV:

Netspend Small Business Card
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Old 04-06-2018
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Default Re: Bank Accounts for Payment Processing

As long as the merchant processor can process a standard ACH payment, you should be able to direct it to any bank account with routing number you wish.

That said, any reason you don't want a real account at an actual bank as opposed to a prepaid card?
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Old 04-07-2018
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Default Re: Bank Accounts for Payment Processing

My merchant account provider will only ACH into business accounts. Mismatched deposits don't work.
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Old 04-08-2018
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Default Re: Bank Accounts for Payment Processing

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My merchant account provider will only ACH into business accounts. Mismatched deposits don't work.
Merchant account providers are notorious for screening and blocking mismatched deposits
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Old 05-08-2018
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Default Re: Bank Accounts for Payment Processing

I think it may be your prepaid card. Processors that I have experience with require a bank account.
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