Anyone encounter the same problem? I never done anything wrong but why are they closing my account? What should i do now? Change to other payment gateway?
We’re writing to let you know that, after conducting a review of your business, we’ve found that it presents a higher level of risk than we are able to work with at this time.
Transitioning off Stripe:
We understand that moving away from Stripe can take time, so your service is not ending immediately. To help with the transition to a new payment processor, we’re able to provide you 5 additional days (beginning today) to switch to a new provider. After this time, you won’t be able to accept charges on your account.
Because of the elevated risk associated with your account, your balance will be placed on reserve for the next 90 days (the industry-standard period during which most payments are disputed). During this time, the reserved funds will help cover any disputes or unforseen refunds on your account. The remaining balance will be paid out to your bank account at the end of this period.
Why is this necessary?
Stripe is obligated to cover any losses incurred by merchants in the event that they cease operations. As a result, we are required by law to complete several types of review for every business that signs up with us.
We’re also subject to strict requirements imposed by our partners in the payments ecosystem that dictate the level of risk that we're allowed to support. We use multiple sources of information as part of our reviews in order to determine whether or not businesses on Stripe conform to these policies and restrictions.
We want to make very clear that we’re not casting any doubts over the viability of your business. That said, your business is operating in an industry which is considered high risk by our financial partners, and for that reason, we have no option but to discontinue our service to you.
We're sorry that we can't offer you ongoing service, and wish you the best of luck with your business.
— The Stripe team
We’re writing to let you know that, after conducting a review of your business, we’ve found that it presents a higher level of risk than we are able to work with at this time.
Transitioning off Stripe:
We understand that moving away from Stripe can take time, so your service is not ending immediately. To help with the transition to a new payment processor, we’re able to provide you 5 additional days (beginning today) to switch to a new provider. After this time, you won’t be able to accept charges on your account.
Because of the elevated risk associated with your account, your balance will be placed on reserve for the next 90 days (the industry-standard period during which most payments are disputed). During this time, the reserved funds will help cover any disputes or unforseen refunds on your account. The remaining balance will be paid out to your bank account at the end of this period.
Why is this necessary?
Stripe is obligated to cover any losses incurred by merchants in the event that they cease operations. As a result, we are required by law to complete several types of review for every business that signs up with us.
We’re also subject to strict requirements imposed by our partners in the payments ecosystem that dictate the level of risk that we're allowed to support. We use multiple sources of information as part of our reviews in order to determine whether or not businesses on Stripe conform to these policies and restrictions.
We want to make very clear that we’re not casting any doubts over the viability of your business. That said, your business is operating in an industry which is considered high risk by our financial partners, and for that reason, we have no option but to discontinue our service to you.
We're sorry that we can't offer you ongoing service, and wish you the best of luck with your business.
— The Stripe team
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