Experts advised merchants not to think of account openings as one-and-done events but rather as fluid agreements with processors that adapt as markets fluctuate and models change.
Mike Eckler stressed how misclassification could lead to serious consequences, explaining that if the card brands discover a business has misclassified, it can result in penalties and possible termination.
David True emphasized the importance of adhering to card brand requirements as a way to avoid scrutiny, stating that following these rules is critical for merchants seeking processing services.
Once their merchant accounts are approved, merchants often neglect payment processing until issues arise, making it crucial to stay updated on best practices.
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