PSP Shutdown Looming? Save Your Business Today with Basis Theory.
Choose a flexible vault to collect card data, send it to processors or partners, and reduce the risks of a PSP shutting down your account unexpectedly.
Could My Account Really Shut Down Without Warning?
Each payment service provider has different criteria for what keeps accounts in good standing or what causes an account to shut down. PSPs will use these criteria to label merchant accounts ashigh-risk merchants, which often have several of the following characteristics:
High chargeback rates
Concerning rates of suspicious activity
“Bad actor” reports of the account
Operating in “high risk” industries like gaming, gambling, dating, CBD, travel, digital health, and e-commerce
If an account has already been deemed “high-risk” and then has issues with chargeback rates, suspicious activity, or fraud reports, the account could be shut down until further review.
Passes Turned to Basis Theory After an Unexpected Account Shutdown
"Our PSP said they were okay with our business but they ended up going back on their word and shutting us off without any warning. We wanted to make sure that we're always in a position where we will have a provider even if something happens."
A flexible API that connects with any existing payment service provider you choose.
Years of Hard Work, Disrupted by a PSP?
If you're shut down unexpectedly by a PSP, do you have a backup plan in place?
Basis Theory CEO, Colin Luce, spoke on a recent webinar about the dangers he's witnessed firsthand when companies rely on a single PSP. Watch this pre-recorded webinar to dive into:
the risks of keeping all your payment data with with a single payment processor
what redundancies, like a backup payment processor, can do for "riskier" businesses
how to take ownership over your data now, before your PSP shuts down your account
