Hello agents! As we enter the holiday season, many of our merchants will be experiencing their heaviest time of the year. However, on the other hand, some of them will experience their slowest time of the year, and may even consider shutting down until the season ends. With this seasonal closing, there can be a significant amount of confusion and misunderstanding. Today we will be covering how a seasonal shutdown works with FlashBanc and how you can inform your merchant on how it works, what they need to do, and what happens to their merchant services after the shutdown!
What is a seasonal shutdown and how does it work?
A seasonal shutdown is when a business closes its doors for a period of time when there is a severe lack of customers. This is generally a last resort when the costs of running the business outweigh any revenue it might make, but can occur for any reason a merchant may have. With this in mind, a merchant can notify FlashBanc and have their accounts put on a seasonal hold. This notification can be made when a merchant applies to join with FlashBanc, where it can identify whether it is a seasonal business, and if so, what it’s operating months are. With this hold in place, the usual fees that are charged to the company every month are frozen. The best way to keep this simple for a merchant is to identify whether they are a seasonal company before they sign up, and advise them during the process as to how the process works. By doing this, there will be less confusion when the off-season comes around.
What happens during the shutdown?
While FlashBanc will not charge any of its usual fees, there is a single exception for the statement fee. The statement fee is the cost of having the merchant’s account open and on file, which the merchant needs to pay. While their account is on hold, transactions will not be processed. However, the merchant’s terminals will continue to work and do not need any special maintenance. When the business reopens, their terminals will start up and operate normally.
What happens after the shutdown?
Once their business is ready to resume operation, the first thing they need to do is provide FlashBanc with advance notice. This cannot be stressed enough, as it does take time to reopen the account and allow transactions. To best prepare to reopen, merchants should provide FlashBanc with at least 72 hours’ notice prior. After that 72 hour period, their account will be taken off of the hold, transactions will be processed without any issues along with the accompanying fees.
During this shutdown, FlashBanc will not process any transactions for them, but will still provide support in other ways. If a merchant has any questions regarding the shutdown, such as how this may impact other transaction-related services, either direct them towards FlashBanc’s client support department or consult your sales director. Additionally, if you have any questions, your sales director and FlashBanc’s support department are your best resources.