What Happens if There Isn’t Enough Money in My Merchant Account?

Merchant Account this, Cash Account that. Let’s throw a Credit Account into the mix as well, shall we? 

*Sigh*

We know.

There are lots of Accounts to keep track of, but it’s very important that you do. 

To avoid issues and stay within the law, you’ll especially want to ensure your Merchant Account has more money in it than the total Cash Account balance.  What happens if it doesn’t?

If your Merchant Account doesn’t have enough money in it, your customer won’t be able to withdraw their money from their Cash Account. They’ll see this as an error on their banking app, and you’ll see an error message of ‘Insufficient Funds’ in the back-end, too.

To get them to withdraw their money successfully, you’ll need to top up your Merchant Account. Otherwise, they’ll be running into the same issue again. So, having more money in your Merchant Account than the total Cash Account balance isn’t only legal—it’s also convenient. For you, and your customer.

That’s part of the appeal of Instant Withdrawals: that it’s all done automatically. Save yourself the time. Keep your customers happy, and your Instant Withdrawals instant. 

Okay, you’ve topped your Merchant Account up—yay!—and the balance is now higher than the Cash Account. This means the customer can now withdraw their money, no problemo.

But, before they do that, cancel and refund their failed initial withdrawal. Apologise to them for the inconvenience and ask them to try again. When they try to withdraw this time, the money should now go through automatically, and everybody’s happy!

We’ve got the special ‘success’ formula, tailored just for you.  Hint: it starts with ‘Instant’ and ends with ‘Withdrawal.’  Whatever could it be?!  Get in touch if you’d like to find out more, or have any questions.