Are you running a tech support business related to software, application or product installation, connectivity, or troubleshooting? Where can you find a secure and affordable tech support merchant account to grow your business? Where can you get reliable payment processing setup for your high risk business? This article will help you with this.
Payment Processing for Tech Support Industry
The technical industry is among the fastest growing ones. In 2017, several striking trends appeared in the market such as the rise of messaging apps for tech support. The increased use of AI and chatbots for customer support was another trend to rock the industry.
However, traditional banks and financial institutions aren’t willing to work with this type of businesses because of their being high risk. Also, “tech support” is usually associated with “tech support scams.”
All these things create a hard-to-overcome situation for tech support businesses. The good news is that if you’re a legitimate tech support business, there’re reputable payment processors like eMerchantBroker.com that’re ready to easily approve you for credit card transactions.
When it comes to being high risk, this is because of the following main reasons:
- Fraud associated with card-not-present (CNP) transactions completed for remote tech support
- Higher rates of chargebacks: customers may dispute the charge with their credit card company and get their money back
- Tech support companies often operate in different parts of the world
As for chargebacks, industries like tech support are too vulnerable to chargebacks and friendly fraud. Often, customers turn to tech support specialists for consultation, get it and then file a chargeback, claiming they haven’t got anything. So, it’s critical to work only with reliable and experienced merchant services providers to get the best for your business.
Tech Support Merchant Account from eMerchantBroker.com
eMerchantBroker.com is a reputable credit card processing company specializing in the high risk field. EMB, voted A+ by the BBB and A by Card Payment Options, offers the lowest rates for a tech support merchant account in the industry.
eMerchantBroker.com makes it easier for tech support and other high risk merchants to fight chargebacks with Chargeback Suite. In partnership with Verifi (its new Cardholder Dispute Resolution Network (CDRN)), and Ethoca (its alert system), EMB has created an elite alert and prevention system for high risk merchants.
EMB is dedicated to delivering the highest quality customer service and providing personalized payment solutions you need to succeed. You can get your merchant account approval in as little as 24 hours.
When applying for tech support payment processing, you’ll be required to provide:
- A valid, government-issued ID (e.g., your driver’s license)
- A bank letter or a pre-printed voided check
- 3 months of the most recent bank statements
- 3 months of the most recent processing statements if available
- An SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargeback ratios under 2%
Overall, when getting approved for your merchant account, underwriters will look at your merchant’s credit scores and credit card processing history, bank statements, and your website to assess the risks associated with your business.
If your website lacks solid privacy and refund policies posted, this will be considered negative strikes against you. Other negative factors include a negative bank account balance, unpaid bills, late payments, as well as a high chargeback rate history.
eMerchantBroker.com is quick and easy to work with:
- No application fees
- Competitive rates
- No VISA/MasterCard required
- Multiple secure payment gateways, including EMB’s own
- Chargeback prevention and protection services
What’s important when getting prepared for the application review? Well, you should take care of outstanding bills and debts and have enough funds in the bank. Besides, you should have a principal in the business with excellent credit history.
Finding the best merchant solutions can seem intimidating to you, as a tech support merchant. To avoid rocks on your way, turn to a respectable payment processor that understands the unique needs of the IT support, computer repair, and managed IT services industries.
Work with a reliable processor that maintains a vast network of banking relationships worldwide so to help you obtain the merchant account you need. Go with a payment expert that offers state-of-the-art anti-fraud tools and chargeback mitigation services to help protect your business successfully.