The technical industry is among the fastest growing industries, but traditional banks and payment processors prefer to stay away from tech support businesses. As a result, tech support business owners have a difficult time getting approved for a merchant account that would allow them to process payments, including credit card purchases.
The good news is that there are reputable payment processors that are ready to work with tech support merchants and provide them with the necessary merchant account services.
Tech Support Industry and Merchants
You can find many online merchants who have been turned down by traditional banks, even though they had excellent credit scores, good reputations, and solid revenue streams. The reason is that these merchants don’t have bricks-and-mortar businesses or enough assets. Banks consider them high risk because chances are they would disappear or go bankrupt before they pay back their debts.
Parks Associates, a consulting firm, reports that the US tech support industry generates about $30 billion revenue annually. According to Technavio, a leading technology research and advisory company, the global technical support outsourcing market is anticipated to grow at a CAGR (compound annual growth rate) of over 6% from 2016 to 2020.
Traditional banks and processors associate the words “tech support” with “tech support scams,” so they don’t approve tech support businesses for a merchant account. If you’re a legitimate tech support business and want to accept credit card transactions, you should find a reputable credit card processing company like emerchantbroker.com to turn to.
EMB is voted the #1 high risk merchant account provider in the US and offers an exceptional high risk merchant account to businesses of any type and size. emerchantbroker.com specializes in high risk merchants, including remote tech support businesses.
How to Get a Tech Support Merchant Account
No matter your tech support is software, application, product related, installation, connectivity, or troubleshooting, emerchantbroker.com can get your payment processing set up for your high risk outsourcing business without challenges.
Even though remote tech support is vulnerable to high chargebacks, with EMB, you can avoid this type of problems. The thing is that in partnership with Verifi and Ethoca, EMB has created an elite alert and prevention system for high risk merchants, including tech support businesses.
When applying for a tech support merchant account, you’ll be required to provide:
- A valid, government-issued ID, such as a 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 applicable
- An SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargeback ratios under 2%
eMerchantBroker is quick and easy to work with:
- No application fees
- Competitive rates
- No VISA/MasterCard required
- Multiple secure payment gateway programs
- Chargeback protection
With EMB, you can enjoy:
- ACH processing
- Business funding
- Chargeback dispute resolution and prevention programs
- Instant check processing solutions
- High-volume payment solutions
- Mail order/ telephone order (MOTO) processing
- Online payment gateways
- Point-of-sale (POS) solutions
Fast-growing merchants who need higher volume ceilings can request new caps within 3 months. Fill out EMB’s simple online application today and get approved in as little as 24 hours.