How to Get a High Risk Merchant Account for Tech Support

Jan 19, 2018

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:

And more.

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.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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