Shopping for a Tech Support Merchant Account?

Sep 16, 2016

Outsourcing is getting a lot of press, but it is still a big moneymaker. Many are looking to get into the tech support industry, but are not sure how to deal with the funding issues. Funding an outsourcing business is risky, and most merchant account processors will not deal with it. Those who will typically have stiff regulations that you need to know about beforehand. There are many things that you need to ask before you sign on with any merchant account processor – but especially if you are operating a tech support business.

First off, you need to know their stance on chargebacks. Chargebacks will occur in tech support businesses, and it is up to the merchant account provider to decide how to ultimately deal with your account. After two or three chargebacks, inexperienced merchant account providers will close an account – leaving you without anyway to accept payments. This is something that should not happen, yet it does. Be sure that your potential tech support merchant account provider understands this issue, and will not act hysterical when it happens.

Another issue comes with processing fees. Since tech support merchant accounts are considered to be high risk merchant accounts, processing fees are typically higher than other accounts. Some, such as EMB, have industry-standard processing fees, which helps you keep more money to invest back into your business. This makes everyone happy, so make sure of the processing fees before you sign on with a tech support merchant account provider.

Perhaps the biggest issue comes from the acceptance of foreign funds. This happens often with tech support companies, and some merchant accounts can flag these charges as fraudulent – or put a hold on your account. Be sure that they understand the type of business that you operate, because you cannot risk having a hold on your account.

Finding a cooperative and educated tech support merchant account can be tough, but it is worth the search. Be sure to ask questions before you sign on the dotted line, because the wrong merchant account provider can cause you a lot of heartache for your company.

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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 on 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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