The Importance Of Customer Service & Tech Support In The Merchant Account Industry

Mar 07, 2017

Anyone looking to open a merchant account can be swayed by a processor’s low fees. However, companies that offer cheap services have a reputation of not matching the expected standards.

In an industry where many companies are offering the same services, competition has spilled over to the customer support. Merchant account providers that offer satisfactory service to their clients are much more likely to maintain a healthy customer base than those with the lowest rates in the business.

Below is a closer look at how good customer support from a merchant services firm can benefit your business.

  1. Speed and efficiency

New merchant account holders usually end up needing tech support more often than they had initially anticipated. Customer service deals with all problems, ranging from small inquiries such as application requirements to major difficulties like faulty POS systems or payment disputes.

Regardless of the issue, a firm with dependable customer service will ensure you get the help you need as fast as possible, therefore saving your valuable business time.

  1. Financial solutions

In addition to the usual processing services, many providers offer additional features, such as accounting and tax filing systems. A company with exceptional customer service guarantees a merchant reliable financial management help when in need.

  1. Funding

Thanks to the rapid popularization of cash advances, it is now the norm for merchant account providers to offer financing solutions as well. Getting your enterprise funded has, therefore, become a pleasantly easy endeavor. Although applying for business funding with a firm like eMerchanntBroker is easy, you will probably require answers to a few questions before signing anything.

If your provider has excellent customer support, then, you’re in luck. The staff will likely settle your uncertainty by providing both the answers you were seeking and additional information, which will help you get the funding you desire.

  1. Advice

Although the tech support guy is there to cater to your merchant account needs, a company with excellent customer service can be a faithful partner in other aspects of your business as well. For instance, if you’re thinking of expanding your operation to cover a larger demographic, who better to ask for insight than your payment services company? They know your business in and out and can thus lead you in the right direction.

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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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