Understanding Network Tech Support Payment Processing

Sep 30, 2019

Setting your network tech support business up to accept payments from your clients is a hugely important part of company operations. And being a cash or check-only business is simply no longer an option.

In fact, a majority of transactions are being completed with debit or credit cards. When providing your tech support services, it’s important to offer your customers a range of options for paying, which can make the difference in whether they work with you or not.

If you’ve encountered issues with being approved by traditional banks due to being categorized as a high risk, you still have options.

Why Network Tech Support Businesses Are High Risk

When traditional banks or aggregators agree to provide services for businesses, they look for industries that have the lowest financial risk for them. Industries with higher risk involve more security and fees to help offset the bank’s risk.

A business is considered high risk for a variety of reasons. For tech support specifically, your business is considered high risk because transactions are frequently processed in a “card not present” scenario.

As the name implies, this is when cards are processed online, where the business can’t account for the presence of the card. This is important because fraudulent charges are more likely to be made when scammers have access to the card information but not the card itself.

All online retailers are also susceptible to high chargeback rates, which banks find undesirable.

If you applied for a traditional bank or aggregator service and were approved, you might be surprised to find out in the next few days to months that your account has been canceled due to you being categorized as a high risk.

If you’ve been denied or are already aware that your business is categorized as high risk, it’s time to look for merchant accounts that specialize in high risk industries.

Understanding Your Tech Support Merchant Account

If you’re offering tech support, including services such as network setup, Mac or PC diagnostics and security services, cloud services, and malware cleanup, you understand the importance of keeping up with technology.

The same can be said of your tech support merchant account. Merchant accounts that specialize in high risk industries often provide several layers of more advanced security than typical banks. Not only does this protect the payment processor, but also protects your business and assets from having to pay back fraudulent charges.

In addition to increased security, your merchant account should also provide check processing, ACH processing, point-of-sale solutions, and a secure payment gateway.

A payment gateway seamlessly integrates with your shopping cart and allows you to verify payments and approve the transfer of funds from your customers’ accounts into yours.

It’s also important to understand the increased fees and costs that come with having a high risk merchant account.

In Summary

If you’ve been denied a merchant account through a bank or aggregator, there are still options available in order for your business to operate to its full potential.

While you will have to pay additional fees, have minimum balances, and may be subject to rolling reserves, companies that specialize in high risk accounts can offer a variety of enticing services to help your business function.

It’s important to research all of your options to collect enough information to allow for negotiations in choosing the company that’s right for you.

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 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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