The technical industry may be one of the fastest growing industries. However ,banks aren’t eager to approve merchant accounts for businesses in this sector, which would allow them to process payments, including credit card purchases. 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.
Online payment gateway is one of themain components for the tech support world to build and make a strong connection with reliable environment and have a bunch to give high safety of cost effectiveness and consumer data. Also, inclusion of digital tech support add up as a part of the business world and a broad range of modern trade to protect the precious time of customer and high percentage of money. iPayTotal work with customized and specialized online gateway of payment for Tech support procedure and have accomplished high status of reputation due to its reduced time consuming performance and its trusted service.
Why Is Tech Support Considered High Risk?
Tech support is considered high risk by many financial institutions because of several reasons. Here are some of the reasons.
- Online tech support services deal with card-not-present transactions. This only means that a client’s credit card is not present at a business’ point of sale.
- Chargebacks are the most common problem in the tech support industry. This is when a customer disputes a transaction with a credit card company in order to earn their money back.
- Businesses offering tech support usually operate in various places around the world. This can lead to fraudulent transactions that damage a company’s reputation as well as increasing the risks for chargebacks.
HOW WILL YOU GET A TECH SUPPORT MERCHANT ACCOUNT?
In order to acquire a credit card payment processing solution for tech support, you need to inquire various providers. But not just any provider will do, consider going directly to providers that specialize in a high-risk business.
You also need to check their underwriting guidelines as well as the list of acceptable industries. The main factor of denied application and getting a payment gateway is a chargeback. The underwriters will look for the stability and legitimacy of the applicant, so make sure that you prefer the necessary documentation such as your business license, history of credit and transaction processing.
Also, you need to prove to the underwriter that your company has less chargeback ration with zero fraud cases in order to be on the safe side.
What does an underwriter look for when reviewing my application?
The underwriter’s role is to ensure that your business is a good risk for a processor to take and go ahead with. Usually, an underwriter looks at the likelihood of huge losses on the processor’s side.
This risk is determined by several factors. The first and foremost factor is the chargeback. Companies with high chargeback ratio offer heavy losses to the processor as well as damaging their reputation. Disputes or bills not paid or fines, all fall into the processor’s responsibility for taking on a merchant that is always involved in frauds and chargeback disputes.
Also, underwriters check for the stability and legitimacy of a company. Some companies may a tech company as a front for illegal activities, causing reputational damage to the processor. In addition, underwriters check if a company has sufficient funds in order to cover unexpected fines in chargebacks or disputes.
So, the more that you are able to present that your business is indeed stable, legitimate, low chargeback ration and has enough resources in order to cover any loss, the better your chances are of getting a merchant account for your tech support business.
Tech Support Payment Gateway Provider you can Trust
Most merchants find their way to iPayTotal because they have been shut down by their previous tier one processor. This usually happens after months of processing and without warning. Luckily, iPayTotal has the relationships in place to be able to secure credit card processing for tech support businesses. Specializing in high-risk merchants, such as tech support and all high risk businesses, we have what you need to succeed.
We offer a dedicated account manager who helps you stay compliant with current bank procedures, gets you set up with a secure gateway, and provides risk mitigation and chargeback management tools.