Whenever banks hear the words “tech support”, they tend to consider if it’s a tech support scams.
Over the years, scammers disguise and cloak themselves as tech supports to con people out of their personal information and their money. One of the most common cons includes scammers sending pop-up messages that warn users about computer problems.
Due to the rampant fraud and the high chargeback associated with these businesses, banks don’t want to shoulder the potential loss. Therefore, legitimate tech support businesses that want to accept credit card transactions need to turn to high-risk merchant account providers to be able to get their eCheck payment gateway.
The good news is, eCheck processing for tech support is easy. You just need to review your chosen provider’s underwriting guidelines, gather and complete the required documents, and have a little faith that banks will see the good in your business, especially when your business operations are legitimate.
In this article, we will be discussing what eCheck payments are, how it works, why it is considered secure, transparent, and reliable for high risk businesses, and most especially how eChecks are processed for tech supports.
What is an eCheck payment?
An electronic check or what is more commonly known as eCheck is an electronic version of a paper check funded by the buyer’s bank account and is used to make payments online.
Essentially, an eCheck, or electronic check, is a form of online payment where money is electronically withdrawn from the payer’s checking account, transferred over the ACH network, and deposited into the payee’s checking account.
With an eCheck, a business can withdraw payments for a product or service directly from their customer’s bank account. The payment must be authorized by the customer, either by signed contract, acceptance of a website’s “Terms and Conditions”, or a recorded voice conversation.
How does eCheck payment work?
According to PayPal, an eCheck usually takes up to six business days to clear and the money to appear in the recipient’s account. It is advised that before making payments using eCheck, you need to make sure that there is enough money in your bank account to cover the amount to be paid or the bank will decline the transaction.
Keep in mind that the full amount will always be requested from your bank.
What is an eCheck payment gateway for tech support?
Considered a high-risk industry, people who work in the IT industry usually have a hard time applying for a merchant account to start credit card acceptance. According to some articles, only a few payment processors are willing to accept them, even though there are more legitimate companies in the industry.
Many payment processors are hesitant to accept tech support business as many merchants involve themselves in wrong or unscrupulous business practices. This results in many problems arising in majority of the merchants who are actually legitimate.
That being said, most financial institutions and payment processors don’t like to associate themselves with the tech support industry as they want to maintain a good reputation as a processing company.
How does eCheck processing for tech support work?
Getting your eChecks processed may require you to do a lot of inquiring with many providers. You should first check each of their underwriting guidelines, as well as their list of acceptable industries.
Underwriters look for legitimacy and stability in applicants and consider only those who have fewer to no chargebacks, and most importantly, those who have the least fraud cases.
eCheck processing and application for tech support merchants is easy and straightforward. You would only need to fill-out an application form and send it to your chosen provider with all the other documents needed to push through with your application. It usually takes up to three days for processors to generally underwrite your account.
What are the requirements needed to get an eCheck gateway for tech support?
1. Merchants must have a registered company and a corporate business bank account. The funds go to the business bank account of the merchant.
2. The merchant should list the entire service and product range on the sales website.
3. Refund policies and other terms and conditions should appear on the top menu of the website. HTTPS or SSL certificate is mandatory to get any tech support payment gateway.
4. Businesses should ask for an acknowledgment from customers after every remote support session. These acknowledgments can help in defending chargebacks. Chargeback alert services also help merchants in reducing fraud and refunds. It also helps in extending the life of the merchant account. Low chargeback means easier acceptance between the processor and the Merchant.
Best eCheck processing for tech support
For you to be able to choose the best processor or provider, you need to consider these factors:
1. Alternative payment options
2. API and Plugin documentation
3. Easy integration
4. Faster payout
5. Less holdback or Arrears
6. Low rate of transaction
7. Low MDR or TDR
8. Low rolling reserve
9. Quick and easy on-boarding process
Is eCheck processing safe for the IT service industry?
The whole procedure of eCheck payment is comprised of various security layers. This makes it safe for both the customer and the merchant to keep their money and financial information safe and secure.
Step 1 – The verification team will verify every transaction before the approval.
Step 2 – To ensure the protection of the eCheck payment gateway for a long time, both automatic and manual verification will be done to make the eCheck transaction safe.
Step 3 – The merchant receives payments. (weekly basis)
Step 4 – The merchant gets complete control of the merchant center.
Step 5 – Payout. (weekly for low volume merchants, every three days for high volume merchants.
Get Started Today!
Merchants interested in starting their echeck payment processing services for tech support businesses are encouraged to contact us. Our team of check processing professionals can help businesses inside or outside the USA start their payment processing services.