However, sadly the majority of payment processors think of this thriving line of work as high risk. As a result, most people who own a business in this industry are left with the question of how can they create a merchant account for their tech support business. Fortunately, the solution is quite straightforward.
The only thing you have to do is turn to a merchant account provider that grasps all the specific things that tech support businesses and their clients require. The process is easy and quick. The merchant account provider will finalize your application; forward the application to the department that deals with the underwriting that will then assess your application formally. As soon as your application has been approved, your company will be all set to accept and process payments. In fact, in certain circumstances, this entire process can all be completed in just 24 hours.
You are probably wondering that if this process is so straightforward, why are most merchant account processors not willing to provide a service to the remote consumer tech support field then? Well, to find out, scroll down and continue reading…
How Can I Locate A Merchant Account Provider For My Consumer Tech Support Company?
You see, if you were the owner of a normal retail company practically every single processor and bank would be more than glad to offer a processing service to your company. Sadly for those companies that offer remote tech support to consumers this does not apply. Why?
Well, the salesperson is not the one to blame (he would not mind to do business with you). Instead it is the salesperson’s processor or sponsoring bank that will decline a remote consumer tech support merchant account. The reason being that the risk of chargebacks is high.
Therefore, whenever you phone high risk merchant account providers you should first and foremost ask them whether or not they offer high risk merchant accounts to companies that render tech support. After you have inquired about that, ask them if that applies to remote PC tech support too. If they say that they in fact do, be sure that you ask the salesperson if they are completely sure. The reason being that more often than not the salesperson who assists you will at the beginning inform you that they do provide such accounts, however, as soon as you have then completed the application procedure, you discover that department in charge of the underwriting does not do business with these types of businesses.
Does Allied Payments Provide Merchant Accounts To Tech Support Companies?
Yes! Allied Payments can offer comprehensive high risk eCheck processing to companies that provide tech support. It does not matter if you are merely a start-up or an established company that processes countless dollars every single month, we can help your company.
Our procedure is straightforward. All you have to do is complete our online application. It is free and will only take about five minutes of your time. As soon as your account has been approved, you will be able to start processing. On top of that, our team will take care of setting up your gateway as well as your management tools. This means that the procedure is effortless and straightforward.
How Can My Company Increase Its Processing Volume Limit?
The majority of companies who render remote tech support would like to increase their company’s sales each month to at least $100,000. However, the issue is that their initial merchant account is generally limited at around $20,000 to $40,000. How can you then increase this limit?
It is actually rather simple. It all boils down to time. In a certain way a tech support merchant account is credit that your processor makes available to your company. Therefore, similarly to all company loans, your company’s previous conduct will make it possible for you to get more credit. So, generally after about three to six months that you have been processing successfully, your company can ask that your account gets assessed again to be able to increase its limit. So what does successful processing mean? Well, basically it means that you have stable volume, the size of your transactions can more or less be anticipated and you do not have too many chargebacks.
When The Underwriter Is Assessing My Company’s Application For A Tech Support Merchant Account, What Are The Things That Will Be Looked At?
At the merchant processor, the role of the underwriter is to ensure that the company does not offer too much risk for the processor to begin a relationship with. More specifically, the underwriter pays attention to the odds that the processor will encounter a lot of losses.
How can a processor encounter losses? Well, large amounts of chargebacks, disputes that do not result in payment and bills that are not settled can lead to losses. Plus, if the government or sponsor bank perhaps fines the merchant for engaging in business with someone who engages in fraudulent or criminal activity it too can lead to a loss.
In other words, they are searching for companies that appear to be stable and legal. Plus, the company should also be in possession of a bank account that has enough money to pay any dispute or chargeback. That means if you can prove that your company is stable and legal and boast sufficient resources to be able to settle any losses, the chances that your application will be approved increase.
The team at Allied Payments processes countless transactions every week for businesses that offer tech support. So, if you want to learn how echecks can assist your company to save, Allied Payments can come to your aid.