The tech support industry is a rapidly growing sector, becoming increasingly essential as our reliance on technology intensifies. However, many payment processors view this booming field as high risk, leaving business owners in the tech support realm wondering how to establish a merchant account. The solution, though, is quite straightforward.
To set up a merchant account for a tech support business, it’s crucial to find a provider that understands the unique needs of tech support companies and their clients. The application process is typically quick and simple: the provider reviews your application, forwards it to the underwriting department for formal assessment, and upon approval, your business is ready to process payments. In some cases, this entire process can be completed within 24 hours.
TECH SUPPORT MERCHANT ACCOUNTS SUMMARY OF SECTIONS
Why Do Many Processors Hesitate to Serve Tech Support Businesses?
If you run a standard retail business, most processors and banks would eagerly offer their services. However, this isn’t the case for remote tech support companies. The main reason is the high risk of chargebacks associated with this industry.
When seeking a high-risk merchant account provider, it’s important to confirm whether they cater to tech support businesses, especially those offering remote services. Ensure the provider’s underwriting department is also on board, as sometimes initial affirmations by sales representatives may not align with the underwriting department’s policies.
Does Paywise Solutions Offer Merchant Accounts to Tech Support Companies?
Yes, Paywise Solutions provides comprehensive high-risk eCheck processing for tech support companies, regardless of whether you’re a startup or an established business processing large volumes each month. Our application process is straightforward and quick, and once approved, you can start processing payments immediately. We also assist in setting up your gateway and management tools, ensuring a hassle-free experience.
Increasing Your Company’s Processing Volume Limit
Many remote tech support companies aim to increase their monthly sales to substantial amounts, but often face initial limits on their merchant accounts. To increase this limit, it’s a matter of time and demonstrating responsible processing behavior. Consistent volume, predictable transaction sizes, and minimal chargebacks over a period of 3 to 6 months can lead to a reassessment of your account and a potential increase in your processing limit.
What Do Underwriters Look for in Tech Support Merchant Account Applications?
Underwriters at merchant processors assess the risk a company poses, focusing on the likelihood of encountering significant losses. Losses can occur through high chargebacks, unresolved disputes, unpaid bills, or fines from regulatory bodies for engaging in fraudulent or illegal activities.
They seek companies that appear stable, legal, and have sufficient funds to cover disputes or chargebacks. Demonstrating your company’s stability, legality, and financial resources increases the likelihood of your application being approved.
Paywise Solutions processes numerous transactions weekly for tech support businesses. If you’re interested in how eChecks can benefit your company and save costs, Paywise Solutions is ready to assist.