As technology penetration in our society keeps growing, so does the business need for tech support merchant account to accept payments.
In a world where 81% of all Americans own a smartphone, 75% own a laptop or a desktop computer, and more than half the population owns a tablet, competent tech support is needed more than ever.
To many businesses that rely on timely and effective tech support, tech support employees are practically heroes that help these companies run day-to-day.
Unfortunately, tech support is also considered a high-risk industry. And that means that if your business tries to open a tech support merchant account with your regular bank, chances are they’ll reject you without even looking at your application.
Why is that? And what can you do instead? Read on to find out.
Now, the daily work life of a tech support professional is in not any more dangerous or extraordinary than any other office employee.
So what’s with the high risk?
The problems lie on two sides, the business and the customer.
On the business side, we’ve seen a rise in fraudulent tech support companies. These companies will try to scam consumers out of their money by claiming to be legitimate tech support that is trying to fix some non-existing issue for the consumer.
People have been receiving phone calls from scammers pretending to be Microsoft Support for years now. These few bad apples affect the risk profile of the entire industry, making it difficult to get a tech support merchant account even for a legitimate outfit.
On the customer side what we see is a high chargeback ratio.
Chargebacks, or reverse charges, happen when a customer claims that a certain transaction on their credit card statement was somehow fraudulent. E.g. they never authorized it, somebody else used their card, or they didn’t receive the product or service that they have been charged for.
The way it plays out for tech support businesses is that a customer will call them up, get the needed help from a representative, agree to get charged… and then go and claim that the charge was fraudulent so they can get their money back.
This is very frustrating, especially because your business ends up with the bill for the chargeback – and lost revenue.
Banks don’t like industries where such chargebacks occur often, because the cost the banks money, too. For that reason alone they are likely to out of hand reject any application for a tech support merchant account that lands at their table.
When the banks won’t help, you can turn to those who specialize in high risk merchant accounts: high risk payment gateway providers like 5 Star Processing.
We make our living helping high risk businesses get merchant accounts and payment gateways to process payments day in and day out, with no interruptions due to chargebacks or other issues.
And because we already know the tech support industry very well from our experience with many businesses operating in this space, we can offer you very low fees for your tech support merchant account and for processing your payments.
Get started with your application for a tech support merchant account already today. Call or email our high risk merchant account team to get fast approval.
Call us now at (888) 253 9692 or email us at [email protected]