High Risk Merchant for Computer Repair BusinessThere is no stopping the growth of technology and right from Apple to Microsoft to the small retail store down the street everyone is in need of technical support. While the big companies pay their technical support via wire transfer, small and mid-size businesses and even start-ups depend on business credit cards like Amex, Visa, MasterCard, and Discover.
Advantages Technical Support Business and Credit Cards
The credibility of your company will increase
Simplifies the process of selling with new customers as it is quick and smooth
This will lead to repeat sales and builds trust with the customer
Credit cards are the simplest way to create a foothold in the market.
This means that you need to set up a merchant account to process all your credit card transactions. But a vast majority of these companies are often met with rejection. Securing a merchant account for technical support is not easy.
Merchants Shy Away from Technical Support Accounts
Despite computers, networks, internet becoming ubiquitous and technical support been the lifeline of all systems, this industry is termed high risk by most financial institutes and banks.
This is termed high risk for the following reasons:
Card-not-present transactions: Often for all remote tech support the physical credit card is not present during the payment process.
High chargebacks: Probably one of the main reasons for terming technical support high-risk is the high chargeback which results from a conflict between the customer and the tech support and the customer gets his money back. The merchant bank then must bear the brunt. In fact, the situation has far worsened after Visa reduce its chargeback threshold to 1 percent of sales.
Global nature of the industry: Most of the tech support is located in all parts of the globe, as a result, the merchant bank has to deal with multiple currencies which are not preferred by several local banks.
High cases of frauds: The predominantly remote nature of business has seen the rise in the number of fraudulent companies. It is really very little anyone can do to differentiate between a genuine business and a fraud.
Thankfully the picture is not as bleak as it appears. There are several merchant account providers who specialize in such high-risk accounts. These providers understand the nuances of the market and will guide you open an account suited for your specific needs. Traditional banks and other financial institutes decline the offer to open an account because of these factors often forgetting that there are several genuine companies out there.
Sadly, a lot of these tech companies depend on overseas accounts who charge preposterous fees.
Prevent High Chargebacks and Lower Them
As a responsible and a genuine company, you can attempt to minimize and mitigate chargeback thefollowing ways.
Always send an email to report completion of a transaction. You can use automatic email receipts.
When in conflict offer a refund to the customer, this is better than a chargeback.
Best Tech Support Merchant Account Provider
To make your business profitable you must engage the services of a good merchant account provider who can mitigate your losses. Look out for these features in your service provider:
- Credit card processing
- Mitigates chargebacks or even helps in reversal
- Offers ACH payment solutions which are especially helpful to overcome chargeback rates and stay afloat. Most of the dues are cleared on the same day.
User-friendly payment gateways
Virtual terminals to facilitate phone transactions
Provision for recurring bills, check drafting
Faster access to your money
Safe and secure.
- We work with a wide network of international offshore and domestic banks.
- Your geographical area is not a constraint
- Our merchant account fees are some of the most affordable in the market
- Our application is free and you can download it from our website.
- We can also provide you with a physical point-of-sale equipment if you need.
- Our dedicated team of managers will conduct a credit check and even low and poor credit scores will be matched with providers who will underwrite your business.
- Technical support teams need a strong call center for their growth and expansion. We understand this need and we provide a virtual terminal that can be integrated with your payment gateway.