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Merchant Account For Tech Support
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Is getting a tech merchant account more challenging for you? Do you want to know how you are going to run your tech business smoothly ? Poslinksolution has all the answers in the form of the latest fraud prevention technology. We ensure your business meets its goals.
What will you do if your merchant account ceases today? How much longer will you be able to survive without accepting payments from credit cards?
Thousands of accounts are being shut down on a high-risk basis by companies like PayPal, Square, Stripe, Shopify, etc.
It’s not if but when; sooner or later, it will get to you! And then;
Would you be able to stay afloat if your service provider withheld payment for 90 days?
Could you still make payroll if they withheld 10%?
Your how, why, and where questions are answered here.
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Before we understand the intricacies and nuances of a technical support business's merchant account, let's know what a merchant account is.
Merchant Account In Actuality
A merchant account is also a particular type of bank account. It lets businesses accept non-cash payments like credit and debit card payments. Whenever any customer transacts with a card from their bank, the money comes into their merchant account. From there, it's transferred to the business's regular bank account. It's like a middleman between card payments and the business's main account.
Why Is A Merchant Account Deemed High-Risk, And Why Is It Needed?
Companies in high-risk industries require a high-risk merchant account for payment transactions through credit or debit cards. Businesses with a higher risk of fraud or chargebacks or that fit specific additional criteria need this high-risk merchant account because they are not allocated conventional bank accounts to accept credit card payments.
Some payment processors, for example, have strong policies prohibiting them from engaging with the cigarette and gun industries. Many financial institutions hesitate to do business with companies that sell globally, charge recurring fees, or have limited liquid assets.
If you run a risky business and need to accept credit cards, you can still apply for a high-risk merchant account.
What Categories Are High-Risk Businesses?
No centralized authority or overarching structure defines risk in the payments business. Instead, each bank, payment service, and payment processor establish criteria.
Some businesses are open to all applicants, while others have clear policies against working in particular fields. When comparing merchant account providers and payment service providers, the latter are typically more selective in the types of businesses they will work with. An application outlining your company's activities is required in either situation.
Factors Determining A High-Risk Merchant
- A lack of payment processing experience may make you a “high-risk” client for some processors.
- A poor credit rating brought on by loan defaults or other adverse credit history is also a significant influence.
- If a processor has already placed you on the MATCH list, your risk perception may increase.
- The companies that sell controversial products or operate in a gray area of the law.
- Being overly reliant on overseas sales could be a red flag for a potentially risky business. The reason is the unpredictability of foreign economies.
- High-risk industries include those that are heavily controlled by law or by governments.
High-Risk Industries Considered;
- CBD (Cannabidiol), e-cigarettes, and vaping
- Stun guns and tasers
- Credit Repair
- Multilevel Marketing (MLM)
- Adult products and services
- Pawnshops
- Supplements and nutraceuticals
- Technical support business
- Search Engine Optimization (SEO) services
Why Is A Technical Support Business Considered High-Risk?
The market for technical help is expanding rapidly. Companies are increasingly leveraging technology tools to boost product quality and customer service.
Even with this, many payment processors are hesitant to grant merchant accounts to technical assistance organizations. Why though?
Financial institutions view technical and IT support activities as "high risk." This is due to fraudulent players; for example, identity thieves are a well-known problem in the sector. To generate rapid financial returns, they launched a "technical support company" that offers "help" to customers experiencing computer or technology-related issues.
When customers discover they have been scammed out of their money and honesty, they take out their anger and frustration by not paying their credit card bills. It may also start a chargeback. The banks or payment processors find themselves in the middle of this deceitful game, left to cover the lost funds.
Moreover, card-not-present (CNP) fraud is frequent, as many tech support organizations are outside the United States. It makes sales over the phone or online a risky proposition. As a result of the complexity of computer issues, the typical ticket size for tech support organizations can be rather large.
Since the tech support business typically accepts payments in this fashion, this raises additional "red flags" for the banks that issue merchant accounts.
So, it's unsurprising that banks want to avoid being responsible for these companies' merchant accounts.
Then, who will look out for those with a legitimate technical support business?
POSlinksolution.com comes to the rescue!
You only need a merchant account provider who knows and specializes in handling high-risk accounts. Simple! Like us. We have the shortest approval time—just 24 hours.
How Does The POSlinksolution Help?
Poslinksolution collaborates with all types of 'high-risk' merchants. These merchants are more prone to facing issues such as chargebacks, disputes, and fraud due to the nature of their industry.
Many payment processors often reject high-risk businesses, making it challenging for these firms to secure an account. Even when they manage to find a 'high-risk payment processor,' they may still encounter problems like payment freezes and account closures.
Poslinksolution specializes in connecting high-risk merchants with suitable account providers who are willing to work with them. We provide you with all the necessary resources to efficiently process high-risk credit card transactions.
Merchant Accounts: The POS Link Solutions Way
A merchant can get an account with Poslinksolution designed for their specific business type.
Here's how we help:
We leverage our in-house banking connections to apply for merchant accounts on your behalf. However, we don't apply for a merchant account with just anyone; we exclusively collaborate with suppliers who align with your company's strategic goals.
This process ensures that all necessary information about you and your business is conveyed to the provider, preparing them for future interactions. This approach helps us identify a merchant account provider genuinely interested in working with you, reducing the chances of holds, freezes, and shutdowns, and ensuring consistent credit card processing.
By avoiding the often cumbersome application process for merchant accounts, which can be a nightmare, we save you from submitting multiple applications and dealing with multiple providers. Applying to numerous providers can make you appear desperate, which decreases the likelihood of approval for any of your applications.
Our Secret Strategy!
If your annual sales are more than $250,000 after we set up your first merchant account, we suggest establishing another merchant account. This will guarantee reliable financial transactions. Poslinksolution will always do what it can to protect you against a hold, freeze, or shutdown, but it is impossible to predict how banks will respond.
Your account could be penalized if a new employee is hired or a new algorithm is used. If you have a backup merchant account ready to accept payments in an emergency, you may redirect your customers' payments to that account and keep your business functioning smoothly.
This is a lot of labor and a convoluted process, and you'd be right. However, if you work with us, we will handle all of this on your behalf, simplifying your involvement.
In addition, we'll designate a Certified Payment Specialist (CPS) to serve as your single point of contact for all things related to merchant account monitoring.
How Do You Acquire A Merchant Account Through Us?
Start the application with us to get started on the route to a new merchant account, or call us to speak with a representative. We can have you up and running in as little as two days.
Merchant Account For Tech Support: FAQ
Businesses that offer tech support to their clients can take credit card payments from their consumers by opening a tech support merchant account.
Tech support Businesses need a merchant account to accept consumer credit card payments. Credit card payments speed up the sales process and attract more customers.
The potential for chargebacks and disputes in the tech assistance industry makes it challenging to obtain a merchant account. A merchant account can be authorized if the company has been around for a while and has a solid financial track record.
A standard merchant account is acceptable for processing payments for tech support services. However, many traditional merchant account providers may be reluctant to engage with tech support organizations; hence, locating a provider that caters to the tech support industry and offers merchant services tailored to its unique needs may be preferable.
