High Risk Merchant Account for Tech Support in USA | Why it is a High Risk Industry
The merchant account is like a bank account. It provides the facility to a merchant to accept payment in multiple ways (debit card payment and credit card payment). If you run an online business get a high-risk merchant account. The process is really simple- just apply for one through a merchant account provider. Fill the application form, attach all the paperwork. Send it to their underwriting department for a review and approval. Once this is complete, you will be all set to accept payments. But this is not that easy for Tech support businesses. Most of the credit card processors do not serve tech support industry. So it is a tedious task to find a tech support merchant account provider.
Tech Support Merchant Account Provider
For retail merchants, it is pretty easy to get a payment processor but it’s not the same with tech support businesses. This is due to high rate of chargeback risk involved. So when you are looking for a merchant account provider, you should always ask them certain questions before applying. These questions could go as follows:
- Do you provide high-risk merchant account for tech support businesses?
- What about remote tech support (if relevant)?
- Does underwriting department approve of it?
At times salesperson will assure you that they do provide service to tech support business and after you complete the process of applying for it, and send it for approval to underwriting department; you might find out that your application is rejected because they do not support tech support business.
Can Merchant Stronghold help?
Merchant Stronghold has expertise in providing all-inclusive high risk credit card processing services to tech support merchants. To get the high-risk merchant account for your business, you have to fill the application form and provide us with all the information. We will respond you back through e-mail with the list of pricing and terms as per your requirements. Once your application is approved, you can start processing. To make the process easier for you, we can also set up your chargeback management tools and payment gateway.
Underwriter’s requirement
When you fill the application form for opening a high-risk merchant account for your tech support business, it is forwarded to underwriting department for approval. The underwriter’s role is to make sure that the business is good for the credit card processor to take on and it’s worth the risk. Underwriter looks for any type of loopholes in your application and the likelihood of the credit card processor facing the losses on the account. This can occur due to the high number of chargebacks that went unpaid. Also, unpaid billing or fines imposed either by the government or card brand or the sponsor bank. These reasons are good enough for declaring a merchant as fraudulent and rejecting the application for a high-risk merchant account.
The business or merchant that looks stable, legitimate and have sufficient amount in the bank account to cover chargeback are more likely to get for approvals. Better the reputation of your business, more are the chances of getting merchant account approval. So, if you are applying for a merchant account, make sure that your bills are not due and chargebacks are clear. If you maintain your account regularly, then also there are good chances of your application approval.
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