Name: International Bank Services
Address: 20-22, Wenlock road, London, N1 7GU, United Kingdom
Telephone: +44- 20 32394191

How to get a Merchant Account for Tech Support Business?

Undoubtedly, technical support is one of the fastest growing industries today. Tech support companies provide assistance and solve queries of users via e-mail or live chat. This industry includes call centers, telemarketing, remote computer repairs, etc.

Tech support companies have its own set of challenges, one of them being finding a reputable merchant account provider. Why? Tech support industry features in the high-risk category; the reason being high number of chargebacks.

However, Merchant account is an absolute necessity, no matter the type of business you operate. Boosting sales, secure online payments, multi-currency option are just some of the few advantages that a merchant account could offer.

Are you a tech support merchant and want to accept credit card transactions?

More often than not, traditional banks and financial institutions turn away tech support merchants due to their high vulnerability to risks and frauds. You may insist your business being completely legitimate yet these institutions will refuse to be hassled with setting up a risky account and losing money. And nobody wants to lose money!

Low monthly processing volume can also be a cause of rejection. Certain merchant account providers may be reluctant to put in the time and effort unless your business has a high-volume processing history.

Now, you may also find a seedy merchant account provider willing to take on your business but they may end up instead taking advantage of you if you are not too careful.

Lost hope yet? I have some good news for you! Turn to a High risk merchant account provider.

Merchant Account for Tech Support

Setting up a merchant account for tech support is a challenging task. Here are a few points to keep in mind while obtaining a merchant account:

– First and foremost, be ready with your paperwork that proves your business is legal and legitimate.

– Years of business operation and experience with your industry make a positive case for you since it gives the merchant account provider confidence that you know how to reduce frauds and can identify and handle potential risks.

– A positive credit rating is also required, meaning no bad or outstanding debts, bankruptcy, delayed payments, etc. A good credit report always helps in establishing your credibility and giving a positive impression to the merchant account provider.

– Most importantly, do not leave details of your past financial difficulties or experience with merchant account providers. Being honest about such details will only help you find a merchant account that will best suit your requirements.

– Lastly, find out about the merchant account providers’ rates, transaction fees and other costs. A must-ask list of questions about their services and features may come in handy here.

Instabill, WorldPay, International Bank Services (IBS), Authorize.net are some of the top-rated high risk merchant account providers that offer comprehensive merchant account services for tech support businesses.

Obtaining a merchant account for tech support may seem difficult but it is certainly not impossible!

12 Questions to ask a Potential Merchant Account Provider

A quick search of ‘Merchant Account’ will land you among a few hundreds of merchant account providers offering somewhat similar services with slightly different features. GSPay, WorldPay, IBS, Vantiv, etc. are some of the top merchant account providers in the market.

With such a wide variety of options available, choosing the right merchant account provider that also happens to be compatible with your business can be a confusing process.

Do not fear! With the right information and resources, you will be able to make the right decision.

Get on with your research and cut down your list to 2-3 potential merchant account providers that (somewhat) match your requirements. Now that you have a prospective list in hand, set-up an appointment and get familiar with the services each of them offer.

Here, listed down below are a few essential questions you need to ask your merchant account provider that will hopefully help you consolidate your decision.

Don’t sign on the dotted line until you have answers to the following questions:

Will I be able to process credit card transactions online as well as offline?
If yes, what are the different procedures for each and if there are additional fees involved?
In addition to Visa and MasterCard, what other major credit cards can I accept? Also, can I accept Debit cards, online checks, and foreign currencies?
If yes, what are the fees involved & what is the procedure for setting them up?
What are the fees for each of the following: submitting an application, account set-up, yearly maintenance, discount rate, per transaction, monthly statement, customer support, payment gateway access and chargebacks?
Are any of these fees subject to change?
Are there any extra costs I should know about?
What is the length of the contract and how much is the early termination fee?
Is the payment processing gateway compatible with the some major E-Commerce software systems and shopping carts?
Is your payment gateway PCI-DSS Compliant? What fraud prevention measures do you provide?
Do you offer 24/7 Customer Support Service?

And finally,

Why should I avail your services?

Be patient and do your research, you may just be able to land an excellent deal for your business!

How to Choose Between a Merchant Account and PayPal for Your Business?

When opening an online business you have two main choices for accepting debit and credit cards available. The first is either a Merchant Account or a PayPal account. Choosing the best one for your online business will depend on a few factors, one of which is the number of transactions you will have, how customized you want to make the checkout process and the budget that you are working with.

Here are a few differences to a Merchant Account vs. PayPal:

When a customer makes a purchase through your website and you have set up a PayPal account then they will be redirected to PayPal to complete the process. They simply enter in their card information and PayPal then uses their own merchant account to process the payment. One set back to this method is the fact you do not have total control over the checkout experience. PayPal also charges a percentage for each transaction instead of a monthly fee. While it is true that more people that choose to shop online are accustomed to use PayPal, extra steps required during the shopping checkout can lead to purchased being left behind. PayPal is also unable to calculate specific shipping and depending on your business type this can become an issue. Should PayPal suspect any fraud they will lock your account while you work to resolve the issue and you will not have access to your funds.

When setting up a merchant account this is done at either a bank or another type of financial institution and a payment processing company is used as well. There are financial institutions that provide both merchant account and credit card processor as well like IBS. The payment processor works like PayPal in that they take customers credit card information through your payment gateway on your website. Once the processing has been completed then the funds are added into your bank account. This process takes typically two business days. In a merchant account vs. PayPal you get your money faster. With PayPal you have to wait for the funds to be added to your PayPal and then transfer those funds to your bank account which can take as long as a week. It is true that a normal merchant account will charge a monthly fee, however, it is more flexible and PayPal is unable to match it. Merchant accounts also offer a way to set up your shipping options the way that you want.

A merchant account will also give you peace of mind by giving you a secured payment gateway and customer’s data is protected because their information never leaves your website. PayPal on the other hand has policies that are different in regards to customer’s privacy. PayPal is open in stating that they share customer information with eBay, their parent company, and third-party market research companies.

PayPal is the most common payment solution for small businesses that are looking for a faster way to accept credit cards and a merchant account is ideal for those that want and need a more flexible solution and options for their business. These are the options that are available to you with a merchant account vs. PayPal.

There are several merchant account providers that offer comprehensive merchant account services and secure payment gateway system like InstaBill, International Bank Services (IBS), WorldPay, Sage Pay, etc. Choose the right one for you and let your business flourish!