What Is the Requirement of a Tech Support Merchant Account

It’s no wonder that tech support is also a thriving business in a world of technological advancements. If you have a tech support business, you need to get a tech support merchant account to grow your business.

Surprisingly, acquiring banks and credit card processors consider tech support-related services high-risk businesses. Therefore, you need to find a high-risk credit card processor who understands the ins and outs of the IT industry. These processors, like Host Merchant Services, can get your tech support merchant account up and running quickly and ensure that your business always meets the latest industry standards. At Host Merchant Services, we are confident we can lower your chargeback ratio and ensure that your tech-support business remains compliant.

With over a decade of experience supporting the IT industry, we know about payment processing challenges and solutions in payment processing. Let us help you navigate these challenges so you can focus on providing top-notch tech support services to your customers without worrying about payment processing issues.

What Tech Support Businesses Need from a Merchant Account?

As a tech support company, you likely prefer specific solutions. Let's break down the core needs:

• Payouts Period: Ensuring a timely and smooth revenue flow is crucial. The process involves clients paying for services, the acquiring bank receiving the payment, and then transmitting it to your account. Swift payment reception is in your best interest.
• Rates: Cost-effectiveness is essential for tech support companies to manage a steady stream of transactions. Ensuring reasonable rates prevents unnecessary expenses and maintains financial efficiency and profitability.
• Chargeback Prevention: Chargebacks pose a significant challenge for tech support merchants like any other high-risk industry. An ideal payment processor should provide advanced chargeback prevention solutions to effectively mitigate this issue.

Why is Tech Support Considered High-Risk?

Remote tech support is an industry with a high-risk profile for many reasons:

• First, remote tech support involves keyed-in transactions, implying that the customers' credit card details are not physically present during purchase. This leaves chances for fraudulent activities and unauthorized charges, making it risky.
• Secondly, chargebacks are unfortunately common in PC tech support services. When a customer disputes a charge made at their credit card company and gets refunded, it leads to monetary losses for the technical assistance firm.
• Lastly, many tech support companies operate remotely from their clients, creating communication challenges, legal jurisdiction issues, and difficult accountability.

All these issues collectively make remote tech support a high-risk sector, necessitating effective measures to protect businesses and individuals from harm.

Required Documents for Tech Support Merchant Account

To kickstart this procedure, you should have the following documents ready.

• An identification document, such as your driver's license. It needs to be issued by the state and valid. This helps us verify your identity.
• Another essential item is a bank document or a check marked as void. This ensures that the banking details are in order and that all checks will clear when deposited.
• We'll review three months' worth of bank statements and processing statements to assess your stability and detect any concerning history.
• Additionally, to authenticate your business, we require your Social Security Number or Employer Identification Number.

With these documents, you can ensure you are up and running quickly. Plus, the setup process will be seamless with Host Merchant Services’s account manager’s help.

Types of Tech Support Businesses

Host Merchant Services proudly supports various tech support businesses by providing high-risk processing services, helping them focus on expanding their business. Here are some businesses and services that Host Merchant Services supports:

• Computer training
• Help desk support
• Consulting
• Monitoring
• OS Troubleshooting
• Network Issues
• Managed services
• Cloud services
• Cyber security services
• Printing
• Other tech support aspects

With our expertise dedicated to the success of tech support businesses, we significantly reduce your processing fees and chargeback ratios.