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Information about merchant account for technical support business

Every organization requires technical support on a continuous basis to service their systems or solve any issues that arise which are technology related. The technical support industry is booming and the demand for the service has resulted in many people entering into the business field of technical support. The services that come under technical support or maintenance, consulting, managed IT services, desktop support, virus and security protection, network and server support, cloud and email services, disaster and backup recovery and so on.

Even though there is demand for the service in this industry, in order for the business to be successful, the business should hold a merchant account. The clients will prefer to use the cards to make the payments for the technical support and services provided by you rather than paying in cash or check. Also, the client will prefer to make the payment through their iPhone/ Android apps.

Online merchant account

The best way to enter into the modern business world of technical support is by opening a merchant account. It allows the business to accept the payment through different forms. In turn, it helps in instilling loyalty within the customers as it shows that the business is making an effort by taking into consideration the capabilities and needs of the clients. Below mentioned are the reasons why the businesses open up a merchant account.

  • Acceptance of card payments- The primary function of an online merchant account is the acceptance of payments made through the cards. People are resorting to card payments rather than a mode of cash payment. Businesses that hold a merchant account are more desirable to the customers.

  • Avoid checks bouncing- Bouncing off check happens when there is no fund in the account of the customer to cash that check. Earlier days, the criminals used fake checks to buy products or service from shops. By using the merchant account, the business can accept payment through electronic medium and does not have to accept checks.

  • Transactions are more transparent- With the help of merchant account, the transactions have become more transparent and it helps the business to keep a track of all the payments done. All the payments get recorded electronically in exact amounts. There are even different software applications which help in summing up the earnings, calculate the income and arrive at a daily profit. It helps the business in being more organized and makes it easy to manage the cash flow efficiently.

  • Happy customer- The customer will be quite happy if they can make payment through the card and will opt for your service thereafter.

What to do if denied approval by major banks for a merchant account?

The technical support business gets denied approval by the major underwriting bank as they fall under the high-risk business category. The biggest reason for the denial by the major banks is the high chargeback ratio. However, we specialize in a merchant account for the technical support business provider. If you have been turned down by the major banks, not to worry, our friendly team with ample experience is here at your service. We can offer you a solution even if you have been turned down by the current payment processor of your business. Our team is available 24/7 to answer all your queries and offer continued ongoing support to all our customers.

The merchant account for tech support helps the business in collecting the payments from the customers for the technical support provided by them. Payment processing will include both debit and credit card processing. If the technical support consulting is offered to the customers on a monthly basis, then the business could consider adding the recurring billing module wherein the customers could be billed on a regular schedule.

Startup in technical support

A tech support team has become a necessity for all the organization that is operating in the digital world of today. Technology is growing consistently and the service market for technical support is booming. For most of the organizations, technical support is as important as the marketing and sales team. If the business has poor infrastructure, the organization will not be able to do business. That’s the reason many startups are opening up in this sector. This is a highly profitable business as demand is ever increasing. The only drawback is that the startups will find it difficult to open a merchant account as many gets denied approval as it comes under high-risk business. The startups if denied approval by the domestic organization can opt for offshore accounts wherein the international financial service provider will grant you approval to open up the merchant account.

Offshore merchant account

The word ‘offshore’ is used typically to describe the financial service provider or banks of other countries. An offshore merchant account is just like a normal merchant account that will be opened in another country other than your country of residence. The biggest benefit of opening up the offshore account is the option for accepting different foreign currency and security. Also, there is no such restriction in opening up an offshore account and no setup fees. They don’t categorize the business on the basis of high risk vs low-risk business. All are granted approval.

Why offshore account is most sought after?

E-commerce aims for high profit by opening up a merchant account as it helps in maximizing sale. In order to achieve this, the business should possess a merchant account which accepts the majority of cards like Visa, Amex, Discover, MasterCard, etc. However, not all business will be given the approval to open up the account by the domestic banks. In such instances, the business can look at the option of opening an offshore account. There are many options available with regard to the offshore account provisions. The business has to evaluate each offer and choose the one which suits their business requirements. The benefit of offshore account varies from each provider. You need to decide and choose the right one that offers maximum benefit for your business.

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