As we find we are incorporating more and more technology in our lives, were are also finding more need for the tech support companies that service the industry. And they are not just needed when something goes wrong. Tech support is also who you call when you need to get certain parts of your business up and running. They can help you set up your IT Network, implement cloud based solutions, even optimize your computers and their security protocols. Tech support revenue continues to grow and is expected to reach $164 billion worldwide, and that’s just IT support alone.
Despite this, truly legitimate tech companies get the cold shoulder from banks. Not only are they considered “high risk” for acquiring banks due to a higher than average charge-back ratio but they are also plagued by tech support fraud. Legitimate companies have to suffer because of a few bad actors. Scammers have been imitating tech support companies for years and because of that all tech support types of business end up getting a bad rap.
There are a lot of merchant service providers who offer high risk merchant accounts for tech support, but frankly, the majority of real tech support companies cannot begin to meet the qualifications set for those accounts. Processing caps and minimalistic charge-back ratios are just a couple of the roadblocks keeping these companies from a fair and reliable merchant account. The vast majority just don’t meet the strict guidelines set by the few banks that will actually take a Tech support company for a merchant account. And for that reason eCheck payment processing is an absolute blessing for tech companies.
There is a light at the end of the tunnel.We consider ourselves a leader in high risk payment processing. To be a leader we have to find innovative ways to help our clients process payments and commence business. And sometimes that means finding an alternative to a credit card processing merchant account.
If you are a legitimate tech support provider and you can’t get a merchant account, or if you’ve just been shut down you need a reliable alternative to a high risk merchant account. One that you can count on to keep you up and running and providing customers with your much needed services.
You need: eCheck processing for Tech Support.
E-Check processing works a lot like a customer paying you with a check, but without the actual written check. Unlike typical online processing where the merchant takes a “debit” from the customer, an eCheck is a transaction where they payor sends, or “pushes” a payment to the merchant.
These types of transactions cost significantly less than credit card processing and they also fund much quicker too, helping you to keep more income in your pocket. Taking payments via eCheck will help you lower your incidence of charge-backs too. This type of payment processing comes with almost no charge-backs because of the sheer fact that the customer has to agree to send the money to you and it comes directly out of their account, they also do not have the protections of the credit card issuing banks. E-check processing is much easier to qualify for as the underwriting guidelines are not as strict as the high risk merchant account.
Benefits of eCheck Processing for Tech Support companies:
– lower cost
– quick clearing (2- 3 days versus traditional ACH of 5-7)
– reduces and/or eliminates chargeback risk
– lower reserve requirements
-recurring billing supported
– simple & secure
– easier underwriting
– able to fund internationally, not just for domestic businesses like most ACH programs
By the end of 2017, $87 billion worth of payment transactions had been transferred via electronic transfers and experienced more than 50% growth in the fourth quarter. This growth shows us that people are becoming much more comfortable trusting this type of payment option as a secure option for paying for their bills and services, and it will likely enjoy continued adoption with consumers in the years to come.
With all of the benefits for your business model and continued public adoption eCheck processing is the premier payments option for Tech Support companies. Whether your tech support is product related, or relates to software and its application, installation and connectivity, or just helping people troubleshoot issues we have a solution for you.
Getting started with Bankcard Brokers’ eCheck processing is easy. With quick underwriting you can be up and running in no time. Bankcard Brokers is always looking for innovating new products to make sure we constantly meet our customer’s needs. Our ETA-Certified payments professionals are highly educated in all of the rules, regulations and security requirements of the payments arena.