The Easy way to get a Tech Support Merchant Account

Choosing the Right Merchant Account Partner

Dozens of companies throw their names at you hoping to earn your business, but choosing the right one can seem like a daunting task.

Like the need for quick and efficient tech support has grown, so has the need for high risk merchant account providers. With this growth, it's hard to understand why tech support providers are considered high risk merchant account clients.

While there are tech support scammers that exist, they are few and far between. Your tech support merchant provider needs to understand that and fully support you in your business endeavors.

To make the process easy, your chosen merchant account provider should provide the following:

• Fast approval times- Don't get bogged down with paperwork requirements and days of waiting. Get approved fast.
• Low processing rates - Choose a provider who won't charge you an arm and a leg to take payments online.
• Dedicated support - Customer service is of the utmost importance, and you need to take that into consideration.

Dismiss Chargeback Fears

It happens all too often. Minutes after you've processed a payment from a client, the client cancels and you get a chargeback. This can be a scary thing, especially since most merchant account providers charge hefty fees per chargeback and may even cancel your merchant account if too many occur.

Fortunately, there is an answer. A  merchant account for a tech support company can help reduce the amount of hefty fines for chargebacks, and will be more lenient when these things happen. You won't have to deal with any merchant account closure surprises or having to switch from one merchant account to the next.

Your chosen tech support merchant account company should be focused on creating a customer-oriented relationship with you, and that comes with an understanding that chargebacks will occur from time to time.

Don't Use Normal Banks or Processors

It's important to realize from the very beginning that traditional banks and processors like PayPal, Stripe or Square are strictly prohibited from offering services to high risk clients like those who own tech support businesses.

If you do use one of them, stop immediately. Everything seems just fine now, but once you get caught, they'll terminate your merchant account immediately. You need to sign up with a new provider before this happens.

Processing Rates

Each merchant account provider charges a small percentage for processing transactions online. For high risk merchant clients like tech support operators, the rate will always be higher. For this reason, processing rates are not published online but usually disclosed prior to the signing of an agreement.

A company like the Southern Institute who specializes in high risk merchant accounts will always be up front regarding processing fees.

Getting Started

Working with a reputable merchant account provider will help ensure the application and setup process goes smoothly.

Make sure to gather all relevant documents pertaining to your business. These include the following:

• Recent Bank Statements
• Valid Government Issued ID
• Voided Check
• Business Plan
• Company Legal Documents

After you've applied online, a specialist will reach out to gather more information. These documents will come in handy when speaking with them over the phone.

The merchant account specialist will also ask for either a Social Security Number of Employer Identification Number. You must have either to complete the application.

Once you've given all the information to the specialist, they'll take it into the review phase. This is where all documents are taken into consideration and an application decision is generated along with a processor fee percentage rate. In most cases, Southern Institute is able to notify applicants with a matter of hours whether or not they've been approved for a merchant account and the specifics needed for finishing the setup process.

Improving Your Chances for Approval

Even with reputable companies the process can be stressful, especially after you've completed all the steps and are waiting for the approval to come through.

To increase your chances for success, make sure to have as much money in your business account as possible. This is a great way to show the specialist that you can cover any chargebacks, if necessary.

You should also have a well documented business plan, an active website and some type of transaction history, if possible.

Keeping your Account Open

The fun doesn't stop after you've successfully completed the application process.

Once your account is open, it must remain in good standing for as long as your business remains open. Some basic things to keep in mind on a daily basis:

• 2 percent chargebacks - Keep your chargeback percentage below 2 percent of your total number of incoming transactions.
• Overdraft - Always leave money in your business checking account to help cover chargebacks if necessary.
• Anti-fraud - One of the best ways to avoid chargebacks is to implement anti-fraud measures on your website. These website plugins can help detect a potential fraudulent transaction by analyzing inputted data from the customer and matching it with their IP address location. You can then approve or deny the transaction if something looks fishy.