We’re living in a technological age, with people relying on technological devices like phones, computers, tablets, and more for all sorts of things, every single day. Both professionally at work and in our personal laives, tech is playing an increasingly large role. Consequentially, the tech support industry has become very important in recent years.
Tech support businesses work to help people who are struggling with their technological devices and systems, providing support and assistance to help with troubleshooting problems and solving situations. And in order to operate, every tech support business needs to have its own tech support merchant accounts.
Unfortunately, getting your own tech support merchant account can be a real hassle. This is because tech support is seen as a high-risk industry, and many banks and payment processors aren’t willing to deal with that kind of high-risk credit card processing. Shark Processing is here to help you get the tech support merchant accounts you need to run your business.
So what is the tech support industry all about? In simple terms, as the name implies, tech support companies offer support and assistance for people using technological products. This might mean helping people who have viruses on their computers to install cybersecurity solutions, or it might involve a support line for people who are having problems using their new smartphone.
There are countless different ways in which tech support businesses can help people, and a lot of individuals encounter issues with their technological devices and products like software programs, applications, and so on. It’s no surprise, therefore, that tech support is a fast-growing industry, because even the best tech can have bugs, glitches, and issues that need fixing.
As covered in the introduction, if you want to run your own tech support business, you’ll need to have a tech support merchant account. This is very common practice in the tech support industry because most tech support is carried out either online or over the phone, rather than in person, so tech support businesses need a way to accept and receive digital payments. However, getting a tech support merchant account can be challenging, due to the high-risk associations of the industry.
Before we take a closer look at some of the risks and reasons why it can be hard to open a merchant account for tech support, let’s look at what this kind of merchant account actually is. If you’re unsure about anything, a simple tech support merchant account definition is as follows: a merchant account is a business account that allows businesses to process digital payments safely and securely.
Basically, a merchant account works to allow customers to pay you via online payment systems and e-shop portals. The money they spend goes into the merchant account for processing, before later being paid out into your main business account. So, in a way, the tech support merchant account serves as a kind of “middleman” in the process, holding and managing the money between customer and business.
Since tech support, businesses receive so many digital credit and debit card payments, and you need a merchant account to receive those kinds of businesses, having one of these accounts is absolutely vital. You can’t really run any kind of tech support business in today’s world without a tech support merchant account.
We can clearly see how important it is to have your own tech support merchant account if you’re planning to start a tech support company. However, once you start applying for these accounts and talking to banks about your line of work, you may find that many of them simply refuse to accept your applications and will not work with you.
Why? Well, it’s all because of the fact that tech support is regarded as a high-risk business with high-risk payment processing. There are a few reasons for this. One of the main reasons is that the industry has a pretty bad reputation and is heavily associated with online scams and fraud. In recent years, many people have set up fake tech support services that are used as a front to trick people into paying for false tech support services.
Huge amounts of money have been stolen from unsuspecting users by these tech support scammers. And this has also given the industry a bad name. So even if you run a reputable, honest tech support company, you can find it hard to get a tech support merchant account due to the actions of others.
Another issue is that, because most tech support is done remotely nowadays, either over the phone or online via chat systems, most payments for tech support are “card-not-present” transactions. This is basically another term for “digital payments”, as the customer makes the payment digitally or remotely, without a physical card being scanned or swiped.
These kinds of transactions are seen by banks and payment processors as riskier than in-person payments. Plus, there’s a higher chance of chargebacks, which is when a customer disputes a payment on their credit card statement and demands the money back, which can lead to fines and other issues for banks.
So, banks and providers are generally not particularly keen to work with tech support companies, due to the issues listed above like scam risks, less safe transactions, and high chargeback frequencies. So what do you do if you want to run a tech support business and need a tech support merchant account to get started?
Well, that’s where we come in. At Shark Processing, we’re experts in high-risk credit card processing, working together with banks and payment processors around the world who are willing to work with high-risk businesses, like those in the tech support industry. We have years of experience in high-risk merchant accounts and we can help you get the account you need to build your brand.
We offer competitive rates, secure accounts, the highest standards of customer support, and much more for all of our high-risk tech support account holders. Get in touch with our team today to find out more about what we can do for you.
