Echeck Is the Best Payment Gateway For Tech Support Industry
PC Support is a High-Risk industry, but only a few payment processors may say yes to it. There are many legitimate companies in this Industry. The size of this Industry is massive and offers excellent volume and growth. Quadrapay.com can help merchants in finding Quality Echeck Processing Services, especially to high-risk merchants.
With recent development in technology, devices have penetrated further human life. Along with this, the need for Technical Support has also arisen. Tech support industry has grown multi-fold in the last decade. With the growth of the IT industry, the requirements of support have also increased. Many aspects of this business forces processors to term it as a high-risk industry. The main reason is that of online payment processing with the CNP (card not present) scenario. Quadrapay.com recommends echeck as the best solution for Tech support online payments. In this article, we will answer the common questions about Tech Support Gateways.
HOW WILL YOU GET A TECH SUPPORT MERCHANT ACCOUNT?
To get a payment gateway for tech support, you should inquire with many providers. You should check their underwriting guidelines and list of acceptable industries. A factor that creates hindrance in getting a payment gateway is the chargeback factor. The underwriters look for the legitimacy and stability of the applicant. There should be fewer chargebacks and zero fraud cases.
The application process is straightforward. Fill a simple application form and send it to us with the required KYC documents. Our Internal team will help you with the integration of the echeck gateway over an SSL website after approval from the processing company. The processors generally underwrite accounts within 72 business hours.
Factors that Will Help You Choose the Best Processor.
- Low Rate of Transaction/Low MDR or TDR
- Faster Payout
- Low Rolling Reserve
- Less Holdback or Arrears
- Quick On-boarding
- Alternative Payment Options
- Easy Integration
- API and Plugin documentation
Is Echeck Processing Safe for The IT Service Industry
The complete procedure of payment through echeck comprises of various security layers. It makes it safe for the customer to keep their money and financial information safe and secure.
- The verification team verifies every transaction before approving it.
- This includes automatic and manual verification. This verification makes echeck transaction safe. Verification ensures the protection of the echeck payment gateway for a long time.
- The merchant receives payments on a weekly basis. The entire process is transparent.
- The merchant gets complete control of the merchant centre.
- The payout is weekly for low volume merchants and every 72 hours for high volume merchants.
Customers visit the merchant’s website and click on the ‘buy now’ button. The customer enters the below-mentioned info on the payments page
- Account numbers
- Routing number
- Billing address
- Name of the account holder
- Phone number
The system checks the account numbers, routing number and availability of the fund. Moreover, check 21 act came into force in the United States in the year 2004. It revolutionized the way check transactions work in online business.
Tech support is a high risk industry. If you run a business in this Industry you need a high risk merchant account or payment gateway. The best payment gateway for tech support business is e-check gateway. Instead of credit debit card and other payment options, merchants should use echeck. Few of the most well-known terms for echeck are Check 21, Check 22 and electronic check solution. Other similar modes are ACH(Automatic Clearing House) and ICL (Image Cash Letter)
RATES AND CHARGES OF HIGH RISK ECHECK TECH SUPPORT PAYMENT GATEWAY
The rates depend on a lot on the maturity of the business. Every financial institution wants to reduce their risk. They generate profit from the long-term accounts associated with them. Payment gateway companies prefer businesses that attract high sales and least risk. In the case of a high risk Industry like Tech Support (MCC 7379) these processors are extra cautious.
Tentative Rates and Terms
- Merchant Must have a Registered Company
- Must have a Corporate business bank account
- Setup fees Zero
- Refundable Security deposit upto $ 1500(Usually deducted from the first payout)
- Monthly Fee Nill
- Weekly Wire Fee $40
- The rate of Transaction 6%to 10%
- Rolling Reserve 10%
- Arrears 2 Week
- API With Virtual Terminal/MOTO
- For EU based card processing solution merchant must have an EU company. With Card Solutions merchants can not accept US and UK Cards generally
Why It Is Hard To Get A Tech Support Payment Gateway
Many payment processors are hesitant to take accept tech support business. Many merchants involve themselves in wrong business practices. This results in problems for the majority of merchants. Many merchants don’t realize they are hurting the Industry by spreading pop-ups. They should never do this. Organisations involved in these activities do not last long. Some merchants use threat tactics to scare the customers and extort money. That is a huge setback for the complete Industry. Most of these companies are small and sometimes allow others to use the merchant account. This is an illegal activity. It is Transaction Laundering and is a violation of all merchant account agreements. Majority of these companies are small in size and hardly have any financial strength. They may not be able to sustain the organization in case of any heavy loss or spike in returns. Reputation Damage. Most payment processors don’t like to associate themselves with tech support industry. They want to maintain a good reputation as a processing company.
IS THE ECHECK PAYMENT GATEWAY SUITABLE FOR TECH SUPPORT COMPANIES IN THE USA
Yes, Merchants can accept payments from USA based customers. Echeck payment gateways are secure, transparent and reliable for the high risk businesses.Anyone who wants to enter this business can apply for a gateway. Online pharmacy companies can also use this solution very well. There is no payment gateway or merchant account that offers NO Chargeback facility. On the ground of business ethics, every payment processor offers buyer protection. Generally, the claim period for credit card transaction is 180 days. With the echeck solution claim period is usually 30 to 60 days.
HOW MUCH TIME DOES IT TAKE TO GET A MERCHANT ACCOUNT FOR REMOTE SUPPORT BUSINESS?
If all the documents and compliance requirements are in place then it should not take a lot of time. The underwriters at the payment processing companies are fast. They do not want to miss even a single transaction. Generally, it does not take more than 7 to 10 days to get an echeck processing solution for IT support business.
WHAT ARE THE REQUIREMENTS TO GET A TECH SUPPORT PAYMENT GATEWAY?
- Merchants must have a registered company and a corporate business bank account. The funds go to the business bank account of the merchant.
- The merchant should list the entire service and product range on the sales website.
- Refund policies and other terms and conditions should appear on the top menu of the website. HTTPS or SSL certificate is mandatory to get any tech support payment gateway.
- Businesses should ask for an acknowledgment from customers after every remote support session. These acknowledgments can help in defending chargebacks. Chargeback alert services also help merchants in reducing fraud and refunds. It also helps in extending the life of the merchant account. Low chargeback means a wonderful relationship between the processor and the Merchant.