With the technology industry continuing to demonstrate accelerating growth, tech companies are needing more support than ever. However, tech support businesses wishing to accept credit card payments may require assistance from a high-risk merchant processor. This is because the remote nature of tech support comes with several risks.
Since the customer’s credit card is often not physically there at the point of sale, this increases the risk of fraud. In addition, chargebacks are also common due to customer disputes. Lastly, many tech support companies operate in several different countries at a time, increasing the complexity of financial transactions.
Some payment processors may not be willing to work with tech support merchants due to their level of increased risk:
Although it may be more difficult to gain approval for a high-risk merchant account, it is not impossible for tech support merchants.
During the application process, they keep an eye out for any red flags that can indicate risk. This includes merchant credit scores, processing history, and website security. Tech support merchants looking to gain approval should take care of any late payments and unpaid bills in order to gain access to a higher transaction limit or a lower rolling reserve.
Learn more about which country is best for high-risk merchants at Processing Card.
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
