|April 30th, 2020|
There are several tech support services out there that offer support for PC problems. The tech support industry is one that entails high risk with it when it comes to payment for these services. The need for technical support has arisen due to the penetration of digitalization deep in our world. With the exponential increase in the number of electronic and digital devices, the need for tech support grows more and more every day. This market is quite huge and offers tremendous potential for growth.
Payment Gateway Options For Tech Support Industry:
One of the major problems that arises here is the need for a proper payment gateway to facilitate the transactions in the technical support industry. A major reason for the risk factor associated is the CNP (Card Not Present) transactions online. Use of eChecks is a good solution to overcome the risks that come with these kinds of payments. As you read below, we will answer some pertinent questions about acquiring a payment processing system for tech support systems.
How to acquire a merchant account for tech support services?
There are a few prerequisites needed when looking for an efficient solution for payment processing. Things like underwriting (for legitimacy and stability of the applicant) and chargebacks must be carefully considered before signing on to any merchant service. You have to look for services that offer zero chargebacks and lesser frauds.
It is fairly easy to apply for a merchant account, you just need to fill out an application form and send them over to your service provider with your KYC (Know Your Customer) documents. The verification is completed usually within 48-72 hours. Post the approval of your application, you will be guided on integrating the eCheck payment gateway on your tech support website by one of our experts. This will be done over an SSL (Secure Sockets Layer) website to ensure that shared sensitive information is safe.
Just so that you can choose the best eCheck merchant account service out there, we enlist some of the the major points that you need to look out for.
How safe are eChecks for the tech support sector?
Echecks are one of the safest options for receiving payments. The system of eCheck transactions is checked with layers of security at several steps which makes it secure for keeping and transacting funds. Here is a short summary of the security protocol that outlines every eCheck transaction:
When a customer visits your website and chooses to pay via the ‘eCheck option,’ he/she is redirected to an online form where following information is asked:
1. Account number
2. Routing number
3. Billing address
4. Name of payer/account holder
5. Contact/phone number
6. Amount to be paid
Once this information is obtained, the routing and account numbers are used to verify for the availability of funds in the checking account. This step is very crucial to eliminate the risk in this high risk industry. Instead of debit/credit card payments use of eChecks limits frauds to a minimum. The ACH (Automated Clearing House) network that processes eChecks is foolproof and doesn’t let any unauthorized transactions get through to the other side.
Rates/Charges for an eCheck payment gateway:
The rates and charges depend on the size of the business, the amount of funds being moved on a regular basis i.e. if the business is high volume or low volume and a few other factors. Since tech support is high risk, the payment processors are extra careful and they ask the merchant to have a registered company and a corporate business account. There are some fixed rentals and some variable charges, let’s take a look:
1. Zero set up fee and no monthly fee
2. Security deposit (refundable) up to USD 1500
3. Weekly fee for wire transfers: USD 40
4. 6-10% transaction rate depending on the amount
5. 10% rolling reserve in the merchant account
Echeck payment systems are quick to set up and you start doing business within a total of 7-10 days from the date of application. The underwriting process from the banks is fact if all the documents and compliances are upto the mark. Before we end this post, we will talk about the requirements that you need to fulfill in order to avail an eCheck merchant account. These are simple documents or compliances that you need to align before signing on an eCheck service for your tech support business.
1. Merchants must have a registered company and a corporate business account.
2. The merchant must list the entire list of services and products on their website.
3. Terms and conditions, refund policies and other crucial documents and agreements must appear on the top of your website.
4. Your website must have an HTTPS or SSL security certificate.
5. For every remote support session, the tech support company must ask for permission from the customer as these acknowledgments can later help in reducing chargebacks. This also helps in building a relationship of trust between the merchant and the processor.
Though it might be difficult to avail a trusted payment gateway service for tech support businesses due to the complex nature of payments involved, eChecks still rule at the top in these kinds of situations. They are fast, efficient and most importantly safe. They put both the merchant as well as the customer at ease when it comes to making payments for tech support services. Apply for one today if you haven’t done it yet.