Being a telemarketing organisation, you must be well aware of the hurdles that come in the way of obtaining credit card processing. Also, well-known, is the fact that telemarketing is considered high risk business. Logically, then procuring a merchant account will not be a smooth process.
The answer here, is most definitely. In some types of telemarketing, the merchant depends on the consumer to seek out the business and not the other way round.
So, while we assess, whether or not to grant your telemarketing venture a merchant account with which you can process credit card payments, we would take into account a number of risk factors linked with your business. These being:
The level of chargebacks incurred or likely to be incurred by your enterprise.
The industries serviced by you through your telemarketing venture.
Your marketing and promotional strategies.
Your service costs.
The credit rating of your venture and yourself.
In the event that your telemarketing business, whether outbound or inbound is already processing credit card payments, and all you want to do, is switch to a new processing company, we are here to facilitatethe transition and also ensure that the shift is smooth. Here, we will need other things such as your processing records being of a required standard. Given that your telemarketing business meets these criteria, we could also offer you benefits in terms of better rates and fees. All you will need to produce before us, is the processing statements of the last three months for verification.
On the other hand, in case your venture has a history of poor card processing, we are still here to help, except for the fact that we may need to charge you a slightly higher fee, given the fact that we are taking a risk.In a rare scenario, involving certain high risk telemarketing ventures, we may include few added restrictions such as fund deposit delays; cash reserves etc.
Only in the rarest of rare cases, if at all that your telemarketing business gets assessed as having very many high risk features, your application for a merchant account could also get rejected or declined
As a telemarketing enterprise owner, the primary fact that you are aware of, is the importance of working with a merchant account processor that has a good understanding of your business model. Reason being, large portions of the revenue generated by your business, comes from customers who make credit card payments online or over the phone.
Vital as it may be, many telemarketing organisations are classified as high risk and prompt banks to decline or deny or reject your business plan.
Despite, you being a high volume business generating venture, and provide an opportunity for the bank to rake in large sums as fees, it still is quite a task to procure a merchant account for telemarketeers.
But we, of course, do have few underwriters who have a complete understanding of the telemarketing business and approve your business venture.
Telemarketing companies cover a range of services right from home-repair, home re-modelling etc. to vacations, package tours, cruises at discounted rates. Quite obviously, all these services require the telemarketer to request for payment over the phone through a credit card. The card details get keyed in through a virtual terminal. Merchant rates do vary according to the business model such as outbound or inbound telemarketing.
Applying for a merchant account, for your telemarketing business is quite a simple process. We do consider the following:
If your credit score is good, ye, then we are certainly ready to approve.
In case you wish to change to a new processor, we request you to produce the statements of the last 3-6 months.
In the event of bad credit rating, there is no need to fret and worry. We ask for additional documents before approval.
In some cases, we do askfor business banking statements that prove your ability to handle potential chargebacks.
So all in all, the task of getting an approval for a merchant account for telemarketing venture does seem daunting. This need not be the case if you take into account if you approach us with your request and keep in mind the following aspects prior to coming to us for approvals:
Chargebacks: How chargebacks are handles is extremely crucial. The nature of telemarketing as a business leads to chargebacks. This is also the reason why some merchant accounts have very high fee structures. We may charge you a slightly higher fee, but in the long run it does work to your benefit as many other processing companies may reject you outright.
Method of Payment: We do permit you to accept payments made through most credit cards such as Visa; MasterCard; Discover and American Express.
Apart from these, we also facilitate payments vide electronicchecks and ACH processing. Reason being, the more kinds of payments that we allow you to do, higher are your chances of sealing the deal.
Simple Application Process: While scouting for Merchant account processors, you must look at those companies that offer simple and quick application procedures, preferably online. While at this, ensure that you are not charged premium application fees. We offer all of this. Basically, we function as a one-stop-shop.
In case you are a start- up enterprise, ensure that the set- up fee charged is not menacingly high.
Recurring Bill: In case your organisation deals in the sale of a product or service that requires more than one usage, our merchant account system facilitates recurring billing. This feature ensures that your payments are received systematically and smoothly and also does away with the need to keep calling your customers time and again.
So there you have it, a list of all our services for your telemarketing company.