Merchant Account for Telemarketing (Inbound & Outbound)
Why would a telemarketing business need a merchant account? Because having a merchant account makes life easier for your customers as well as for you. A merchant account lets any inbound or outbound telemarketing business, or any business for that matter, directly receive credit card payments from its customers. It's a complete setup of services that automate the process of receiving and verifying the credit card information and transferring these funds to your account.
It's no secret that outbound telemarketing companies are thought of in a negative light by most people. However, that's not where it stops because telemarketing companies even struggle to find a merchant account in the industry.
The same goes for inbound telemarketing companies as they also struggle to get merchant account services. Even if they do find a company, they usually have expensive fees attached to them because the nature of telemarketing industry is surrounded by an atmosphere of mistrust and deceit.
Denied by Other Credit Card Processors?
Most of the credit card processors decide whether a company's application is to be rejected or accepted by measuring the risk involved. It's simply a matter of high-risk vs. low-risk. If your startup is deemed "high risk" by a bank, you cannot avail the credit card processing services.
If you have already been denied by a credit card processor on the grounds of risk, worry not as there are specialized services that deal with high-risk companies. This service can provide you with a merchant account for your business at affordable rates and fees and with all the perks that you need for your business to prosper.
Risk Analysis of the Telemarketing Industry
Even though it's a multibillion-dollar industry, telemarketing is classified as high risk by most banks and cash providers. Regardless of whether you're operating as an outbound or an inbound telemarketing call center, you'll understand the significance of being able to process and accept credit card purchases.
When a telemarketing company is categorized as high risk and denied necessary services such as credit card processing equipment and loans, it makes facilitating any telemarketing transaction nearly impossible.
The main reasons telemarketing companies, outbound or inbound, are classified as high risk are the high chargeback rates and unsuccessful transactions.
This service understands that receiving card information over telephone lines can expose telemarketing companies and customers to high risks, which is why these companies need credit card processing services.
This service is ideal for online merchants because not only do we offer credit card processing services and merchant cash advances, but you'll also get online payment assistance and many more benefits. Many online merchants are labeled as high risk and shut down by service providers due to extraneous factors, but this specialized service always makes sure that you get the best services possible and that you are able to process credit card transactions easily.
The virtual terminals and online gateway offered by this service will allow your online telemarketing service to accept all major cards without any risk. Even with a high-risk status, this service will assist you and all other inbound and outbound telemarketers in building sales for the business by allowing you to process credit card transactions.
Type of Merchant Account Required
To make sure that you're able to secure the best merchant account for your telemarketing business, it's important to understand what services and features you need. These are just some of the features and services that you need to look for in a merchant account provider's package.
Make sure that you make it your priority to assess how the service handles your chargebacks. It's one of the most crucial details of a merchant account and it can't be overlooked. This is going to happen frequently because that's just the nature of the telemarketing business. This is also the reason why you get denied by most credit card processors and why you'll struggle to find a merchant account without having to pay outrageous fees.
As a merchant in telemarketing, you'll want to have the option of accepting all credit cards including Visa, MasterCard, American Express and Discover. However, you should also make sure that you're able to accept funds via electronic checks and ACH processing. This will definitely increase your chances of making a sale.
Make sure that the application process is conducted smoothly and you don't have to pay high application fees. Some services even charge setup fees if you're a startup company, which shouldn't be too expensive. Filling out the form should be easy and preferably done online.
Make sure that you get a merchant account that lets you easily set up recurring billing. This service is useful in telemarketing, especially if you're selling a service that will be availed more than once. You'll no longer have to call customers again and again to demand monthly payments.
Having the option of mobile apps to control the operation is an added advantage that you should look for.
Domestic and Offshore Options
Most services will be able to offer you a domestic setup for your telemarketing business, which is much more convenient, comes at a cheaper rate, and offers better security. However, in some cases, having an offshore merchant account is the only option. While offshore accounts will cost you more, they'll be more easily available for several high-risk businesses such as telemarketing. Nevertheless, it's always better to go for a domestic option if you can.
This service has handled many outbound and inbound telemarketing merchants and that's why our people have a good understanding of the needs of the merchants working in this industry. We can not only provide you with a merchant account but also help you run it perfectly. Whether you're a startup or have been working as a telemarketer and looking for a new merchant account provider, give us a call. We can help you set up without any application fees and answer all your questions and queries.