The Federal Trade Commission reported that consumers lost $30 million from tech-support scams in 2018 and 2019. The average consumer loses about $200 on each scam.
Due to the flourishing scam in tech support business and the high chargeback concomitant with tech support merchant accounts, banks and financial institutions don’t want to shoulder the potential peril associated with such businesses.
Also, tech support businesses are known for high volume transactions, which they are streaked by any acquire at least for the first 3 months.
Many tech support merchants with the high volume of $100,000 a month face the problem of CAP. They are not allowed to process more than $20,000 or at max $30,000 in a month and once they reach their limit they have to shut down the business for that particular month.
The best pact with PayQ is, we lift the CAP from the very first day , therefore by definition, the merchant can process unlimited sales for the month without any fright of CAP getting outstripped.
Remote tech support businesses are vulnerable to high chargebacks not only because many tech support companies and the business owner run the campaign with very little guidance and the employees are not skilled in providing quality customer service, more often a poorly operated business creates a lot of unhappy customers which lead to high chargeback volume and refunds.
In general when a customer makes a purchase from the tech support business they are getting a service not a product and due to lack of tangible items customer feel that their purchase was invaluable or once the customer discuss the case with their friends and relatives they warn them about the tech support scams
Also Tech support service is not cheap and for every service, the customer has to pay hundred of dollars. To free up the extra cash, sometimes a dissatisfied customer may look up ending such services and reach their bank to raise a dispute and eventually it turns out to be a chargeback for the tech support Merchant.
The second biggest challenge with tech support businesses is lack of strong brand name. Due to little name recognition of a tech support company or less established businesses; the end user lacks the trust, which they have for any other big brands, and eventually they dispute the credit card transaction.
Such high chargeback businesses become a financial burden for the credit card processor and ultimately that results into Merchant account termination.
We support our merchants to fight a chargeback by representing the chargeback case with the acquirer. We have created a Pre fraud alert and fraud prevention system for high-risk merchants including tech support businesses by partnering with Verifi, Cardholder Dispute Resolution Network (CDRN) and Ethoca. In case merchants fall under “High risk businesses” apart from tech support, PayQ can still partner with them.
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