Why do telemarketing firms need credit card processing services and merchant accounts?
Well, getting someone to answer your phone call can be a challenging task. And getting that same person to write out a check or money order & then mail it to you can be almost impossible.
But telemarketing companies that are able to take payments right over the phone can “strike while the iron is hot” and close the deal at a much higher rate.
Telemarketers that can accept credit cards enjoy the following advantages:
- close a lead that may not have available cash in their checking account.
- customers are easier to ‘upsell’ when they can charge it on their card.
- funds are available within 2 business days vs. waiting 7-10 days for a check
- no bounced checks.
- a significant increase in sales & conversion rates.
In today’s competitive business environment, it’s crucial that you have all of the tools you need to be successful. The Transaction Group provides credit card processing solutions for all types of telemarketers. Take your telemarketing company to the next level by accepting credit cards as payment from your customers.
Risk Issues for Telemarketing Businesses:
When assessing whether to grant your telemarketing business a merchant account so that you can process credit cards, processing companies look at a number of ‘risk factors’ associated with your business. These include:
- the level of chargebacks your business is likely to incur
- the industries you will be serving in your telemarketing activities
- the way your business advertises & publicizes itself
- the cost of your services
- the credit rating of your business and its owner
If you are already processing but wish to switch to a new processing company, you will unquestionably benefit if your business already has a decent processing record. You’ll likely enjoy much more leverage when engaging in bargaining your rates and fees. The majority of processing services are sure to need from you, at the very least, 3 months of preceding processing statements to review, before they’ll hammer out a rate with you.
On the other hand, should your business venture own a poor card processing history, all is not lost, but it may well be more of an issue to get approved, and if approved, you will almost assuredly be subjected to higher than average processing fees.
In the likely event your telemarketing business is assessed as being high risk, you may be subject to added restrictions, for instance fund deposit delays, cash reserves, restraints on sales volume levels, as well as increased discount rates and other fees.
Furthermore, if the merchant account provider assesses your telemarketing business’ risk factors and makes a decision that they are just too significant, it may deny your application for a merchant account altogether. This could be a consequence of any of the issues discussed earlier.
What to Do Next:
The Transaction Group understands the issues that telemarketers cope with whenever it comes to tracking down secure and reputable merchant services.
We know that every business is unique, and so we have developed a number of partnerships with card processors to be certain that we are able to secure the most desirable processor for your organization.
If you want to get started with accepting credit cards today in your telemarketing business, or simply wish to learn more concerning credit card processing for telemarketers, feel free to click on either of the links just below.