Appliance Warranties businesses have had a resurgence over the past few years, and we have seen a large increase of businesses in this sector needing to set up a merchant account to take payments via card from their customers often over the phone via a virtual terminal.
Whilst there are some fantastic companies covering the UK offering appliance Warranties there is unfortunately the odd bad egg that has tarnished this particular business model with acquiring banks.
The nature of the acquisition of a customer with appliance Warranty businesses is often done through a call centre and over a cold call. This process drives a very high level of attrition which leads to chargebacks, this is what acquirers deem to be a very high risk business to be involved with as they work hard to keep their chargeback levels to a minimum.
It is possible to get your appliance or warrantee business approved for a merchant account, however it will likely have a set of conditions attached to it that are in favour of the acquiring bank and in place to protect the customer against the mids selling of a product or service.
To get a merchant services account open for a warranty company of any description takes a lot of patience, Some of the things you need to know are listed below.
THINGS TO KNOW
Things you will need before you can put forward an application for your Warranty business:
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