A merchant account for credit cards will allow you to receive credit card payments from your clients. If you have decided to accept payments by credit card, it is important that you have a merchant account. A trustworthy credit card processing service is essential for every business as it can help increase your sales. In order to start processing credit card transactions, you will need to decide what equipment is best for you.
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You will be able to receive all sorts of payments from anywhere with an online merchant account service. Once you set up the merchant account, you can start handling credit card processing through a virtual terminal, wireless mobile terminal or Ethernet credit card terminal with a retail-swipe depending on what equipment you choose. These terminals will let you know if the cardholder funds are available, thus enabling you finish your transaction.
Why does my business need a merchant account to process credit cards?
According to Credit Card Processing Reviews, it has been found that merchant accounts aid in increasing sales if you accept credit card payments online. Your clients will find that having the option to pay by credit card more convenient in addition to the added secure safety features that are now available.
A merchant account provider offers all the services that are required to manage card payments for your business. These services include:
- E-check services
- Virtual terminal
- POS terminals
- E-bills
- Shopping cart
- Payment clearing period
A benefit of having a merchant account is that you can view all of your transaction details online. If you do not accept credit cards, your revenue and sales can be as much as 50% lower. Therefore, if you want to increase your sales, having a merchant account can help accomplish this.
The procedure is for applying for a merchant account is very simple. You will have to complete an application form and provide the relevant details that are requested. Once you submit your application, the account will be processed and normally you will be able to start receiving credit card payments within several days.
What do I require to start up my merchant account?
If you want to open a merchant account, according to Westhost.com, you will need copies of your supporting documents such as:
- Driver’s license
- Business license
- Articles of incorporation
You will also require a marketing sample method such as flyer or business card. A bank statement is also needed when you submit your application for a merchant account.
If you are the sole owner of your business, you will also need to provide a proof of address, which could be a utility bill. When setting up your merchant account for you will also need to determine the most common types of credit cards, your clients use to make sure you choose then as options for processing being not all may be processed by every merchant account providers.
How do I choose the right credit card processor for my business?
If you are looking for credit card processing options, then Internet can be very useful. You can search for the best online credit card processors that suit your business.
Selecting a service provider can be difficult because there are so many different options in which to choose. Options to consider when choosing are:
- Credit card processing fees
- Security features
- Types of services offered
Merchant account providers charge different service fees depending on the service provided.
It is only natural that you are looking for a service that offers the best service at an affordable price. A merchant account provider may charge fees such as:
- Start-up fees
- Gateway fees
- Statement fees
- Monthly fees
- Foreign transaction fees
Apart from this, your service provider will charge transaction fees, which may either be a flat rate per transaction or a percentage of each transaction. Be sure to be aware of all fees before agreeing to a provider’s terms and conditions.
You must be aware that online transactions are at risk to credit card fraud and thefts. When considering a merchant account provider, keep in mind the elementary security features that should be provided such as:
- CVV2 checking
- Fraud protection
- Address authentication
- Real time processing
- SSL
- Encryption
When you decide to choose the best credit card processing company, you need make sure you are aware of all the fees and services that are included before making your decision.
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