In the old days, 
getting a merchant account was only for the large companies, and was pretty much out of reach for the small to mid-sized business. Those days have passed us by, thankfully. Setting up a merchant account is much easier than you might think, whether you have a web presence, an online store, or a regular non-internet business. Now all you need to do is apply, get your gateway for your specific type of business, and you are ready to accept credit or debit cards to help grow your business.
For a website, it might be a good idea to have some sort of system set up on your site before you get your merchant account. This can consist of a simple shopping cart system. Some merchant account companies integrate this into their setup, but not all. These all-in-one services can be more expensive, because of the convenience they offer, so be sure to price out a couple of options before you make any decisions. Merchant account websites will often have information on the subject, and if they do not have an integrated system, they will point you in the right direction.
If you have a shopping cart set up and ready to go on your site, there are a few things you should know about a basic merchant account. Most accept Visa and Mastercard by default. You have the option of accepting other cards, as well, such as Discover and AmEx. There are fees involved with each transaction, which include a small fee per transaction, and an even smaller percentage based on the size of the sale. The decision to take AmEx and Discover is difficult. Many businesses that sell higher ticket items accept AmEx. Discover and AmEx fees are higher than Visa and Mastercard. The decision is ultimately up to you; will your business benefit from accepting the extra cards? Most merchant account companies deposit your monies daily, at the end of each day, into your business account.
Those who have an online store as well as an offline store , you will need different types of merchant accounts for each one. Online processing is called an ecommerce account, and for offline a card swipe is used. Offline requires a signature, whereas the online account only requires the security code located on the back of the card. This security code was basically invented for the benefit of online processing, to add an extra security measure.
After comparing rates, prices and features, and picking out the right merchant account company for you, there is a fairly simple application to fill out. The difficult part is the paperwork. first you will need to sign and initial the Cardholder Electronic Data Storage form that they send, and either send or fax it back to them along with a voided check from your business account, so that they know where to deposit your funds. You may also be required to send a list of your prices to them as well, depending on what type of account you have set up.After they receive this paperwork, you are ready to process cards.
Setting up a merchant account is nowhere near as difficult as it used to be. Now even the smallest business can set one up and process their payments easily. Take action now and grow your business.©