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Whether You Sell Your Products Or Services Through An Actual Brick And Mortar Store, Through A Website, Or Both, You\’ll Make Much More Money If You Accept Credit Cards. How Do You Do That? We\’re Here To Help. Welcome To 4MerchantAccounts.com. This Site Is A Free Information Resource That Will Answer All Your Questions About How To Find And Get A Merchant Account For Your Business. As
You Explore This Site, You'll Discover...
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Everything You Must Know About Merchant Accounts, Credit Card Merchant Accounts, Online Merchant Account, Free Merchant Account, Ecommerce Merchant Account, And Merchant Account Providers.
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Merchant Processing 101
An E-book For Merchants Who Accept Credit Cards, Giving A Complete Analysis Revealing Hidden/Unneeded Fees. Will Save Thousands!
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1st Steps To A Merchant Account
Author: Steve Jones
It's a fact that traders who are in a position to accept credit cards from their customers can expect to make more sales than those who only accept cash transactions.
According to "Jumping Through the Merchant Account Hoops" by Khera Communications, the average credit card transaction is $40, compared to just $9 for cash sales. So, by not accepting credit cards you put yourself at a huge business disadvantage compared to your competition.
It may also surprise you to learn that credit card transactions can cost your business less in transaction charges. A case study by Coopers & Lybrand found that it costs, on average, 2.7% to process a credit card transaction as compared to 4.8% for cash and 4.0% for checks. The reason for this perhaps surprising statistic is that cash and cheques require more handling by financial institution staff whereas credit cards tend to be processed electronically for the most part these days.
To offer a credit card payment facility to your customers you need to set up a merchant account. Typically you will also need to have equipment installed to accept the payments. If you wish to accept credit cards Online you will also need to sign up with a payment gateway such as CyberCash or VirtualNet to allow for instant authorizations over the Internet.
The provider of your business bank account should be your first port of call for a merchant account, but if you're looking to provide an Online credit card payment service to your customers, it's important that you make sure that any merchant account provider can demonstrate a track record with accepting Online payments.
Applying for and being accepted for a merchant account can take anything from a couple of days to a couple of weeks or more. Your chances of being approved relate directly to your already-existing business track record. That's why your own business bank is a good first option, because they know you and your business better than anyone else.
How much can you expect to pay? The cost of a merchant account can vary enormously mainly based on the perceived risk associated with the business applying for the facility and the area of business they are involved in. Typically you can expect start up costs to be in the $190 - $300 range with processing fees on individual transactions from around 2% variable depending on sales volume. The more business you're going to be putting through your merchant account, the more you'll be in a position to negotiate with your merchant account provider.
About the author:
Steve Jones is Website admin for http://www.merchant-account.no1-source.infowhich provides all the latest news and information sources on merchant accounts
Article Keywords:
Merchant Accounts |
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A Quick Note
From The Publisher...
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To Do List: 1. Name my company 2. Name my web site (and register domain name) 3. Open checking account 4. Open merchant account You’ve made the arrangements for adding e-commerce capability to your web site. Who wouldn’t? Your goal is to make it easy for your customers to buy from you. Now you’re dealing with the merchant application and paperwork. One thing every bank will need is a voided check from your checking account. Your merchant bank will be depositing your revenues into this account. Any fees assessed will be deducted from this same account. Many people are tempted to use their personal checking accounts in conjunction with their merchant account. This account is already open and functioning, meaning one less to-do item on the list, which just grows longer every day. There would be no extra fees to pay, or new checks to order. Sounds like a solid plan. It’s fairly easy to put this into operation as well. Your merchant bank will require you to add a statement to your... |
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