10 Tips to Get a Merchant Account to Accept Credit Cards for Your Business

It can be difficult finding the perfect merchant account so that your business can accept credit cards from customers. There a variety of different merchant accounts that have various fees. Your company needs to find one that doesn't have many fees and that has all the options that you need.

1. Compare merchant accounts. Remember, there is always another merchant account that is better. Make sure to shop around to find the best deal with the best merchant account company.

2. You want to get a merchant account that has the option of accepting credit cards by a credit card machine, by telephone, and through the Internet. You want one that will it possible for your company to generate the most sales as possible.

3. You need a merchant account that doesn't have limits on the amount of the sales that you can process each month through credit cards. Keep in mind that the merchant account will probably charge you a small monthly fee and also a percentage of each transaction.

4. You want a merchant account that does process the credit card payments in a reasonable amount of time. You don't want to wait forever on the money from credit card transactions to be put into your company bank account.

5. Make sure that the merchant account has excellent customer service. If you don't think that they care about their customers then don't use them. If you hear a variety of complaints about the merchant account then don't use the merchant account company.

6. Some merchant accounts let you rent or buy a credit card machine. It is usually a better deal to buy the credit card machine and plus you can usually use it at other merchant accounts later on in the future. You shouldn't need to buy new equipment each time you decide you want a different merchant account.

7. If your company gets denied a merchant account some a few companies then make sure to keep looking. Some companies are picky about it, but there is merchant account companies out there that will work with your company on getting a merchant account.

8. If all else fails then you can always sign up for PayPal merchant account. Go to www.paypal.com for further information regarding PayPal. Paypal has been around on the Internet for a number of years already. PayPal is a wonderful company to have a merchant account with for years.

9. If your merchant account gives you any problems at all then make sure to switch to a different one. It isn't a good sign if you have problems in the beginning with a merchant account.

10. Don't pay large amounts of fees each month. Refuse to settle unless you find the perfect price that you want to pay for a merchant account.


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PayPal vs. an Online Merchant Account

If you are thinking of starting an online business or if you already have one, you have probably been considering which is better Paypal or an Online Merchant Account. Paypal has become very popular for many online businesses. The first thing you will want to think about when attempting to make your decision is what are the fees. For example what fees does Paypal charge for each transaction, and what fees will the Merchant Account charge? It is a very well known fact that merchant accounts can be pretty costly, but the question is how will it affect your sales? In order to find the answer to this question you will have to find out which more people are comfortable using when they shop.

According to some people it does not really matter, as long as the company has an SSL solution. This basically means that their site is secure and your personal information is well protected. Others will tell you that they do not like buying items from online companies that only have paypal, since you do have to sign up with them in order to use their services. This may not seem worth it just to give someone money. There is also the option of getting both, and then observing which ones your customers use most. If you decide to do this you will also want to make sure that you make a note if anyone has any complaints about using either one.

If you are still having a hard time deciding, why not investigate both further, and weigh the pros and cons. For example how much do the merchant accounts charge per month, and what additional services do they offer? Each bank will have different services as far as their merchant accounts are concerned. Beware of any hidden or additional fees that may be included. You will also want to make sure that you are getting enough sales to cover the cost of whatever service you choose. This would include the monthly cost and the fees, which are usually separate.

Many people have stated that merchant accounts seem to have a more professional appearance, even though paypal seems to be the more popular option. If you have a small business and are just starting out, then you may want to go with paypal until you are sure that you can afford the merchant account. You do not want to get in over your head. Also if you choose to go with a merchant account make sure you check their history. For example you can check with the Better Business Bureau and see if there are any complaints or problems. Remember you do not want to do anything to make customers what to go shopping somewhere else. If you do your research thoroughly than you will be able to make a good decision.


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Understanding Payment Gateways

Understanding the process of online payment systems requires some understanding of how payment gateways work. There is often a lot of confusion about what a payment gateway actually does.

This article is an attempt to hopefully demystify this subject.

When we buy an item in a traditional brick and mortar store and pay with a credit or debit card we are essentially entering into a digital transaction not unlike when you buy something online.

When you make an online purchase and click the buy now button for example it triggers a series of events that take place behind the scenes. A payment gateway works together with a merchant bank account during the processing of an online payment.

The brief seconds it takes to process a payment actually involves quite a few back and forth digital requests taking place in the background, which the user never sees nor is he ever aware of.

The customer chooses his items and usually places them in the shopping cart.

The shopping cart software is now responsible for tracking the details of this transaction. He enters his credit card information. The data is passed over to the payment gateway.

The payment gateway now receives this information and determines its validity in terms of the information needed to continue. An important fact to remember is that the information being transferred is being encrypted for security using what is known as SSL (Secure Sockets Layer). Next, the processor (gateway) then sends this request to the merchants bank.

That processor then sends that data to the credit card associated with it, (could be visa or mastercard for example) which then in turn directs the request to the card issuing bank.

The bank then checks to see whether there are sufficient funds available for the transaction to proceed. This could be either approval or a decline with a code to determine success or failure and the reason for failure.

When the payment gateway receives this info it then sends it back to the merchant and will display the info to the customer (via the browser) of success or failure. If the transaction is successful the processor (gateway) then sends a settlement request to the merchant account.

The merchant account doesn't actually hold any tangible funds but acts as an intermediary with the merchants' regular bank. Funds are transferred in batches and usually take 2-3 days for the funds to be available in the merchants' bank account.

This traversing of data takes an average of 2-3 seconds and the customer never sees what's happening. Below are a few points on requirements for an ecommerce site.

Basic Requirements:

1. SSL (Secure Sockets Layer) : This is absolutely essential for transactions of this sensitive nature online. You want to keep credit card details and personal info secure and away from prying eyes.
2. Shopping cart - Used to track customers choices for items to purchase and sends the encrypted data to the payment gateway/processor.
3. Payment gateway - The intermediate communicator of sensitive data between the credit card processors, merchant account and the site.
4. Merchant account - This account is a facilitator of transferring funds into your bank account associated with it.

Bare in mind that this is just a basic overview of the process involved in accepting payments online. There are instances where a professional merchant account and payment gateway may be overkill. A third party option like PayPal will handle all of this for free but it is not a good idea for a professional business doing larger volumes of transactions.


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Google's Checkout: All Set to Revolutionize Online Payment System

Google recently launched Checkout, an online payment system, which it says will revolutionize online shopping and payment. So how does Checkout work?

Its very simple to use system, just search for the item you want to buy with Google, if the seller accepts Checkout as a payment method it will have a small shopping cart with "Google Checkout" written icon. Select the items to buy and add them to the shopping cart. When you are ready to pay, just click the Google Checkout button, if you have a Checkout account just sign in to the account and pay. Otherwise sign up for the account and pay. So when you shop in stores which accept Checkout, you will be able to same the same account. This makes it easy to keep track of your online spending and also check status of your orders. No more having to remember all different sign in name and password for different online stores. It is this ease of have one sign in name and one password that Google hope will attract many customers into using Checkout.

Other benefit of Checkout is its robust security set-up. The seller does not know your credit card number and you can choose to keep your email address confidential too. When you sign up for Checkout you will have to select preferred method of payment, like credit card or debit card and enter their number. Then when you use Checkout for payment, the transaction is processed without the seller getting your credit or debit card number. To protect the sellers, Google has anti-fraud system which checks for fradulant credit card numbers and fake purchases.

Checkout is managed to spread among fair number of online stores in a short time. Some of stores accepting CheckOut as a payment method are: Dick’s Sporting Goods, Buy.com, Starbucks, Zales and Ritz Camera. Google has also managed to introduce a special feature to lure Citi credit card members. If you register you Citi credit card with CheckOut, you will get “$5 or 5 Dividend Dollars or 1000 ThankYou Points the first time you use Google Checkout”, according to Google.

With its impressive growth within a short time of its launch, Checkout managed to send shock waves to its rival PayPal’s parent company EBay. In an effort not lose out to Google, EBay decided that it will not accept Checkout as a method of payment its widely popular auction site. In official statements Ebay has denied that the step to “ban” Checkout was a retaliatory, the business community believes that battle lines have been drawn between Google and Ebay.

If you are interested in signing up for Checkout or want to learn more, please visit the following link, http://checkout.google.com/. There is a tutorial on using Checkout at: http://checkout.google.com/seller/GoogleCheckoutOverview.pdf and resources for sellers who would like to use Checkout in their websites are at: http://checkout.google.com/seller/start.html.


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Online Payment Providers Offer Fast, Easy and Cheap Money Transfers

Money transfers were used to be made over banks. With the widespread use of Internet this changed. Now we have many payment systems that help us send money easily and conveniently.

Online payment systems are cheaper than bank transfers and they are convenient as they keep your financial information secured. Online payment systems are used for money transfers between people or making online purchases.

We have many alternative online payment systems. Choosing the right online system is very important. The online money system you'll use should be secure, worldwide available, and should have low commission rates.

The biggest online payment provider is Paypal. PayPal is used in many countries by millions of people. Paypal works fully functional in 37 countries. In other countries the usage is limited. The limits change from country to country. In some countries you cannot withdraw your money. And in some countries you can only withdraw to your credit card. In risky countries you cannot receive payments. You should check the Paypal website if your country is allowed.

PayPal can be used for making online purchases, sending money transfers or selling merchandise over the Internet. PayPal also works as a credit card merchant. By using PayPal you can accept credit cards on your website. Also PayPal is the most used payment method in eBay.

PayPal has three different account types. Personnel, business and premium. Personal accounts are mainly used for purchasing merchandise on the Internet and sending money transfers. Business and premium accounts are mainly used by merchants.

When you sign up at PayPal you have to pass through verification. This is done by charging a small amount on your credit card. Then you have to check your statement and enter the amount charged. This way you can be a verified member. Unverified accounts can only send and receive up to hundred dollars.

One of the other wide used online payment system is Epassporte. Epassporte offers many deposit and withdrawal options. You can fund your account by credit cards, bank transfers or transfers from other Epassporte users.

One of the cool features that he Epassporte has is virtual credit cards. With your virtual credit card you can make purchases on the web without revealing your real credit card number. Also you can state the limits on your virtual credit card so that unauthorized charges cannot be made.

ATM debit cards is another cool feature. By only paying 35$ you can get a ATM debit card. And with this card you can reach your Epassporte funds. You can withdraw money from thousands of ATM machines worldwide or you can make purchases.

There are many other payment providers available. But PayPal and Epassporte are the largest ones.

When using an online payment provider you should take some precautions. First of all never share your passwords with anyone. And choose hard to guess passwords. Beware of the phishing mails asking your personal information. Payment providers never ask for your personal information by mail or by phone. If you take these precautions you can be sure that your online money is safe and secure.


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