Understanding Merchant Account Services and Companies that Provide Them

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Merchant accounts are established to allow a business to accept credit cards to pay for goods and services. The features and specifics of your merchant account will depend on the type of business you operate, whether you conduct business online, over the phone, by mail, or in person, and the amount of business you conduct each month, among other factors. Selecting a merchant account involves identifying the features that will offer the most benefit to your business, so be prepared to take some time and effort in educating yourself about the merchant account industry and the different types of services that are available. This article will give you some basic information that can serve as a starting point in your search for the ideal merchant account services provider for your business needs. Where to Find a Merchant Account Provider Merchant accounts are provided by banks and other financial institutions, as well as third-party agents acting in concert with banks. Even though an agent may appear to be an independent account provider, agents are actually acting as middlemen, selling services from a primary processing bank. You can locate merchant account providers through the Internet or through an individual bank or financial institution. In some cases, your own bank may offer these services or may have contacts or relationships with financial institutions that do. Merchant Account Eligibility The first step in being considered for a merchant account is to obtain a business license through the town or city where your business is located. Even if you are a sole proprietor, you must have a business license. You may use your own social security number if you do not have a tax identification number, however. After applying for and receiving a business license, you need to open a business bank account to enable you to receive the funds from your credit card transactions. Once these steps are completed, you’re ready to begin your search for a merchant account provider. How to Select a Merchant Account Provider This is undoubtedly the most complicated step in the merchant account process. Your merchant account provider will be an integral part of your business, and needs to be able to provide its services smoothly and without interruption. Be sure to select an account provider that has a long and proven track record of providing reliable service. It’s also advisable to select an account provider who is experienced in providing accounts to your type of business, as well as experience in serving accounts who will be doing business in the same manner â€" that is, via an online store or in a retail establishment. Also look for an account provider who is experienced in working with small businesses, as they are better positioned to offer account services with lower fees than those account providers that work primarily with larger businesses. Your merchant account provider should have success in handling chargebacks and charge disputes, as well. Because your account can be terminated as the result of a large number of chargebacks, you want to be sure your account provider is able to handle disputes successfully. Finally, be sure to obtain a list of fees while comparing accounts, and check with the Better Business Bureau for any outstanding complaints. You can also look online for customer reviews of specific merchant account providers. The Application Once you’ve identified the merchant account provider that you’d like to use, it’s time to complete the application. In addition to basic personal and business information, like name and address of you and your business, you’ll also need to include any business financials and credit information. Most account providers are able to approve an application within a week, and some can provide approvals within 48 hours of submitting your application. Merchant Account Equipment The type of equipment or software your business needs depends largely on whether or not your business is conducted online, in person, or by phone or mail. Retail establishments will need at least one swipe terminal, also called a point of sale or POS terminal. Some account providers require you to lease or rent equipment, while others will allow you to purchase equipment outright. Online businesses that rely on automatic payment processing will need to find a gateway provider to handle automatic processing. Be sure the gateway provider you select uses software that is compatible with your merchant account provider to avoid problems during transaction processing. Receiving Payments from Credit Card Sales Following each credit card transaction, the merchant account provider will receive funds from the sale from the card issuer. Transaction-related fees will be deducted from the sales amount and the resulting amount will be deposited in your business bank account at the end of the business day. A merchant account is a valuable tool that can help you take your business to new and more productive levels. Take some time to familiarize yourself with these basics before beginning your search for the best merchant account provider.

Karen Zabel is a freelance writer who writes about North American Bancard reviews.