A Brief Guide to Ecommerce Merchant Accounts

Ecommerce merchant accounts are essential investments for business large and small, especially during the coronavirus pandemic. Ecommerce merchant accounts allow a business to accept debit and credit cards through eCommerce transactions on its website, or even over the phone or through in-person transactions.

Businesses that have had to move their products and services to online stores know the importance of these accounts, as do businesses that render services in person and need to be able to accept credit cards, such as exterminators and plumbers, for example.

It is particularly crucial for businesses that expect high-volume payment processing, especially during the lockdown, to know how eCommerce merchant accounts work and how to get one if they don’t already have one.

Processing made easy

Merchant account providers furnish eCommerce merchant accounts to businesses so that those businesses can process their customer’s credit card and debit card payments. The accounts do this in different ways depending on the services rendered, and they can provide payment software, swipe machine hardware, and security features.

Customers’ eCommerce transactions are processed by a payment processor. This processor conducts the transaction between bank accounts while the merchant account provider may give the business access to additional features or services, such as an electronic shopping cart, a swipe machine, or whatever else may service the business needs.

An eCommerce merchant account is a necessity for businesses that expect high volume payment processing, but it is also vital for businesses that deal one on one with customers in brick and mortar situations. The ability to accept cards at a food truck, on a phone in the case of a house call, or inside a small business is an essential service in the modern age that will allow customers to pay the way they want.

Are some merchants excluded?

Businesses with bad financial records, an owner with bad credit, or those in industries considered “high risk” may be worried they’re ineligible for eCommerce merchant accounts. However, many services deal with high-risk merchants and don’t discriminate based on industry.

Those in gambling, timeshares, pharmaceuticals, and other high-risk industries know how likely it is that customers will chargeback or dispute transactions. Many merchant account providers give the same services to those in low and high-risk industries, so it pays to consult different options and find one that accepts businesses in all industries.

The Takeaway

Many businesses are experiencing high volume payment processing during the COVID-19 lockdown, sometimes higher than their business was prepared for. Others lack the infrastructure to accept payments, no matter the volume. An eCommerce merchant account from the right provider can equip a business to accept payments, no matter the risk of their industry.

Visit Charge.com or call (888) 924-2743 to see options for businesses to open an eCommerce merchant account no matter their risk or financial history. Options are available for free payment processing software and hardware, as well as customizable merchant services.

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