One of the things you must have if you’ve decided to start accepting card and mobile payments is a merchant account. As a business owner you may have already been approached by a number of merchant accounts services providers, because this sector is fiercely competitive and there’s an amazing array of choices.
But hold on, don’t grab the first offer you get. You first need to consider:
- the kind of cards and brands you want to accept
- payment methods you will use
- volume of transactions you expect at present and in future
What most businesses need is a merchant account provider that understands your unique needs, preferences, and budget. It’s also important to work with a merchant account provider that is flexible enough and offers a scalable range of services that evolves as your business expands.
What Is A Merchant Account?
This is a special type of bank account that enables businesses to accept credit card and debit card payments securely and efficiently. These accounts are offered by merchant acquiring banks that work with merchants to enable electronic payments. Traditional businesses or brick-and-mortar enterprises that choose to accept only cash or perhaps checks may not feel that they need a merchant account, but in order to accept credit card payments, these accounts are essential.
All payments are routed through the account. When the transaction satisfies certain criteria, it is approved and the funds are deposited into your bank account. In simple terms, a merchant account is where your customers’ card payments are transferred after they have been processed.
Merchant accounts typically include additional features like debit card and credit card processing services. Other services may include check processing and online account reporting.
How To Set Up A Secure Merchant Account
- Determine your card payment acceptance methods: manual, in-person, card-not-present, on-the-go, via phone, online, or whatever applies to your business.
- Get recommendations from trustworthy sources.
- Compare and contrast fee structure and services.
- Look for essential features like tech support, customer base of similar businesses, flexibility and customization, a wider range of services.
- Make sure it comes with a secure payment gateway and/or an all-in-one solution.
- While making an application, provide complete details of your business.
- Provide information required in the application honestly.
- Go through the terms and conditions thoroughly and check if they’re a match for your requirements
- Once your application is approved, you’re set to go
- Deploy the required software
There are different types of merchant accounts like traditional POS (point of sale) type with equipment, internet merchant accounts for e-commerce processing, high risk types, and mail or telephone order accounts. You can select the one that match your needs.