What is an Internet Merchant Account?
Since COVID-19 is keeping customers inside, it’s crucial for any business that normally conducts transactions through a conventional point of sale (POS) system and card swipe machine to adapt to the times. This means asking “What is a merchant account?” in a serious way, because many, many people are buying exclusively online right now.
Furthermore, financial experts agree that even after the COVID-19 lockdown is over, customers will expect to maintain a the ability to purchase products and services online. This means that an online component to any business will be absolutely essential to surviving in a changing economy.
What is an Internet merchant account?
In order to accept credit cards on your website, you need access to an Internet merchant account. This enables your website to process payments for any or all of your online transactions.
A swipe machine is not going to be enough in 2020 and beyond, which means that now is the time to upgrade your business with an online component and to ask yourself what an internet merchant account is before you’re stuck wondering why no one is visiting your store.
The Takeaway
There are many providers you can choose from, each with their own signing fees, minimums, and discount rates that affect how viable they are as payment processors for your small business. You have to shop around to find what you’re looking for.
However, the important thing is that these services now more important than ever. Asking “What is an internet merchant account?” is the first step to updating your old card swipe machine and joining the 21st century. Now that people expect to be able to pay for things online, face-to-face payment systems, including your swipe machine, your POS, your cashiers, and your store itself, aren’t going to be enough.
Look for an Internet merchant account that will accept businesses like yours at the lowest rates so that you can give your customers the payment processing system they want and need in 2020.
Call Charge.com at (888) 924-2743 to review your options.