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Apr 7 2019

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Tailored Merchant Accounts to Meet All Your Business Needs

Most consumers prefer to use credit or debit cards to pay for goods and services. With so much commerce conducted via the internet, the popularity of debit/credit cards will only continue to grow. To enable businesses to accept these cards, bank accounts known as merchant accounts have been created.

There are three basic methods of presenting credit and debit cards for processing. The most popular method requires that the card be swiped through a credit card reader (or terminal). Another method is for the information from the card to be keyed in to a credit card terminal or computer. A third method allows for electronic scanners to read a computer chip which is embedded into the credit or debit card.

Merchant accounts allow the business owner to more accurately track revenues. The banks that provide this service to customers provide detailed records of financial transactions. Businesses who depend on cash-only sales are severely limiting their prospects for growth. It is not uncommon for businesses to see tremendous growth immediately upon enrolling in a merchant account.

There are several types of merchant account services. Many businesses use a combination of services. Others may find one or two that works well for them. In a retail setting, many merchants employ a point of sale system. A sale is made, a credit/debit card is processed and the customer is out the door. This system also works well for service providers ranging from doctors’ offices to hair salons.

Businesses which operate wholly or in-part via the internet will likely want an internet portal that allows customers to electronically purchase goods or services. With merchant accounts, there is no need for the business owner to actually see or touch the credit card. Some type of strategy to guard against fraud must be in place to protect both the customer and the business. Password protection software is easily installed to provide risk-free processing.

The first thing a business needs is a reputable bank that can provide merchant account services. There are a number of banks that have established track records and some will offer incentives to businesses that come on board. Once the business has made an agreement with a bank, the next thing on the list is to procure a credit card terminal. Credit card terminals can be either bought or leased. Terminals can cost from a few hundred dollars to several thousand dollars. However, the initial cost of the credit card terminal can usually be considered a business expense and the business may use the purchase as a legitimate tax deduction. In addition to the terminal, businesses will need a printer, a PIN pad and the connectivity cables. Most banks will offer a variety of accessories.

Merchant accounts should be tailored to meet the needs of the business. The needs of a small retailer will differ greatly from a giant chain store. Merchant account banks and companies should provide businesses with a complete breakdown of the costs and services associated with the account. These merchant account services do come with a price tag. The cost of providing merchant account services is just a part of doing business. There is a menu of services and charges the business must consider when selecting a company to process its merchant account services.

Some banks will charge a one-time application fee. The amount of the fee varies and not all companies charge it. When start-up fees are charged, they are seldom more than $100.

Businesses have the option of either buying or leasing the software and hardware necessary for merchant accounts. While a lease allows the business the opportunity to spread the cost out over several months, the total amount paid over the term of the lease may be significantly higher than the cash price would have been.

Typically, merchant account providers will charge about $0.30 per transaction for processing fees. Some providers may charge as little as $0.20 and others charge up to $0.50 per transaction. Additionally, business should expect to pay a discount rate of between 1.49% and 4% per transaction. This discount is deducted from the original purchase price.

Some providers charge a monthly minimum which kicks in if the total sales do not produce a pre-determined revenue amount to the merchant account provider. This minimum is usually $25 or less. A number of providers do not charge a monthly minimum fee.

To be successful in today’s market, businesses must accept credit and debit cards. Sure, there is a cost to provide this service, but without this ability, businesses are limiting their income potential. There is a laundry list of other fees that some providers pass on to businesses. It is often difficult to know which provider offers the best deal. We have researched a large number of providers of merchant accounts. Businesses can use our website to find the provider with the best combination of services and fees. Here you can find not only the rates and fees of various providers, but we also have included customer reviews that may guide you in selecting the merchant account provider that will best meet your needs.


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