Credit Card Merchant Services Processing Online
If you operate an online business, then you definitely need a way to accept credit cards. Credit cards account for more than 80 percent of online transactions. You cannot afford not to accept credit cards. The key is finding the right merchant account provider. A merchant account is an account through which you are able to accept credit cards. In the United States, merchant accounts must be insured by the FDIC. Because of the requirements imposed by the major credit card companies, merchant accounts aren't always easy to obtain.
One thing that may be required is a credit check. This not only tells the provider about your credit rating but also verifies your identity. You might also need to send in paperwork such as proof of business ownership or other documents. The documentation required may vary from provider to provider. You will definitely need to fill out a detailed application that will ask for a variety of information about you and your business. Some merchant account providers have certain criteria regarding what kind of businesses they work with. For example, you might need to make a certain amount of money to get an account.
If you are a new business or you have bad credit, that does not mean you're out of luck. While you may not be able to get an account with your first choice, there are companies out there that can help you. They may charge higher rates but they can help you get started until you are able to build your business. Another option for new or small businesses is always PayPal. PayPal is similar to a merchant account because it lets you take credit cards if your customer uses their credit card through their PayPal account.
Both PayPal and credit card merchant services processing online charge a per transaction fee. Usually this averages around two to three percent depending on the cost of the transaction and which provider you choose. Different merchant accounts charge different rates. PayPal charges a percentage of each payment received. The amount depends on whether you have a Personal account, Business account or Premier account. You can learn more about these types of accounts at the PayPal website. If you are an online business owner, a Business account is probably right for you.
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