A merchant account is a type of bank account that allows your business to accept credit card and debit card payments, along with other types of online payments. It's important to check the requirements for your merchant account and application.
Merchants need a provider that is experienced, knowledgeable, and leading experts in providing credit card merchant account.
1. Know what credit card types you want to accept at your business.
Visa and MasterCard are the two standard credit cards that mostly businesses will accept.
2. Understand the associated fees.
Exactly know how much you will be pay before opening a merchant account. The structure of credit card processing fees will extend from processor to processor.
3. Find a payment option(s) that is suited for your business
Businesses have the option of accepting payments through a variety of different methods. These are some methods through a POS system, using a countertop terminal or mobile swiper etc.
4. Determine whether your business is low-risk or high-risk
Depending on your business type, the difficulty of obtaining a merchant account may vary. In the merchant services, certain business types are considered as high-risk or low-risk.
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Merchant Accounts Solutions
Merchant Account Solutions is founded in 2007 in California in U.S.A.
Merchant Account Solutions provide various payment solutions for every big or small businesses.
Merchant Account Solutions provides expertise to enable merchants to access and transfer funds directly to banks. It offers integration with QuickBooks to the merchant. Merchant account solutions is both for traditional and high-risk businesses
What Are The Most Common Reasons A Business Might Need Merchant Solutions?
1 – Accept Credit Cards
A merchant account can bring its ability to accept credit and debit card.
2 – Increase Sales
A variety of studies and research over the years we found that customers spend more when given them the option of credit card instead of cash
3 – Better Money Management
Accepting credit cards and moving to online payments it the way for your business to handle transactions. Electronic cash helps you to keep organized instead of cash count.
4 – Avoid Bad Checks
By using merchant account services and accepting electronic payments, your business can avoid the hassle and costs associated with bounced checks
5 – Customer Convenience
Your merchant account can lead to happy customers simply because it gives them the flexibility to make purchases with credit or debit cards, online payments for services, mobile payments and many more.
High-risk merchant account
High risk businesses need a high risk merchant account. To setting up a high risk merchant account is determined by the risk associated with the business.
A high-risk merchant account is a payment processing account for businesses considered of high risk to the banks.
A high-risk businesses are more prone to chargebacks, come with the need for pay higher fees for merchant services.
Account functions is of the same way, but not all processors offer them. High- Risk merchant accounts will cost a little more than the other merchant account.
What Are The Most Common Reasons A Business Might Need High Risk Merchant Accounts?
01. The Business Is Selling Products Online:
A high risk e-commerce merchant account is a type of service referred to as Card-Not-Present merchants.
02. The business is in a highly regulated industry:
Businesses like sell CBD oils online, e-cigs, firearms, and are among of many that would fall in this category.
03. The business is in an industry that a bank may see as a reputational risk:
Companies like IT or security services deal with customer information and as a considered a reputational risk.
04. The business industry is known for having a high instance of chargebacks or fraud:
Merchant accounts that fall in this category often experience the increased chargebacks, account takeover etc. After this banks run in the other direction.
05. The business sells products or services on a continuity or recurring billing model:
This type of business brings a lot of chargebacks when clients are billed without remembering even they signed up. As a result, many chargebacks will lead to your account shutting down.
06. The person signing on the merchant account has bad credit:
Banks are less willing to lend funds with bad credit. Then a high-risk processing company comes in handy.
Information Needed to Apply
The specific information needed to apply for a merchant are of following:
• Average volume
• Average transaction total (also called “ticket”)
• Highest anticipated ticket
• Transaction percentages
It’s important to declare accurate numbers when you apply for a merchant account.