merchant account infomation

1. What is a Merchant Account?

A Merchant Account is a type of bank account that will provide businesses with the capabilities to accept credit and debit cards.

USA Merchant services logo for payment page

2. What are Merchant Account Services?

Merchant Account Services are designed to service Merchant Accounts including payment processing, sales, customer service, technical support as well as providing monthly statements.

3. Who is a Merchant?

A Merchant is a business who accepts credit cards.

Credit cards area form of payment for webites

4. Is there a qualification process for opening a Merchant Account?

Absolutely. Every legitimate merchant account provider will perform a personal credit check on the owners of the business.  An inquiry will pursue to find out the type of business, products and services offered as well as sales information. Few exceptions to this general rule do exist. A few organizations may allow you to use their merchant services and account to accept payments such as credit card payments, however they will charge a much higher fee because of the risk they are taking. These organizations may also hold on to your funds for a very long time to be certain the transactions are issue and headache free. They will want as close to a guarantee as possible.

*PayPal will very rarely perform a credit check for account.

*Remember this bit of advice, if you find a merchant account provider that does not require a credit check you will have an extremely tiny credit limit as well as having funds withheld for quite a long time in many cases.

 5. Explain Credit Limit on the amount of charges per month?

When opening a merchant account you will be assigned a credit limit. This is the limit of sales via credit card charges and such you may accept.

Credit lmits are set for your protection

6. What is the reasoning behind setting credit limits?

Many situations were noted in which dishonest merchants would sell products while delivering nothing, simply put the cash in their trousers and were gone with the wind. By the time the unlucky and very worried buyers called their various credit card providers explaining the situation to get their money back it was entirely too late. The very wrong merchants had already filed for bankruptcy and the money was not going to be found either.

7. What are Payment Gateways?

Payment Gateway is a must have when you rely on accepting credit cards, debit cards and such for payments whenever someone visits your site and makes a purchase. You will need a Payment Gateway service as well as a Merchant Account. Remember that Shopping Cart Apps are not given the allowance to communicate in any way to Payment Processors for security reasons, therefore to keep it light the Payment Gateway company acts as a mediator communicating info of transactions between the Shopping cart App and Payment Processors.

Authorize.net logo for assistance.

8. Can you explain Payment Processing?

*Procedures included with Payment Processing are:

A. Receiving transaction info from Merchants via phone or Internet.
B. Sending transaction information to financial institution.
C. Approving or declining transactions from the information provided by financial institution.
D. Providing this info to you as the Merchant that is.
E. If approved than settling the transaction from the financial institution.
F. Depositing funds into merchant account.

Card swiper. Credit and debit card swiper

9. What are the different types of Merchant Accounts?

*A Retail Merchant Account for one is a type of account businesses in which a live swipe is performed by customers, whether credit/debit. No different that say a grocery store. These accounts seem to have lower rates mainly because when there is less risk there will be lower fees. Friendly advise, do not try to sign up for a retail merchant account without having a retail store merely to get a lower rate. Since the credit/debit card is not present and swiped the payment processor will automatically treat the transaction as a phone or online transaction and you will be billed a much higher rate. At times even higher than a Mail Order Telephone Order/Online Merchant Account.

Different payment methods for purchasing services and products

*Mail Order/Telephone Order Merchant Account is another type of account geared for businesses which customers do not physically swipe their credit/debit cards. Once again making the rates for these types of merchant accounts higher do to the risk.

Shopping carts and computers connected to the web

 

Payment Processing for every business

 

 

*An Internet Merchant Account is similar to Mail Order/Telephone Order Merchant Account with similar rates, terms and agreements. Some Merchant Service Providers will use the same class of account for Internet and Mail Order/Telephone Order accounts and some Merchant Service Providers will use a different class of account with more customized services tailored toward an Internet Account.

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