A merchant account allows businessmen to accept credit card payments. These days most consumers prefer to shop using their credit/debit cards, if a merchant accepts credit cards payment, the sales could increase from 15% to 100% depending on the type of business.
Advantages of accepting credit card payments:
- Many customers will buy from a merchant that offers payment by credit card.
- Accepting credit cards levels the playing field with larger retailers.
- Customers feel secure in using their credit cards. If the service or product is faulty, the use of a credit card allows customers to dispute a charge that protects them.
- Making it easy for your customer to pay you
However, most small business owners online do not need any merchant account. There are already options for them in third-party payment processors such as Click Bank, PayPal, and e-junkie. You can use these third-party payment processors that function as go-betweens. All you must do is get registered with these companies and once people buy your products or services, they help you collect your money for a percentage of the total sale. The range of charges collected most times is often between 0.04% and 10%.
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How do I apply for a merchant account?Using a merchant account, a business owner has the ability to accept credit cards in virtually any retail environment, including the Internet.
To apply for a Merchant Account, all you have to do is first submit your info to the Merchant Account Provider you want to work with.
What is a merchant account?A merchant account is a special account that allows your business to accept payments by debit or credit cards and electronic payments through a Web site. You must have a merchant account if you want to be able to accept credit cards from your customers.
What is a payment gateway?A payment gateway is the link between your business merchant account and the customer's credit card. A payment gateway is an e-commerce application service provider, it is the equivalent of a physical point of sale terminal.
