Why do I need a merchant account?

By cavsi Category: Ecommerce Tags:

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 types of business.

Advantages of accepting credit card payment:

  • Many customers will buy from a merchant that offers payment by a credit card.
  • Accepting credit cards levels the playing field with larger retailers.
  • Customers feel secure in using their credit card. If the service or product is faulty, the use of 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 clickbank, paypal and e-junkie. You can use these third party payment processors who function as go-betweens. All you have to 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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