If you plan on setting up your store online or if you have an existing business on the internet and wish to expand it, this article is for you. Setting up a store or having an existing store means that your target audience will be your customers. Now, there needs to be a way for your target audience/customers to be able to pay for the items that they wish to purchase online from you. This can happen easily by setting up an account with a merchant accounts provider that offers credit card processing services.
Credit card processing is perhaps one of the easiest forms of payment available online (PayPal and wired money transfer are other popular methods). If you’re wondering how to begin accepting credit cards online, here is your guide:
- Online payment processing for credit cards like Visa, MasterCard, Discover and American Express are all handled by an internet merchant accounts provider. However, keep in mind that there is a higher fee associated with this form of payment because online payments involve a higher risk than debit card purchases made face to face.
- Merchant account fees are broken down in three categories- transaction fee, discount rate and monthly fee.
- The local bank is also a place where you could get a merchant account. But keep in mind that banks usually deal with only one or two kinds of credit cards.
- Third-party merchant account providers like North American Bancard are also an excellent source for setting up a merchant services account. The main benefit of using a third party provider is that these providers usually accept all credit cards.
- Unlike banks that require security deposits, internet merchant accounts don’t require any security deposits and therefore can be easily set up.
You may end up paying a higher percentage if you set up an internet merchant account. Once your merchant account is settled, everything else is very straightforward.