Want To Accept Credit Cards? Get A Merchant Account - 5 FAQs
Credit cards make up just under $2,500,000,000,000 ($2.
5 trillion) worth of transactions each year in the U.
S.
That is an unimaginably large amount of money changing hands via the use of these little pieces of plastic that most of us carry around in our wallets.
Of course, to accept credit cards, you don't necessarily have to handle the plastic directly.
With all of the types of processing terminals available to merchants today, you can process customers' cards without ever even having to physically handle their cards: wireless terminals and virtual terminals will do the trick.
If you want to accept credit cards, get a merchant account.
Here are 5 FAQs about merchant accounts: 1.
What is required in order to accept credit cards at my place of business? You will need to sign up for two things: a merchant account and a payment processing gateway.
2.
What is a merchant account service provider? A: A merchant account service provider is the company with which you will do business on a regular business.
They will be ultimately responsible for all of the transactions that you process on behalf of your customers.
You will also contact them directly if you have any issues or have to speak to someone about your account.
There are various types of merchant account service providers, including: banks, third-party providers, and brokers who represent multiple third-party providers.
Each of them will charge you for their services.
3.
What should I look for in a merchant account? A: Start off by making sure the providers you contact offer the type of terminal you are looking for: either traditional, wireless (for mobile businesses), or virtual (software-mediated).
Next, compare the fees they charge, including the discount rate and the other fees.
4.
How much will fees cost? A: The discount rate is a percentage of the transaction amount and is paid directly to the merchant services provider.
The rate ranges from 2% to 3.
5%.
Meanwhile, the additional fees you will pay to each provider potentially include an application fee, a service fee, a monthly fee, a minimum fee, and an early termination fee.
5.
How do I get started? A: Be sure to review the services of at least 5 merchant account service providers before selecting any one of them to sign up with.
Compare the availability of terminals and fee schedules of each one before making your decision.
Take these answers to these 5 FAQs into account as you figure out the best way to accept credit cards via a merchant account.
5 trillion) worth of transactions each year in the U.
S.
That is an unimaginably large amount of money changing hands via the use of these little pieces of plastic that most of us carry around in our wallets.
Of course, to accept credit cards, you don't necessarily have to handle the plastic directly.
With all of the types of processing terminals available to merchants today, you can process customers' cards without ever even having to physically handle their cards: wireless terminals and virtual terminals will do the trick.
If you want to accept credit cards, get a merchant account.
Here are 5 FAQs about merchant accounts: 1.
What is required in order to accept credit cards at my place of business? You will need to sign up for two things: a merchant account and a payment processing gateway.
2.
What is a merchant account service provider? A: A merchant account service provider is the company with which you will do business on a regular business.
They will be ultimately responsible for all of the transactions that you process on behalf of your customers.
You will also contact them directly if you have any issues or have to speak to someone about your account.
There are various types of merchant account service providers, including: banks, third-party providers, and brokers who represent multiple third-party providers.
Each of them will charge you for their services.
3.
What should I look for in a merchant account? A: Start off by making sure the providers you contact offer the type of terminal you are looking for: either traditional, wireless (for mobile businesses), or virtual (software-mediated).
Next, compare the fees they charge, including the discount rate and the other fees.
4.
How much will fees cost? A: The discount rate is a percentage of the transaction amount and is paid directly to the merchant services provider.
The rate ranges from 2% to 3.
5%.
Meanwhile, the additional fees you will pay to each provider potentially include an application fee, a service fee, a monthly fee, a minimum fee, and an early termination fee.
5.
How do I get started? A: Be sure to review the services of at least 5 merchant account service providers before selecting any one of them to sign up with.
Compare the availability of terminals and fee schedules of each one before making your decision.
Take these answers to these 5 FAQs into account as you figure out the best way to accept credit cards via a merchant account.
