By Benjamin Velner
To make your website a success, the number one rule is that it has to be user friendly. If it is complicated or hard to navigate, customers will take their business elsewhere. One of the areas of the site that is absolutely critical is the way you accept payments. Ninety eight percent of online shoppers prefer to pay by credit card, so you need to be set up to accept credit card payments if you hope to do any business at all on the internet.
To have a safe dependable credit card transaction method that your customers will trust, you need to set up an account with an e-commerce merchant account provider who offers online credit card processing services. It is important that you use a reliable company that both you and your customers can trust because of the highly sensitive data that is being transmitted with every purchase transaction.
When online credit card processing is set up correctly on your site, it will make the customer's purchasing experience safe, fast and reliable. This will make them want to come back and do business with your site again. To set up your site, you need an account with a merchant and a shopping cart script tat will be added to your site. The account can be set up with a merchant bank or with a merchant account provider. Unless you have an established brick and mortar business with a credit card processing history, you will find it difficult to get an online processing account set up directly from the bank because they will consider you too much of a risk.
The easier option for an online business owner is to get an account with a merchant account provider. They will save you the headache and hassle by doing the hard work for you. In fact the application will take you only a few minutes to complete. And you should have an approval for your application within 24 hours if all the information you have provided is complete and accurate. The merchant account provider already has established relationships with banks around the world and an established credit history in the international banking marketplace. This makes it easy for them to get approval for your business on their track record.
Besides making the approval process for your business much faster and easier, the right merchant account provider will offer you free setup and free support throughout the process. To begin with, they can help you decide what type of account you should use depending on the type of business you are operating. After you fill out some basic information, you will be contacted by a credit card processing specialist who will guide you through the rest of the process.
The consultants are also always available down the road should you need assistance. This service is critical to the smooth operation of your business and is something you should consider when selecting a merchant account provider. Of course, you should also consider the credit card processing rates, the monthly fees and other costs, if any. This way you can be sure that you have selected the best merchant account provider for your business' needs.
Sunday, July 5, 2009
Sunday, June 28, 2009
Tips to For Businesses Beginning to Accept Credit Cards
By Ben Dwyer
The benefits of accepting credit cards almost always outweigh the risks, and the chances of this are greatly improved if you do your homework before opening a merchant account. In this article I'll talk about the importance of accepting credit cards, what to expect as you compare merchant accounts and how to keep your merchant account in good standing once you begin processing.
Convincing a business owner that they need to start accepting credit cards isn't as tough as it once was and it's getting easier every day. Credit and debit cards are a staple in consumers' wallets and the trend isn't showing signs of letting up any time soon. For merchants, the ability to accept credit cards often translates to larger average tickets and greater gross monthly sales volumes. Of course, along with the greater sales volume comes the expense of processing credit card transactions. Fortunately, profit from increased sales typically far outweighs processing costs.
Here are a few helpful points that you should know before beginning your search for a merchant account.
Merchant account fees are not standardized
Merchant account Rates and fees vary widely from one provider to the next. Aside from the amount of fees charged, some accounts will have entire categories of fees that others won't. As you being to research your options, look at every account as an individual.
Credit card processing rates and fees are not written in stone
Haggling is the name of the game when it comes to negotiating the best merchant account rates and fees. Consider the rates and fees of an initial merchant account quote as a starting point from which you can start to reducing costs.
There are a lot of providers competing for your business
Don't begin and end your search at your local bank or even with the providers in your town. There are thousands of merchant service providers all competing for your business. Use this competition to your advantage to get the best rates possible. Consider using a web site like CardFellow.com to get quotes from multiple providers from a national market.
Once you begin contacting merchant service providers, you should expect to encounter some pretty good sales people that may employ high-pressure sales tactics. The key is to remain methodical in your search process and look at the facts surrounding an account, not the salesperson's interpretation of them.
The best and truly knowledgeable salespeople will use the rates and fees of their merchant account quote to help portray the benefits of their offer. They'll take the time to learn about your business, present calculations and estimations of processing expenses using an effective rate, and they'll take the time to answer your questions in a consultative manner. These are the salespeople to look for, but not necessarily the ones to expect.
Once you decide upon a merchant account provider and start accepting credit cards, your education about credit card processing has just begun. Don't look at the task as complete, but as just beginning. The bankcard industry is always changing and new regulations that affect you are commonly brought to legislative attention. The phrase "knowledge is power" translates to merchants in the bankcard industry as "knowledge is money." The more you know about credit card processing, the more you will be able to save yourself in processing expenses.
Once you begin processing credit cards, frequent reliable and unbiased sources on the subject to keep yourself up to date about the industry and ways you can optimize your merchant account to lower costs. The best sources of merchant account information are the ones that aren't trying selling you processing services.
The benefits of accepting credit cards almost always outweigh the risks, and the chances of this are greatly improved if you do your homework before opening a merchant account. In this article I'll talk about the importance of accepting credit cards, what to expect as you compare merchant accounts and how to keep your merchant account in good standing once you begin processing.
Convincing a business owner that they need to start accepting credit cards isn't as tough as it once was and it's getting easier every day. Credit and debit cards are a staple in consumers' wallets and the trend isn't showing signs of letting up any time soon. For merchants, the ability to accept credit cards often translates to larger average tickets and greater gross monthly sales volumes. Of course, along with the greater sales volume comes the expense of processing credit card transactions. Fortunately, profit from increased sales typically far outweighs processing costs.
Here are a few helpful points that you should know before beginning your search for a merchant account.
Merchant account fees are not standardized
Merchant account Rates and fees vary widely from one provider to the next. Aside from the amount of fees charged, some accounts will have entire categories of fees that others won't. As you being to research your options, look at every account as an individual.
Credit card processing rates and fees are not written in stone
Haggling is the name of the game when it comes to negotiating the best merchant account rates and fees. Consider the rates and fees of an initial merchant account quote as a starting point from which you can start to reducing costs.
There are a lot of providers competing for your business
Don't begin and end your search at your local bank or even with the providers in your town. There are thousands of merchant service providers all competing for your business. Use this competition to your advantage to get the best rates possible. Consider using a web site like CardFellow.com to get quotes from multiple providers from a national market.
Once you begin contacting merchant service providers, you should expect to encounter some pretty good sales people that may employ high-pressure sales tactics. The key is to remain methodical in your search process and look at the facts surrounding an account, not the salesperson's interpretation of them.
The best and truly knowledgeable salespeople will use the rates and fees of their merchant account quote to help portray the benefits of their offer. They'll take the time to learn about your business, present calculations and estimations of processing expenses using an effective rate, and they'll take the time to answer your questions in a consultative manner. These are the salespeople to look for, but not necessarily the ones to expect.
Once you decide upon a merchant account provider and start accepting credit cards, your education about credit card processing has just begun. Don't look at the task as complete, but as just beginning. The bankcard industry is always changing and new regulations that affect you are commonly brought to legislative attention. The phrase "knowledge is power" translates to merchants in the bankcard industry as "knowledge is money." The more you know about credit card processing, the more you will be able to save yourself in processing expenses.
Once you begin processing credit cards, frequent reliable and unbiased sources on the subject to keep yourself up to date about the industry and ways you can optimize your merchant account to lower costs. The best sources of merchant account information are the ones that aren't trying selling you processing services.
Monday, June 15, 2009
Finding the Perfect Credit Card Processing Merchant Account For Your Business
By Uma A Ilango
There is absolutely no way your business can compete without credit card processing solutions! Industry statistics state that the average credit card sale is $40 versus just $9 for the average cash sale.* Offering a such payment option not only gives your customers alternative methods of payments, but are less expensive to cash and checks. In August of 1997, Coopers & Lybrand noted in a case study that such processing costs an average 2.7% of any transaction, compared to checks 4.0% and cash 4.8%.** These statistics alone should be enough to get any business owner excited about establishing a processing merchant account!
There are a number of reasons that you should seriously consider accepting credit cards:
- Consumers tend to spend more when using it
- Payments can be accepted over the phone or internet
- Increase your company´s creditability
- Bank is credited immediately
- Consumers prefer that over carrying cash
- These are the best protection for you, the consumer, and the banks involved.
- No more bounced checks
- Less paperwork - no cash/check bank deposits
Finding the right processing merchant account
It is essential to retain a reputable credit card processing merchant account. There are so many merchant accounts to choose from.
You should be aware of the different accounts provided and follow the following list when comparing such processing merchant account providers:
- Account specific for the type of business you have
- Average approval rating
- Customer Service availability
- Account set-up time
- Monthly rates
- Real-Time Solution Cost
- Have discount rates
- POS options
- Fees for:
1. Gateway
2. Statement
3. Transaction
4. Tech Support
5. Credit card terminal
Merchant Account Deals:
Phone Credit Card Processing:
- Accept it using touch-tone phones and cell phone! The service is called Touch-Pay.
Online Fundraising Solution:
- Does your non-profit or charity organization want to accept donation online? NexCommerce is offering donation processing accounts.
Donate a small amount of credit card transactions to your favorite Charity or Non-Profit:
- Does your non-profit or charity organization want to receive donations by having merchants donate a portion of each credit card sale? Are you a merchant / business that wants to support your favorite charity causes?
Church Merchant Account:
- Do you want to accept church contributions either online or swipe terminals using our church merchant account.
Source: MerchantSeek 2000-2007
*Source: "Jumping Through the Merchant Account Hoops," Khera Communications.
** Source: United States Postal Service, Coopers & Lybrand as quoted in Credit Card Management, August 1997.
Related Articles:
- Plastic Fantastic - A Beginner's Guide to Accepting Credit Cards
- Beginner´s Guide to E-commerce
- Steps to Accept Credit Cards in your Business
Most Americans own at least one credit card. And of the seven in ten who do, an amazing 34 percent do not know the interest rate of the credit card they use most often. It is very easy to get a credit card. But it's very difficult to pay back your bills in full. Our expenses are increasing month after month. Whereas our income increases only year after year. So, it's very important for us to understand what credit card means to us today. Visit our Website to get all facts and Information about Credit and Credit Card
There is absolutely no way your business can compete without credit card processing solutions! Industry statistics state that the average credit card sale is $40 versus just $9 for the average cash sale.* Offering a such payment option not only gives your customers alternative methods of payments, but are less expensive to cash and checks. In August of 1997, Coopers & Lybrand noted in a case study that such processing costs an average 2.7% of any transaction, compared to checks 4.0% and cash 4.8%.** These statistics alone should be enough to get any business owner excited about establishing a processing merchant account!
There are a number of reasons that you should seriously consider accepting credit cards:
- Consumers tend to spend more when using it
- Payments can be accepted over the phone or internet
- Increase your company´s creditability
- Bank is credited immediately
- Consumers prefer that over carrying cash
- These are the best protection for you, the consumer, and the banks involved.
- No more bounced checks
- Less paperwork - no cash/check bank deposits
Finding the right processing merchant account
It is essential to retain a reputable credit card processing merchant account. There are so many merchant accounts to choose from.
You should be aware of the different accounts provided and follow the following list when comparing such processing merchant account providers:
- Account specific for the type of business you have
- Average approval rating
- Customer Service availability
- Account set-up time
- Monthly rates
- Real-Time Solution Cost
- Have discount rates
- POS options
- Fees for:
1. Gateway
2. Statement
3. Transaction
4. Tech Support
5. Credit card terminal
Merchant Account Deals:
Phone Credit Card Processing:
- Accept it using touch-tone phones and cell phone! The service is called Touch-Pay.
Online Fundraising Solution:
- Does your non-profit or charity organization want to accept donation online? NexCommerce is offering donation processing accounts.
Donate a small amount of credit card transactions to your favorite Charity or Non-Profit:
- Does your non-profit or charity organization want to receive donations by having merchants donate a portion of each credit card sale? Are you a merchant / business that wants to support your favorite charity causes?
Church Merchant Account:
- Do you want to accept church contributions either online or swipe terminals using our church merchant account.
Source: MerchantSeek 2000-2007
*Source: "Jumping Through the Merchant Account Hoops," Khera Communications.
** Source: United States Postal Service, Coopers & Lybrand as quoted in Credit Card Management, August 1997.
Related Articles:
- Plastic Fantastic - A Beginner's Guide to Accepting Credit Cards
- Beginner´s Guide to E-commerce
- Steps to Accept Credit Cards in your Business
Most Americans own at least one credit card. And of the seven in ten who do, an amazing 34 percent do not know the interest rate of the credit card they use most often. It is very easy to get a credit card. But it's very difficult to pay back your bills in full. Our expenses are increasing month after month. Whereas our income increases only year after year. So, it's very important for us to understand what credit card means to us today. Visit our Website to get all facts and Information about Credit and Credit Card
Saturday, June 13, 2009
Don't Sign Up For a Credit Card Merchant Account Until You've Read This!
By Joe Mears
If you want to increase your business then you need to accept credit cards. More and more people are using plastic to pay for goods and services everyday and if you are not accepting credit cards, then your competitors will be taking your business away.
There are many companies offering credit card merchant accounts, however the fees for using merchant account services can be much more expensive than they at first seem due to 'hidden' or 'extra' fees that many companies add on that they do not make clear when people first sign up.
These hidden fees can really eat into profits and in some cases make the difference between being profitable or not.
If you want to find the best credit card merchant account then you need to find a merchant account provider that will be honest about all the fees your account will be charged. From there, you are in a position to work out what your total costs will actually be.
The actual or total fees that a company is charged by a merchant account provider are sometimes referred to in the industry as the 'effective rate'. Most merchant account providers will advertise a 'standard rate' or a 'discount rate', but these are not the same as the 'effective rate'.
Merchants need to be very careful of companies that advertise very low discount or standard rates as these are used to entice merchants to sign up for an account without making them understand that they will be charged much more later on.
If you want to increase your business then you need to accept credit cards. More and more people are using plastic to pay for goods and services everyday and if you are not accepting credit cards, then your competitors will be taking your business away.
There are many companies offering credit card merchant accounts, however the fees for using merchant account services can be much more expensive than they at first seem due to 'hidden' or 'extra' fees that many companies add on that they do not make clear when people first sign up.
These hidden fees can really eat into profits and in some cases make the difference between being profitable or not.
If you want to find the best credit card merchant account then you need to find a merchant account provider that will be honest about all the fees your account will be charged. From there, you are in a position to work out what your total costs will actually be.
The actual or total fees that a company is charged by a merchant account provider are sometimes referred to in the industry as the 'effective rate'. Most merchant account providers will advertise a 'standard rate' or a 'discount rate', but these are not the same as the 'effective rate'.
Merchants need to be very careful of companies that advertise very low discount or standard rates as these are used to entice merchants to sign up for an account without making them understand that they will be charged much more later on.
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