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

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