business articles business management businesses Marketing sales Technology Business finance Lean Manufacturing small business Investing articles employee health

Creating merchant accounts for your small business

businessmeeting33030104.jpgSmall businesses that accept credit cards can generate more revenue simply because their company is more attractive to customers. In order to accept credit cards, you need to be able to set up merchant accounts so you can start marketing to customers that you do take credit cards. Online sales will go up but you will see your in-store sales go up as well as your customers will have multiple payment options.

Depending upon which credit card companies you choose to work with, you need to research what the fees are for each card. Visa and Mastercard have lower rates per transaction compared to Discover and American Express.

A merchant account does multiple payment options besides just credit cards. Debit cards, gift cards, smart cards, and electronic checks are all part of the merchant account process. When a business decides to try out merchant accounts, you usually gain approval in a day or less.

Where do you acquire merchant accounts? Most people start by talking to their banks. Since they are already handling your business checking account, it's easy to have them take over your merchant accounts as well.You will need to purchase a machine along with some other technology in order to accept the merchant account payments. Hardwired terminals or online merchant account services will be needed to accept the payments.

A number of companies are now switching to accepting credit cards online using free services provided by PayPal. If you sell things online using eBay, having a PayPal account is necessary. It is a great way to accept customer payments and you can sign up for a debit card from the account or have the money transferred directly to your bank account from PayPal.

If you signing up for a merchant account, don't opt for dead technology. Look for the merchant accounts that are going to "grow" with your company. The old machines of running the card on paper are dead technology and there is no way to guarantee the payment. The new machines, especially those that connect right to the credit card account online will provide you with faster approval. Declining cards can cost you money but more importantly you need a system that detects them immediately in order to let your customers know they need to use a different payment method. The money you pay to keep the merchant accounts will be worthwhile if you are able to get more of your customers to pay with credit cards.

Signing up for merchant accounts by visiting the websites of the major credit card companies will help you to understand a little more about merchant accounts. This will also help you to figure out which ones deal with more transactions and which ones offer the best rates per transaction.

Compare quotes for merchant accounts. Look into the credit card processing services along with the international merchant accounts in order to get in touch with the best merchant accounts for your business. One place to check on merchant accounts is with BuyerZone.com as they allow you to compare quotes and pick a merchant account service that will provide you with the best possible services for your company.

If you aren't dealing with a lot of credit card payments or you are a smaller payment, you want to look into using PayPal and QuickBooks to manage your credit cards. They both help to simply the process of creating merchant accounts and will make it easier for you to set up credit card accounts for a very small cost.

One final thing to check is with fraud detection. You need a company that has excellent fraud detection as there are a number of fraudulent credit card problems happening.

FREE: Get More Leads!
How To Get More LeadsSubscribe to our free newsletter and get our "How To Get More Leads" course free via email. Just enter your first name and email address below to subscribe.
First Name *
Email *


Get More Business Info
Sponsored Links
Recent Articles

Categories

Copyright 2003-2020 by BusinessKnowledgeSource.com - All Rights Reserved
Privacy Policy, Terms of Use