What Is A Merchant Account?
Let us start with what a merchant account is and how it works
An account that provides connection among merchant, payment service provider and the acquiring bank is known as a merchant account. An issuing bank provides the card holder a credit or debit card that can be used to shop. With each credit or debit purchase, a payment request is sent to the acquiring bank with the payment gateway. For authorization, the acquiring bank sends an authorization request through the relevant card scheme back to the issuing bank. The merchant can deliver when authorized.
Why do you need a merchant account?
Merchant account enables you to legally accept and process online payments through all the online payment methods. The benefits of having a merchant account is
· Safe payment options to customers
· Protection of sensitive data
· Protection from fraudulent transactions and charge backs
· Card acceptance means an increase in sales and also prevents any loss from consumers who don’t usually carry cash or checkbooks
How to get a merchant account?
It’s not very complicated or difficult to set up a merchant account but one can easily make simple mistakes which can cause you to lose hundreds or even thousands of dollars. It is important to perform a deep research before choosing a merchant service provider since they can have
· Different pricing schedules and
· Different features
· Contract terms
You will have to determine;
· How credit card payments work with your business and what kind of credit card brands you want to accept.
· How you want to accept payments, on your website or mobile phone?
· How much of the volume of your sales will be through a credit card?
· Will you want to accept other payment methods like cash as well?
Comparing merchant account providers has a few points which need to be considered well in advance. Some fees include monthly minimum fees, set up fees, cancellation fees, statement fees, customer service fees, chargeback fees and annual fees. Apart from that, you will need to look upon other factors like whether the software they provide match the options you need, whether they have the expertise to set up customized online solutions, whether you can easily customize your invoices, whether your customer’s payment data will be stored securely where you will have to face minimal PCI compliance issues and whether they provide customer support efficiently.
Internet Merchant Accounts
This account is specifically created for carrying out the online payment with credit cards. The fees in these accounts are higher than the regular merchant account since there are higher risk factors with online payment. You might need a payment gateway to proceed with the transaction through credit cards. You’ll require different internet merchant accounts for different cards and you can easily get these accounts from third party providers like us.
Features you will be looking for
While you are looking for service providers you might want your business to be
· Approved faster.
· Get support let it be small or large
· Take payments for less
· Have a wide range of payment solution
· Customer support 24/7
GB Payments is a merchant service provider based in the UK. GB Payments has saved money of more than thousands of businesses. We’ve been flourishing since our establishment in 2013 and over time, we’ve developed newer strategies for smarter payment system. We offer card machines and reliable service. Contact us today!