Merchant Account Credit Card Processing: A Necessity for Online Businesses
If you plan to launch an online retail business or expand your current business online, you will need an online payment solution. This payment solution should enable your website to accept payments by credit card and debit cards via a secure payment gateway.
Customers today are looking for easy payment methods, and companies that provide this have an edge in the market. Online businesses must equip their websites with a payment gateway. Technology has evolved dramatically over the years and now offers a wide range of options to help you run your business.
Before you can make any decisions, it is important to know the basics of a credit card processing merchant account for easy business transactions.
Merchant Account: What You Need to Know
A merchant account is an agreement with a clearinghouse or bank that allows you to accept credit card payments to a special account. All credit card or debit card transactions are processed through an online payment authorization company. If the transaction is approved, it will be credited to your merchant account.
Benefits of Merchant Services Account
- Cost-effective
- Convenient
- Time efficient
- You can also Secure
How to Process Credit Cards for Merchant Accounts
- Stage1 : Approval of the sale and taking credit card details from your customers through your website.
- Stage2 : Verification and Approval of the Card – by either a merchant account company or online authorization company.
- Stage3 : Transferring the transaction details to a credit card processor.
- Stage4 : The credit card processor deducts money from the card of the customer and deposits it into your merchant account.
Merchant Account Providers
Many merchant account providers now offer a ‘one-stop’ solution that includes all aspects of the merchant account, including processing credit and debit card orders. You can also hire separate companies to handle each section. For example, you could hire an online authorization company and open a merchant account with your bank. The ‘all-in’ method can result in a higher commission being taken from your transaction, while the second method could only cost you an increased startup fee.
Also, choose a company that is known for its efficient payment processing solutions at affordable prices.
This post was written by a professional by Exzact Business Solutions. TRANSPARENT | AFFORDABLE | SIMPLE Merchant Services, Websites, and Social Media Done Right. https://exzactbusiness.com/ are on a mission to educate local businesses to ensure smiles, savings, and solutions. Exzact clients save an average of 30% on their processing alone. No Contracts, Free Equipment, Local Support, No Rate Increases, and More. Exzact Business Solutions goal is to educate the local business community in order to ensure smiles, savings and solutions. Exzact Business Solutions is an Independent Sales Organization with strategic partnerships dedicated to cultivating reliable and trustworthy relationships in the Payment Card Industry, allowing to tailor products and services to the needs of each merchant. Contact EBS and see what a difference having the right advocate can make!