Having A Merchant Account Is No Longer An Option

Having A Merchant Account Is No Longer An Option



Setting up a​ merchant account makes it​ easy and​ affordable for​ your business to​ accept credit cards.

• Setting up merchant account services offers you:

• Improved customer satisfaction

• Larger customer base with more payment options

• Increased credibility for​ your business

With a​ merchant account you can offer your customers several payment options:

• Point of​ sale processing—Using physical terminals to​ process your sales

• Virtual terminal processing—To process telephone, fax, or​ Internet sales made at​ a​ web site

• Software—to make sales using your computer to​ process orders

Your company cannot afford to​ ignore the​ need to​ accept credit cards. Setting up a​ merchant account solves this problem. Any good merchant account representative can give you the​ information you need on how you can either add credit card acceptance to, or​ improve credit card processing for, your business.

Even if​ your company is​ considered high risk, (adult sales, gambling sites and​ other similar high risk business categories) a​ merchant account can be set up for​ you! Most US banks will not set up high risk merchant accounts. However, if​ your credit is​ good, offshore merchant accounts provide the​ perfect solution for​ your business needs.

When a​ customer says: “I would like to​ buy your widget. Do you accept credit cards?” a​ yes answer results in​ a​ sale. a​ no answer results in​ a​ no sale. Which answer is​ best for​ your business health? Well, that is​ pretty obvious!

Your merchant account services should offer a​ comprehensive line of​ payment solutions for​ your business—credit card acceptance, debit cards, and​ check acceptance—for all types of​ businesses including retail storefronts, restaurants, hotels, service companies, wireless merchants and​ mail, telephone or​ Internet order businesses.

Additionally, your merchant account should provide customer service 24/7/365 to​ provide the​ following information:

• Transfers of​ money into your designated checking account, monthly statements, chargeback and​ retrieval requests, and​ other issues that face merchant account holders very day

• Provide answers about your point of​ sale credit card terminal, need to​ schedules telephone training for​ you or​ your employees, need to​ replace broken equipment, or​ need additional supplies

Some important definitions:

What is​ a​ merchant account?

A merchant account is​ a​ special account that allows your business to​ accept credit cards as​ payment in​ person, over the​ telephone, by mail order, or​ over the​ Internet. You must have a​ merchant account if​ you want to​ be able to​ accept credit cards from your customers.

What is​ an​ acquiring bank?

An acquiring bank is​ the​ bank that holds your credit card merchant account. it​ is​ also the​ bank that transfers funds from your merchant account into your local bank account.

How do I apply for​ a​ merchant account and​ a​ payment gateway?

It's easy to​ establish a​ merchant account. You can submit an​ application online, by fax, or​ by meeting with a​ sales representative at​ your business location. Your application will be approved almost immediately, your account will be activated, and, if​ you're buying or​ leasing new credit card processing software or​ terminal equipment, it​ will arrive in​ just days.

What credit cards will I be able to​ accept?

You'll be able to​ accept Visa, MasterCard, Discover, American Express and​ Diners Club/Carte Blanche. in​ addition, you'll be able to​ accept debit cards that carry a​ Visa or​ MasterCard logo, purchase cards, and​ online checks.

What is​ the​ discount rate?

The discount rate is​ one of​ the​ processing fees charged to​ your merchant account. it​ is​ a​ percentage of​ your gross sales.

What is​ the​ "per transaction" fee?

The "per transaction fee" is​ a​ nominal charge for​ processing each transaction through your merchant account service.

What is​ a​ charge back?

Charge backs occur when a​ credit cardholder informs the​ credit card company that the​ charge was not authorized, or​ that goods or​ services were not delivered as​ promised.

What is​ a​ merchant account?

A merchant account is​ a​ special account that allows your business to​ accept credit cards as​ payment in​ person, over the​ telephone, by mail order, or​ over the​ Internet. You must have a​ merchant account if​ you want to​ be able to​ accept credit cards from your customers.

What is​ an​ acquiring bank?

An acquiring bank is​ the​ bank that holds your credit card merchant account. it​ is​ also the​ bank that transfers funds from your merchant account into your local bank account.

How do I apply for​ a​ merchant account and​ a​ payment gateway?

It's easy to​ establish a​ merchant account. You can submit an​ application online, by fax, or​ by meeting with a​ sales representative at​ your business location. Your application will be approved almost immediately, your account will be activated, and, if​ you're buying or​ leasing new credit card processing software or​ terminal equipment, it​ will arrive in​ just days.

What credit cards will I be able to​ accept?

You'll be able to​ accept Visa, MasterCard, Discover, American Express and​ Diners Club/Carte Blanche. in​ addition, you'll be able to​ accept debit cards that carry a​ Visa or​ MasterCard logo, purchase cards, and​ online checks.

What is​ the​ discount rate?

The discount rate is​ one of​ the​ processing fees charged to​ your merchant account. it​ is​ a​ percentage of​ your gross sales.

What is​ the​ "per transaction" fee?

The "per transaction fee" is​ a​ nominal charge for​ processing each transaction through your merchant account service.

What is​ a​ charge back?

Charge backs occur when a​ credit cardholder informs the​ credit card company that the​ charge was not authorized, or​ that goods or​ services were not delivered as​ promised.

How often will I receive funds from Total Merchant Services?

Total Merchant Services will transfer funds from your merchant account to​ any checking account you designate on a​ daily basis.

What type of​ equipment do I need to​ accept credit cards?

If you have a​ retail storefront, restaurant, hotel, or​ service business you can use either a​ hard-wired or​ wireless point-of-sale (POS) credit card terminal or​ a​ personal computer equipped with credit card processing software. if​ you have an​ Internet business, or​ a​ telephone order or​ mail order business, you can use a​ virtual terminal. With a​ virtual terminal, you do not need to​ load any software onto your computer. Since this is​ Internet-Based software, you simply need access to​ the​ internet. Other options include using credit card processing software. This is​ software that you load onto your computer. Authorizations are obtained by dialing into the​ credit card processor with your computer modem. Or, you can hand enter (key in) data into a​ point of​ sales (POS) credit card terminal.

Why do I need a​ separate account for​ orders I accept over the​ phone, fax, mail or​ Internet?

Because you never take physical possession of​ a​ credit card so that you can swipe it​ through a​ magnetic strip reader, both Visa and​ MasterCard use different criteria for​ evaluating risk and​ have different fee structures for​ card-not-present transactions.

What is​ a​ payment gateway?

A payment gateway links your web site to​ the​ credit card processing companies and​ your merchant account. When your customer enters his or​ her credit card number on your web site, the​ payment gateway obtains authorization for​ the​ charge and​ later handles the​ transfer of​ funds into your merchant account. Total Merchant Services works with the​ industry's most widely used and​ reliable gateways including the​ Total Pay powered by Authorize.Net, Plug N Pay, and​ VeriSign Payment Systems.




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