Merchant Account Reviews
Merchant account empowers business to accept credit or debit cards from customers willing to buy their product. It is just like a bank account that acts as an agreement between retailers, merchant bank and the payment processor for credit and debit card transaction settlement. Having a Merchant Account could easily increase your sales by more than 400%. There are numerous Merchant Account Providers that promises to improve your business but it is always advisable to understand your requirements before choosing the appropriate account for your company.
List Of Various Merchant Account Types:
- Personal: This type of Merchant Account is suitable for people rather than business. You can easily have a personal merchant account by signing up Paypal. Personal Merchant account allows you to accept payments through credit cards online.
- High Risk: Businesses that are considered to be high-risk ventures or had a problem with their accounts in the past usually opt for High Risk merchant account.
- Free Merchant Account: This type of account is basically suitable for business that has no money to get started. Free Merchant Accounts usually have no upfront charges.
- Adult: Businesses that offer adult products and services such as adult websites, arms and ammunition, escort services and liquor sales etc. should opt for Adult Merchant accounts. They have high charges compared to other account types.
- Mobile Processing: It allows you to process credit cards on the move. The technology is mostly used by airlines for in-flight purchases.
- Internet Merchant Accounts: This type of account incorporates a payment gateway and a processor that helps credit card transaction through a virtual terminal.
Some of the most important services offered by Merchant Accounts such as Wireless Credit card processing, online credit card processing, gift card plans, mobile processing, account security, free card terminals, advance cash programs, check processing etc. should be kept in mind before choosing your Merchant Account.
It is advisable to understand the Fee structure of the Merchant Account provider before set up. Some of the common charges that providers usually demand are:
- Set up Fee: This is a one-time payment that depends upon the type of account you are applying for.
- Transaction Fee: Each transaction through credit or debit card has a charge that needs to be paid to the account provider.
- Discount Rate: It’s also a part of the processing fee that is deducted during every transaction.
- Statement Fee: The merchant account providers compile the list of transaction fees to produce a statement for which they charge a small portion from every deal.
- Monthly Fee: Every merchant account provider charges a monthly fee.
Understanding the policies of an account provider is extremely an important step before applying for your Merchant account.