Credit Card Merchant

A credit card merchant is able to expand their client base by offering customers a more convenient and more secure purchasing option through credit cards. Those who are interested in accepting this payment method might be turned off by the fees that processing services take out of profits; however, the amount saved in more efficient processing and collections often makes the switch more advantageous. To begin accepting Visa and other cards, merchants must purchase a standard machine or virtual terminal over the Internet. Then it is necessary to sign with transaction providers who will process transactions for credit card merchants.

Becoming a business which accepts this payment method typically results in a much faster turnaround on customer payment and invoicing. For credit card merchants, a credit card transaction is processed and deposited into their bank account in less than a week as opposed to invoicing customers which can yield 30-60 day payment turnaround times. Those who are planning to expand their business operations to the Internet may find that accepting this payment method is an absolute necessity. They can accept cards over the Internet without becoming a credit card merchant themselves via third parties like PayPal. These third parties accept the payments on the business's behalf, but the business owners lose out on the expedited processing time. Plus, these third parties typically have slightly higher fees.

To find a transaction provider who will handle the processing of such payments, business owners should first check with the bank they already do business with. Most banks offer credit card merchant account services. Banks can be stingy regarding whom they approve for such services, so another option is a third party processor or independent sales organization. Both are less stringent than banks in approving applicants. Also, some financial services providers like American Express and Discover allow business owners to apply for payment services directly with them. Others, like MasterCard and Visa do not. Finally, owners should check with the local business association. Small businesses can often obtain credit card merchants processing at discount rates by going through a small business or trade organization.

Charging purchases can not only ease collections headaches but also gives business owners additional credibility in the eyes of clientele. Credit card merchants are able to expand their customer base by offering to accept a more convenient and secure payment method. Becoming a credit card merchant can help anyone move a business to the next level, whether it is through Internet offerings or general customer base expansion. However, they still need to put God at the forefront if they want to be successful. "Honour the LORD with thy substance, and with the first fruits of all thine increase" (Proverbs 3:9).

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