Merchant Account Service Provider

Businesses large and small need merchant account credit card services to succeed and remain competitive in the world of retail commerce. Whether transacting business over the Internet, through a physical retail store or by wireless means, the ability to offer customers a wide variety of options in the area of credit purchases can mean the difference between life and death for a new business. Finding a reputable merchant account service provider can be a challenge, but a little research and comparison of services and fees can ensure retailers that they will be able to provide flexible options to customers while not sacrificing valuable profits. Many of these services charge the retailer a flat monthly fee along with a per customer charge fee. Other fees may be accessed as well. Complicated issues such as maintaining online shopping carts, charge card verification, and wireless business transactions are all handled for the retailer. Another feature that is offered by these companies is the ability to offer their clients customized charge cards that include the name and logo of the retailer's store or web site.

Currently, the majority of consumers make business transactions using the family charge card. This reality means that any retail store that does not accept credit purchases is virtually doomed. Customers are quick to move on when a store operates on cash or check only terms. Finding a merchant account service provider who offers a fair per transaction fee can save the retailer thousands of dollars over time. A retail merchant account is defined as a business that has a physical store and deals with customers face to face the largest majority of the time. The credit sale is transacted through a charge card terminal at the time of the sale. Generally, the fees that are charged a retailer are lower than those charged operators of Internet or mail order businesses. The reason for this is that retail accounts represent a lower risk of fraud than Internet or mail order companies.

Other types of merchant account credit card services are those that are geared toward Internet businesses. These allow web retailers to accept charge cards either over the phone or through online orders. Because the features that are offered for this type of account vary greatly from the physical business where the customer is on site, the fees that are charged vary as well. Online transactions are scanned for security purposes. This protects the retailer's web site from malicious attack in the form viruses or worms and helps to keep hackers at bay. Security for the customer's private information, including credit card numbers is also important. A merchant account service provider can also help with issues of customer Internet security. By allowing customers the convenience of placing orders seven days a week, twenty four hours a day, businesses can grow to full potential. Generally an Internet retailer can see the cash proceeds from the sale in their business bank account within two to three days.

Physical brick and mortar stores and web site sales are not the only ways to transact sales today. Wireless communication has made it possible to set up credit terminals at remote locations. Many merchant account credit card services can allow a business owner to safely process credit sales from trade shows or from any of a variety of remote locations. These charge payments can be processed in real time as long as the location is one that allows cell phone access. Special wireless terminals available from a merchant account service provider make this possible. A benefit of this approach is that it removes the risk of customers who might try to use a fraudulent charge account, assuming that they will not be detected. The Bible talks about the wisdom and correct priorities that should be employed in financial dealings. "For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." (1 Timothy 6:10)

Most merchant account credit card services offer special processing software, Internet gateways, and swipe terminals for a reasonable price. Many also offer twenty four hour customer support. Some of these providers specify that a business owner commit to a minimum amount of time with their service and require a signed contract to that effect. There are other companies that do not require this minimum time and allow a retailer to part ways with their service anytime that the retailer desires without a cancellation fee. A wise business owner will check out the reputation of the service provider that they are considering hiring. A company that has been in business for a long time and has clients on a national scale is not likely to fold, leaving the retailer holding the bag and loosing valuable sales.

There are many questions that a retailer should ask a potential merchant account service provider. One point of inquiry is the amount of time that a potential provider will take to deposit funds into a retailer's account after a credit sale. A retail sale usually takes less time to process and clear than a mail order/telephone order, or MOTO sale. A wise retailer will ask a provider how sales are processed before signing any contract. Obviously, the sooner the money is in the retailer's account, the better. Checking for hidden or variable fees such as set-up fees, monthly minimum fees, or cancellation fees is also a good idea. Once all fees and costs have been discussed, a retailer should calculate the cost of this service using recent information from both the best and worst sales months that the business has seen. It goes without saying that after calculating the costs and comparing services, a retailer should carefully read any contracts before signing.



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