Let’s consider you have everything ready. You have created a customer-friendly website; the services that you offer guarantee the best quality as well. However, do you know what the first thing is that you must do after you have created an online e-commerce store is? You set up an online merchant account.
Setting up an online merchant account may seem tricky and many people worry about what is required from them and what are they to require from their service providers. Most importantly, the feeling if the company they are choosing will be reliable or not.
The most common concern in this regard is the question “how”? How will the arrangement be set up? While the process itself is not as daunting as it appears to be, to help you out, this blog covers in detail not only what a merchant account is and what it does, but also how to get one for your business, that too free of cost.
So, without further ado, let`s get straight into action!
In easy words, these accounts are a special type of arrangements used to collect the payments for your business that are done by clients through debit cards and credit cards. The funds that your clients transfer into your account are usually held in this account for a certain time, and then this amount is dispatched to your business account.
The merchant account service providers also charge a small amount at each transaction, which depends on the type of card that your customers use as well the amount they pay.
In this contemporary era, one cannot run his or her business without having a merchant account. Be it a brick and mortar store or a simple e-commerce shop; in one way or another, having such an arrangement has become a necessity.
Here are some of the reasons why having such an arrangement is important for businesses today.
Having an online store means you will get customers from all over the world, which also indicates that people will pay in different currencies, and via different cards, including Google Pay, Apple Pay, visa MasterCard and so on. Having a merchant account will give you the ability to accept payments from multiple sources.
Another benefit of having a thisaccount is that you will continuously have a backup of your data. With the help of this backup, you can easily track transactions without getting in the hassle of maintaining registers.
These accounts also offer merchant cash advance services. This is beneficial, especially for small businesses that find it hard to get stable when the economy goes up and down.
Customers are much concerned about the security of their bank account. Choosing a good merchant account service will provide a complete guarantee of entrepreneur`s and customers’ data safety
To get the best services for high-risk merchant accounts online, visit Empire Pay Tech now.
In the first step, you are required to determine how you will want your credit card payments to work for your business. An easy way to understand this is by considering the following questions:
Which credit card services will you allow for accepting payments? Decide upon the credit and debit card brands that you are willing to accept. Even though Visa and MasterCard are the standard card brands, but it is equally important that you also accept some of the other card brands for your business, such as Google Pay, Apple pay, Pay Pal, Stripe, etc.
Decide how you are willing to accept payments? You have multiple options here. You can either let your customers make payments on your website directly or you can enable payments through your mobile phone. There are some other options as well, like using a virtual terminal or using an API to integrate into your existing systems for running payments.Also, you must have a backup or secondary payment method, along with a primary one.
Once you are done with having a draft about everything that you will need with your online merchant service provider, before starting to apply for this arrangement, you must compare some of the best service providers. By making this comparison, you will understand the following things.
How your merchant service provider will charge you for each transaction fee matters a lot. (Note that there are two types of account transaction fees),
Other merchant account fees, other than the fees mentioned above, an account charges fees for the following as well: monthly minimum fees, setup fees, cancellation fees, statement fees, customer service fees, chargeback fees, batch fees, annual fees.
Some of these charges are mentioned in the policies, while others are hidden. Hence, you must be careful while choosing a merchant account, as many will portray that they do not charge you with extra fees, but the hidden fees are going to pull in more than you would expect.
Other than making a comparison regarding the fees, you must also check that your online merchant service provider is also giving you the best hardware and software. For an online business, hardware like clover terminals does not matter, but a good software system can bring or break your business. Therefore, make sure the company you are choosing for your high-risk account online is worthy of the responsibility.
The customer service an online merchant service provides says a lot about the quality and services of the payment processing company. The spokespersons that are confident to listen to you with all ears and try their best to resolve your issues show that the company they are working in really cares for its customers.
Merchant Account Set Up
The process isn`t as daunting as many make it appear to be. Like every other formal transaction, certain credentials will be required and a number of forms will have to be filled. However, once this process is done, you are free to operate your business as you prefer.
For small and medium-sized enterprises, the payment processing service providers have some extra inquiries in order to ensure that the business is authentic and will not be used for making black money. Hence, you will have to describe your business model and state mention your finances in detail.
Once you are done with all these nitty-gritty details, you will then be eligible to accept card payment. Finally, you will be able to offer your best quality services and get payments for them from around the globe smoothly.
If you decide to go with aa good online merchant service provider, such as Empire Pay Tech, then the process of accepting payment will be simple. You will just have to log in with your credentials,enter the customer’s payment information, click on the collect payment button, and finally, you will have the transaction processed, and funds will be deposited into your bank account. That`s it!