Merchant Services: How to Get Started

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<h1>Merchant Services: How to Get Started</h1><strong> Author: <a href='http://www.articleseen.com/profile_Karen Zabel.aspx'>Karen Zabel</a></strong><br /><p>Opening a merchant account is a smart move for your company, no matter what size your business is, or what product or service you offer. Today’s consumers are using credit cards more often, and for a broader ranges of purchases, than eve before. Your merchant account is the key to unlocking a wealth of rewards, including increased profits, a larger customer base, and a more competitive profile. The selection of a merchant account provider is an essential step, since your account provider will help your company process credit card transactions. Therefore, you want a company that has a proven track record and a good level of support services. Identifying the type of account you need should be your first step in your search for a merchant account provider. Before you even begin to consider fees – often the aspect of accounts most businesses focus on – narrow the field of account providers by determining if you intend to use the account to accept credit cards at a retail or storefront location, online, for phone or mail orders, on the road, or a combination of these options. Each type of account offers different services and fees, so know how you want to accept payments before you being your search. Once you’ve eliminated account providers that do not offer the services you’re looking for, you’ve still got a really big list of providers to whittle down. The next step: consider the level of experience these providers have in dealing with companies like yours. Eliminate merchant account providers that have experience primarily (or exclusively) in serving large businesses, as these account providers and their representatives may not be aware of incentives, discounts, and services that could help your business grow to new levels over time. Pay special attention to account providers that have a long history of serving customers that deal in the same type of goods or services that your company offers, as they are most likely to have experience in dealing with concerns or issues that arise in your specific type of business. Likewise, if your business is new or growing, select a merchant account provider that has expertise in developing packages of services best suited to your business’ evolving needs. For your own peace of mind, as well as the security of your business, it’s very important to select a provider that has a wealth of experience in dealing successfully with fraud and chargebacks. Too many chargebacks can put your merchant account in jeopardy, and may result not only in the cancellation of your current account, but in an inability to establish a new account. This is an especially important consideration in Internet, telephone order and mail order businesses, which are often associated with a higher degree of fraud than retail establishments which require face-to-face transactions. OK. Once you’ve narrowed the field through these steps, it’s finally time to consider fees. The types of fees and their amounts vary drastically among account providers, so it’s important to take your time while comparing fees and costs associated with maintaining different merchant accounts. For instance, the costs associated with opening an account may range from $200 to $400. Additional fees to consider include transaction and discount fees, daily, monthly, and annual fees, closeout fees, and even penalties. Once you’ve narrowed your choices to a select few merchant account providers, ask them to provide you with a list of all costs and fees associated with the account type you need for your business. Also consider asking about fees that may be associated with other types of accounts you may need to establish as your business grows over time. Bear in mind that the account provider with the lowest rates may not be the best choice for your business; you may also want to ask about any account restrictions, like minimum account balances or any contractual time limits – for instance, accounts that require you to sign up for multiple years at a time – that could make a specific account less attractive. Also ask about the types of equipment or software you may need to manage your account, and any fees associated with those services or hardware. Most retail businesses will need at least one physical terminal, also called a point-of-sale, or POS, terminal. In lieu of terminals, Internet businesses may require use of a weblink or gateway provider to help transactions run smoothly and help ensure account information is successfully transmitted. Once you’ve identified the provider that’s right for you, it’s time to fill out the application. Most account providers offer online applications to make the process a simple one. In most cases, you can expect approval within a few days to a couple of weeks. When chosen carefully, your merchant account can be a powerful ally in growing your business to new heights. Take your time during the selection process to ensure you get every service and option your company needs to attract new customers and increase your bottom line. </p><strong>About the Author:</strong><br />Karen Zabel is a freelance writer who writes about certain business offerings such as a <a rel="nofollow" href="http://www.linkedin.com/companies/north-american-bancard">credit card processing service</a>.<p> Article Source: <a href='http://www.articleseen.com/Article_Merchant-Services-How-to-Get-Started_14193.aspx'> http://www.articleseen.com/Article_Merchant Services: How to Get Started_14193.aspx</a></p>

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Category : Business : Business