Apr 13 2008
Applying For Merchant Services Account The Easy Way
Applying For Merchant Services Account The Easy Way
Before applying for a merchant services account, it’s important to research the various merchant account providers to avoid paying too much or signing with an unscrupulous company.
In applying for a merchant account service, consider prices, integrity and customer service.
? Merchant account rates and fees
Be sure you understand all of the rates and fees charged by a merchant account provider. The usual charges include monthly fees, discount rates, transaction fees, application fee, equipment and installation fee.
Monthly fees are usually around $25, though that may vary according on whether you meet your minimum monthly transactions. Discount rates are a percentage taken from a sale that the merchant pays to cover the transaction costs and the risk involved. The usual discount rate is 1.5% to 3.5%.
The transaction fee is a flat fee charged for each transaction, generally anywhere from 20 cents to $1.00. The application fee, if there is one (some merchant account providers don?t charge them), is the fee to open the merchant account.
The equipment and installation fee covers the cost of software installation. It can be free, or it could cost as much as $1,200 or more, depending on whether the processing is batch or real-time. The cost for POS terminals depends on the model you purchase but can range from $500 to $1,500.
? Choose only reputable merchant account services
You should consider the reputation of the merchant account service.
What to look for when searching for a merchant account:
? Beware of merchant service providers who have misleading ads offering things like “free merchant accounts” or “lowest prices guaranteed.” Read the fine print on the website to find out what they really offer.
? It?s a bad sign when every call you make to the company is answered by a machine.
? Beware of merchant account services that make use of free domain or free web hosting services. If they can’t afford a domain name, how are they in business?
? Be careful of providers who can’t answer your questions.
? Avoid merchant account sites that don’t post rates and fees on their web site.
? Use the Internet to find reviews of merchant account companies and take note of all unsatisfactory remarks
? Make absolutely sure that your chosen merchant account service provides reliable customer service.
Stu Pearson has an interest in Business related topics. To access more information on <a href="http://www.infactual.com/category/business/">internet merchant service</a> or on <a href="http://www.infactual.com/2006/06/01/merchant_services2/">merchant card services</a>, please click on the links.
Find The Best Merchant Account
Do you know where to find the best merchant account? If so, you probably already have one. If not, maybe it’s time to find out. A merchant account can open the door to e-commerce and position your company for unprecedented growth. The chief benefit sought by many business owners is the ability to process credit card payments. Studies suggest that people who pay with plastic tend to shop often and spend more. You can take advantage of this trend with a merchant account from a reliable lender.
Plenty of well-known or highly ranked banks and financial institutions offer what some consider as the best merchant account. Since not all of them can be the best, however, it’s really up to the client that’s you to decide which account plan will best help your business to grow. Much will depend on the fees involved with various services. For example, some lenders charge application fees while others do not. Other lenders expect you to pay annual membership fees. It is a good idea to check out the price lists at each lender’s site or to discuss these with an account representative before signing a contract. Some lenders are known for implementing a terrific credit processor with a combination terminal and printer. Others might be more widely recognized for their ability to support an Internet site that accepts credit payments. However, you might be more interested in a telephone ordering system with credit card payment options that will facilitate customer access to goods and services.
Whatever your credit processing needs, the best merchant account is the one that will help your company develop its potential. You need a company that is not too far above you to treat your business as a valuable client. You also want a lender with helpful customer support personnel who are available to answer questions and provide guidance when needed. You don’t want to wait on the telephone for 15 and 20 minutes for someone to take you off hold. Nor do you want to have fees increased unexpectedly so that your company’s budget must strain to meet payments.
The best merchant account is the one that you can trust to protect your company’s interests. You need a dependable provider who can offer quality equipment and reliable support or maintenance if needed. Your lender should be able to offer reasonable account fees and secure transmission on all customer transactions. When you look good, your lender looks good, and the customer benefits most from this type of positive win-win relationship.
To find the best merchant account, you may want to ask other business owners to recommend a lender they have worked with. Or you can browse testimonials on the Internet or in chat rooms. Never sign up with a merchant account lender who seems suspicious or about whom you know little. Your business is too valuable to take chance on losing all with an unknown underwriter who may be here today and gone tomorrow, so hold out to find the very best merchant account.
Dane Collins is with Merchant Digital <a href="http://www.merchantdigital.com" target="_blank">http://www.merchantdigital.com</a> a nationally recognized merchant account provider. Start accepting credit cards today: <a href="http://www.merchantdigital.com" target="_blank">http://www.merchantdigital.com</a>
Contactless Payments Merchant Accounts
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Article Title: Contactless Payments Merchant Accounts Author: Pat A. McDavitt
Word Count: 1021
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Contactless Payments Merchant Accounts
Consumers don t like carrying cash but are wary of
handing over a credit card because of the risk of
credit card fraud.
But what s the alternative?
Contactless payments.
The next generation of electronic payment, contactless payments don t require the customer to hand over their
card. The whole transaction is completed electronically,
and their card never leaves their hand. It s faster, easier
and much more secure.
But what about the merchant? Should cash-heavy
merchants rush into setting up a contactless payments merchant account? The answer is a resounding yes! Contactless payments merchant accounts deliver even greater benefits to merchants than it does to consumers. Read on to find out how.
What is Contactless Payment?
Contactless payments merchant accounts are the third generation of electronic payments. (The first generation
was the old plastic credit card, and the second was the magnetic stripe card.) Merchants with contactless
payments merchant accounts enable customers to use
their credit cards for purchases without ever handing their
card over. Contactless payments merchant account transactions use one of the following methods:
Contactless readers;
Retailer cards/fobs;
NFC (near field communication) enabled cell phone payment software; or
Back end processing/over the air payment software.
Customers love it!
Research shows that 86% of consumers want to carry
less cash, and most carry less than $20. (Survey was
conducted in 2005 by lpsos and commissioned by MasterCard). They re growing more comfortable using
credit, but they re still quite worried about security
issues when handing over their card. In fact, 91% of
likely users would feel more secure if they were allowed
to hold their payment card through their entire payment process.
And then there s ease of use, speed and convenience. Nationwide, almost 75% of respondents refuse to wait in
line longer than five minutes for a purchase of less than
$25, and more than 25% refuse to wait longer than just
two minutes.
So how does contactless payment compare in terms of speed? Very well, in fact It takes only 1/3 to of the
time of the average cash or traditional credit card
transaction:
CVS Pharmacy Average Cash Transaction = 33.7 seconds
Average Card Transaction (w/o Signature = 26.7 seconds
Average RF Transaction = 12.5 seconds
So contactless payments increase customers sense of security and decrease hated wait-times. It s no surprise,
then, that customers love it!
And the growth rate of contactless payments merchant accounts shows it. According to Brian Triplett, senior vice president for emerging product development-Visa USA,
The adoption rate is the fastest we ve seen for any new technology. I do expect we will continue to see significant growth; whether it s double or triple we ll have to wait and see.
What are the Benefits for Merchants?
The most obvious benefit for merchants in having
contactless payments merchant accounts is that
consumers love it, so they ll use it more often and spend more.
But the benefits don t end there. Contactless payments merchant accounts also:
Leverage Top of Wallet convenience - Like traditional credit cards (and unlike cash), the customer s card is always in their wallet, which means they re more likely to spend, simply because they can.
Deliver increased merchant differentiation - Particularly in the early days of adoption, merchants with contactless payments merchant accounts will stand out from the crowd. They ll offer consumers a new and exciting way to pay for goods and services.
Are cheaper to operate - Transactions clear as a card-present, magnetic stripe-read transaction, but card readers are a fraction of the cost of a new POS terminal.
Increase efficiency - Businesses with contactless payments merchant accounts enjoy much more rapid check-out times during peak hours.
Are easy to install and upgrade - The hardware for contactless payments merchant accounts is all plug-n-play.
Increase customer loyalty - Studies show that customers return to the participating merchant s location on an average of two times a month.
Leverage a general consumer movement away from cash (20%) - Even customers who don t specifically love contactless payment probably DO specifically dislike cash. By offering them an alternative, businesses increase the likelihood of a sale.
Put simply, businesses with contactless payments merchant accounts enjoy increased transaction volume (average 45%) and increased ticket size (average 20%).
What Merchants Benefit Most from Contactless Payments Merchant Accounts?
Contactless payments merchant accounts are ideal
for cash-heavy merchants. Target industries include:
QSR
Petroleum & C-store
Book Stores
Dry Cleaners
Video Rental
Pharmacy
Grocery
Parking
Movie Theaters
Stadiums & Arenas
Theme Parks
Events
Cafeterias (Schools & Corporate)
Taxis
Transit
Vending
News Stands
Parking Garages
Conclusion ” The Future of
Contactless Payments Merchant Accounts?
Contactless payment offers significant bottom-line
benefits to merchants. It s the next generation payment system that s faster, easier, more secure and more convenient for consumers, which means it facilitates
more sales (greater volume transaction) of greater value
(ticket lift) for merchants. It s a win-win situation!
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C. J. & Tuck Consulting, LLC owns and operates http://www.cashflownow.org. We specialize in Electronic Payment Processing Services and offer low cost Contactless Payments Merchant Accounts. For more information, contact: Pat A. McDavitt, Sole Manager of C. J. & Tuck Consulting, LLC Go to: http://www.cashflownow.org to visit my web site. Go to: http://www.cashflownow.org to request a free report about me. Email: pat@cashflownow.org Telephone: (512) 837-1358 Fax: (512) 837-0345
Obtain A Free Merchant Account
You may have heard about the distinct advantages of offering credit-processing services to your clients, but do you know how to obtain a free merchant account? Many lenders request applicants to pay an online credit application fee that can run more than $100. Others waive this fee, but they then impose other types of costs, like an annual membership fee. Yet there are some lenders out there who offer a merchant account at no direct cost to business owners. While there will be expenses associated with processing transactions and performing service maintenance on credit processing equipment, some lenders will limit their merchant account costs to fees like these and provide the card account at basically no extra cost to the business owner.
To find out more about how to take advantage of this type of offer for a free merchant account, ask your business banker for details. If the bank cannot provide information, check with other business operators in your area to find out if they have merchant accounts and where they got them. Some may have a free account, so you will have to ask for details if they are willing to supply them. Otherwise, you can always use a search engine to browse the Internet for companies that provide a merchant account at no cost. Be wary about offers that seem too good to be true, as they probably aren’t true. Read the fine print in contracts, and ask about every type of fee you can think of. Some applicants have complained that “hidden fees” surfaced after their account was approved, forcing them to pay fees they did not anticipate. Leave nothing to chance.
Create a business plan that will put your free merchant account to good use. Don’t get a merchant account simply to have one. The primary advantage is to offer credit-processing services to your customers via a number of options. These might cost an initial outlay of company funds, but the return on your investment will be valuable in terms of the shopping convenience that will make visiting your company or your site a pleasant experience for customers. Develop a reasonable budget that will show you how much you can afford to invest in credit equipment like a terminal processor, perhaps one with a printer combined. Or you may prefer to get a wireless processor if you deliver goods or services to customers at remote locations. You also can get a pager to enhance communications within your organization. Or you may want to upgrade your phone system to include a digital program that lets customers dial in to place and pay for orders without the need for direct employee assistance.
Obtaining a free merchant account will release funding that might have been earmarked otherwise for account fees, allowing you to direct it to more needy areas of your operation. If you are able to negotiate a low per-transaction fee (especially one that is less than 20 cents per transaction) or a low monthly overall rate, your savings will be enhanced, providing additional savings that can be used in other parts of the budget.
For these and other reasons, apply today for your free merchant account!
Shane Penrod is the founder of <a href="http://www.Merchant-Account-Quotes.com" target="_blank">http://www.Merchant-Account-Quotes.com</a> Specializing in allowing merchants the ability to shop and compare multiple quotes from national merchant account providers. For free quotes on merchant account rates and fees, please go to <a href="http://www.merchant-account-quotes.com" target="_blank">http://www.merchant-account-quotes.com</a>
Roles of An Online Merchant Account for payment solutions
A retail business has special needs to handle their all the transaction when it comes to accepting credit cards it is very necessary to chose the best services of Merchant credit card services. There are number of service providers available in the market, before choosing out of them one should always take precautions. Today, it s very easy to take the services of Online Merchant Account. To manage all transactions needs, an array of the latest equipments and software those meet all the particular needs of all types of businesses and more. It’s no happenstance that one has complete answers for market requirements.
As a retail Merchandiser, We should know what we are acting when it comes to selecting online Merchant account provider and a POS Software terminal solution. Choosing the wrong merchant account provider services can make us paying high priced services on Credit card receivables terminal that our business does not in need of, and forced to pay high monthly fees. Beware of these types of surprises! Here my aim is to aware you all about merchant account, to help in selection of a Merchant Account Provider and Selection of the right Terminal through this article.
What is a Retail Merchant Account?
Before you go to choose a right merchant Solutions provider, you should know what a merchant account is and how it works? Internet credit card processing needs an account called Merchant account that can be opened for a business to receive and process the credit card. When a customer swipes his credit card through a given terminal, all the information of customer transferred securely to a processing bank. The bank which is responsible for this process checks the customers account information whether the required credit amount is available in customers account or not. And if credit amount is available, then they deduct the appropriate amount from the account. If there is not enough credit amount available, then card is rejected to process further and terminal screen displays message regarding problem. If the credit is available, then the money is transferred to merchant s Account within 48 to 72 hours.
In this process, bank also checks the status of the credit card i.e. whether card is not reported expired, theft or lost. If any of these problems occurs, transaction immediately rejected.
How to settle Your Retail Storefront?
When you are going to settle your Retail Storefront before taking the services of a merchant account provider. It is very important to decide where exactly you want to install the credit card processing equipment. Some of the aspects to decide where to install credit card processing equipment are:
1. Need of customer friendly access terminal
If you are going to accept debit cards, you need to install PIN Pad. In this case you require a terminal called PIN Pad to enter the pin or password.
2. Speed of Credit card processing
When it comes to the speed of processing, Customers never wish to wait that s why place your terminals in the easily accessible area of your shop. Because of your service turns a new customer in to a permanent one.
3. Installation of telephone jacks
and always makes sure that terminals should be placed near to telephone jacks for connection. Ask your local telephone company to install jacks where you will be installing credit card processing equipments.
4. Types of equipments Available
Always try to go for all in one terminal instead of separate equipments. As per your requirement you can choose the equipments from wide range of verities available. E.g. All-in-One Terminal/Printers, Printers, POS Software, Wireless Terminals/Printers, Pin Pads, Terminals, Check Readers etc.
Michael Braganza is an eminent analyst and writer in Software and Technology related topics. He has authored many books on Technology and <a href="http://www.themerchantsolutions.com/">Online Merchant Account</a> like <a href="http://www.themerchantsolutions.com/services.htm"> Merchant credit card services</a> Now he is rendering his services to http://www.themerchantsolutions.com/
