Merchant account services are the services that allow you to accept credit cards as payments, both online and off, and help you handle the transaction processing. There are two types of merchant accounts a business owner can apply for. One is called an "Over the Counter" (OTC) merchant account, and the other a "Money-Order / Telephone-Order" (MOTO) merchant account. Merchant Account processing is one of the most important aspects of your business. Accepting cards can increase sales by up to 60%. Making sure your business is processing with the right company is very important. There are several factors to consider when selecting a processing provider. Here are five things to take into consideration when selecting your processing company.
1. Is the company a Registered ISO of Visa and MasterCard? Are they directly licensed by Visa and MasterCard to process credit cards?
2. What does the processing focus on? Do they focus on small business, corporations or something else?
3. What are the merchant processing company's customer service hours? A good company will offer support 24/7.
4. Merchant account processing is a service for your business. The credit card companies (Visa, MasterCard, American Express and Discover) charge every business that accepts their card a percentage of the transaction (a transaction fee).
5. What should you be paying to accept credit cards? Processing rates (frequently referred to as the discount rate) depends on the type of business and the way you run your transactions. It also depends on the type of credit card you are processing. (Ie debit card, credit card, gift card or check).
In keeping with costs, you need to look at other fees that may be required. Most credit card processing services charge several types of monthly fees when it comes to accepting credit and debit cards your main objective should be to get the best available rate and fees for your business type, while balancing that with service. A merchant account does not have to cost a lot of money. If you feel it is costing you way too much, it's time to review your monthly processing statement and look into a new provider. There are many processing companies looking for your business, when searching for a new provider, look at one that is willing to give you a no obligation rate and cost comparison. Most will simply look at your current processing statement and be able to give you a quote within a day or two.