Merchant Account Providers

2007-04-17 10:41:55

( Business )



A merchant account, also known as payment or credit card processing, is an account that allows you to accept payment cards in business transactions. Your customers can purchase your goods and/or services using their credit cards, debit cards, gift cards, and others kinds of electronic payment.

A merchant account may either be low risk or high risk. Low risk merchant accounts are applicable for any usual kind of business. High risk merchant accounts are applicable for high risk businesses such as casinos or lotteries. Also available are off-shore merchant accounts for off-shore companies, and sub-merchant accounts.

Merchant account providers allow you to own a merchant account. They also help you in processing your clients’ credit cards, so that you can get paid for your goods or services.

Merchant account providers offer a wide range of services. These include:
• Point of Sale (POS) equipment rental. These equipment are terminals that can process your clients' payment cards. These terminals may either be fixed or portable.
• Purchase with cashback. Cashback permits your customers to get cash from the register during the business transaction. The amount they get is then debited to their account. This service increases the number of your clients and promotes impulse buying, which is beneficial for your business.
• Ecommerce business solutions. If you are a part of an ecommerce company, this service will allow your consumers to purchase your offers online, while you receive their payments at regular intervals.
• Anti-fraud measures. With this service, merchant account providers are able to promote security for both you and your customers.

A fee is charged for every time that the merchant account is used. As part of an ecommerce company, this amount is dictated by your ecommerce host, which they base on Interchange, or the base rates dictated by the leading international credit card companies. There are different rates affecting merchant accounts, including qualified rate, non-qualified rate, transaction fee, authorization fee, and chargeback fee, to name a few.


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