Here are some examples of what you will find online when you go for information on your merchant account.
Once you have typed in the correct web address, you will be prompted to enter a user name and a password. If it’s the first time, then you will be prompted to set one up and most will send you an email to verify that you are you.
When you open the window, you should see the name of your merchant account and a short welcome message. You may encounter encouraging words such as “it’s fast, it’s easy, it’s secure.” These are all good things to know! A typical description of your online website might also state that you will find herein all of the info you need to manage your electronic payment activity.
Filed under Merchant Account by on Oct 9th, 2011. Comment. 
When you sign up with a company to process your credit cards, they will tell you about several options for a credit card machine. The most well-known option is the small unit which will accept the swiping of a credit card, or it will accept the punching in of all of the numbers on the customer’s credit card. It can also be used to refund money to the customer. At the end of the day it “settles” the account, giving you the total for the sales and the number of transactions that went through.
Some credit card processors provide this terminal for you free of charge – others may charge up to $200 for it, and still others may lease them to you for a monthly fee. Make sure you ask!
Filed under Merchant Account by on Oct 6th, 2011. Comment.
If you ask someone at your particular bank, he will no doubt tell you that your best bet is to use them for your merchant account. Of course, he will also tell you that your best option for a mortgage or a business loan is their bank, as well as your checking and savings accounts and employee credit cards.
Perhaps you can see the point already. Banks have gotten extremely aggressive in the past ten years, with even the tellers pushing their “products” at every customer.
So what should you do? Just like every other expenditure, you need to do a little research. Maybe your bank will give you a special deal because of all the business you are doing with them. But maybe another bank will give you a better one to come on board.
Filed under Merchant Account by on Oct 5th, 2011. Comment.
Credit card payments have become the primary mode of payment here in the United States, and in Canada. But there are still stores and restaurants with signs posted that say, “Cash only.” Their fear of accepting checks and their distaste for paying a fee for accepting credit card payments hold them back from moving into the 21st century’s primary mode of payment.
But what that cash-only restauranteur doesn’t understand is that he is drawing fewer customers to his place because there are many, particularly in the under-30 age bracket, who will avoid such a place because they prefer the convenience of using their credit or debit card. Especially if a group is going together – the chances are pretty slim that every person in the group will have cash, whereas it’s nearly universal that they will all have a credit or debit card with them.
So, if a business owner gets even 50 extra customers in a week, he will more than make up for the 2-3% that he shells out for the credit card processing company.
Filed under Merchant Account by on Oct 1st, 2011. Comment.
There is a lot of valuable information on the Merchant Billing Statement that you will receive each month. You will need to compare everything on here with your accounting software, reconciling your merchant account in the same way you do your bank statement.
It’s beneficial to know the exact number of sales and returns that came through your business, and to subtract the latter to realize your net sales.When you see the net sales and look across the column to see dollar amounts that have come in, then you’ll be in a good frame of mind to look over at the next column and see the fees. While they might look like a huge expense, bear in mind that you probably wouldn’t have had many of those sales if you didn’t take a credit card.
Filed under Merchant Account by on Sep 29th, 2011. Comment.
At first sight a merchant billing statement might be a scary document to peruse. But as you take it apart, bit by bit, you’ll find that it’s a very complete record of all of the activity that took place last month in your merchant account.
Under the Fee/Charges category you will find a listing that goes something like this: Visa/MC/Discover Processing Fees, followed by a Summary of the Fees, which is the total that was charged. Next there are Card Association Fees, followed by Authorization Fees. After that you may find “Other fees” and then a Total of the Charges and Fees.
This is the section that you will want to study and analyze. Not every merchant account charges the same percentage and not all have each of the above listed fees.
Filed under Merchant Account by on Sep 27th, 2011. Comment.
A few years back an Oldsmobile commercial said, “This is not your father’s Oldsmobile.” The same could be true with your merchant account. No longer do you need to have a credit card terminal at hand. No longer do you even need to have a computer at hand.
With the advent of smart phones and i-phones, a mobile processor can turn a mobile phone into a credit card terminal without any extra equipment. Just imagine being able to close a sale completely at the site! Your merchant account can now go fully online with complete portability.
The best news is that it is not only quicker, it is also as safe or even safer than the old paperwork because the credit card number gets translated into a different account number along the way.
Filed under Merchant Account by on Sep 21st, 2011. Comment.
It’s really important to compare several processors before you decide where to open your merchant account. Of course, price is going to be one of the biggest factors, but customer service really matters too, especially if you need a problem solved right away.
But another crucial aspect to consider is the speed and efficiency with which the transactions are processed. Some companies take up to four days to get the money from the customer to your bank. Some may be able to do it in three. That one day can make a difference if you are waiting on funds to get the project started, or if your landlord is standing there looking for his rent.
When you interview various providers, be sure to ask about turnaround time.
Filed under Merchant Account by on Sep 19th, 2011. Comment.
“Do you accept credit card payments?”
It’s a pretty common question these days. A prospective customer will make a phone call to a plumber or an electrician or even to a doctor’s office and ask. Sometimes it will be one of the deciding factors in whether the customer will hire that company or physician’s practice.
It’s just a fact now that most people don’t want to stuff their wallets with cash, and they find the little plastic cards more convenient than writing a check. Besides, most of the time with checks they have to record their phone number on it, dig out their driver’s license for identification, and take the time to write in all of the information.
People are all about the convenience these days, especially when they shop.
Filed under Merchant Account by on Sep 18th, 2011. Comment.
There are a lot of factors besides cost to consider as you decide on where to open up your merchant account. How much is Provider A going to charge you compared to Provider B or Provider C is important, but it is not the only issue.
Another factor that you need to consider is service. Some credit card processors may only provide online assistance. They may even say right on their assistance page that they will get back to you in 24 hours. If you cannot call your provider and talk with a real live person on the phone when there is an immediate problem to solve, then you might want to sign up elsewhere. If a customer is waiting and puzzled about why his card didn’t go through, you need quick answers.
Filed under Merchant Account by on Sep 16th, 2011. Comment.