6 Essential Questions for Selecting Merchant Services
All small businesses require some form of payment processing. The most important issue is to understand how to select merchant services that can have impact your sales revenue and profit.
1: What are merchant services?
2: Who offers merchant services?
3: Which type of company is best for a small business owner?
4: Is a merchant account required to accept credit cards?
5: What is required to begin payment processing online?
6: What are other ways to accept credit card payments?
Merchant services enable you to process credit card payments from your customers. It's a special account tied to a credit card processor that works with your customer's bank to help route payments into your bank account.
Merchant services are provided by specialized companies called merchant service providers or independent sales organizations that offer payment processing. Another source for setting up merchant accounts is financial institutions.
One option is to contract with companies providing payment processing on your behalf. Their prices are higher from taking a larger percentage of the ticket price. All credit card providers charge your small business a percentage of each credit card payment received. If you are considering selling on the Internet, a merchant account provides a better professional image.
If you allow a third party company to process your payments, you have to put your order form on the payment processing site.
To begin payments processing you need the following:
Secure Server with Certification
Order Form
Gateway
Shopping Cart
Merchant Service Account
Another way to collect credit card payments on the web is called deferred payment processing. The customer inputs all data and you receive the data manually. With deferred processing, the data does not go through the gateway. One advantage to deferred processing is the ability to inspect all orders and correct them. Deferred payment processing can be time-consuming especially if you have hundreds of orders per day.
Source: http://sbinformation.about.com/cs/technology/a/paymt.htm
1: What are merchant services?
2: Who offers merchant services?
3: Which type of company is best for a small business owner?
4: Is a merchant account required to accept credit cards?
5: What is required to begin payment processing online?
6: What are other ways to accept credit card payments?
Merchant services enable you to process credit card payments from your customers. It's a special account tied to a credit card processor that works with your customer's bank to help route payments into your bank account.
Merchant services are provided by specialized companies called merchant service providers or independent sales organizations that offer payment processing. Another source for setting up merchant accounts is financial institutions.
One option is to contract with companies providing payment processing on your behalf. Their prices are higher from taking a larger percentage of the ticket price. All credit card providers charge your small business a percentage of each credit card payment received. If you are considering selling on the Internet, a merchant account provides a better professional image.
If you allow a third party company to process your payments, you have to put your order form on the payment processing site.
To begin payments processing you need the following:
Secure Server with Certification
Order Form
Gateway
Shopping Cart
Merchant Service Account
Another way to collect credit card payments on the web is called deferred payment processing. The customer inputs all data and you receive the data manually. With deferred processing, the data does not go through the gateway. One advantage to deferred processing is the ability to inspect all orders and correct them. Deferred payment processing can be time-consuming especially if you have hundreds of orders per day.
Source: http://sbinformation.about.com/cs/technology/a/paymt.htm
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