Posted by: Merchant Digital

High Volume Merchant Account

When your business grows to the point where it is ready to move into the electronic age, you should give some thought to opening a high volume merchant account to expand your company’s potential. A merchant account will allow you to partner with a local bank or another financial institution to provide credit card processing payment options to online customers through the company Website.

Creating a high volume merchant account will let you increase operating capacity to process exponential numbers of customers and credit transactions. You won’t have to worry about keeping correct change on hand at all times, nor will you have as many bad checks to chase after. Your customers won’t have to look for an ATM and pay extra usage fees to get cash when they wish to shop at your company’s physical location or online Website. You can hire fewer people to accept payments since your electronic equipment will be able to do that for you. In a short time your profits may soar as operating costs dwindle.

To apply for your high volume merchant account, first find a bank that offers this service. It need not be in your area, as you can now do most banking tasks online via the Internet. You will probably want to open your merchant account in a country that is economically stable. One with U.S. bank branches might be particularly useful in helping you open a high volume merchant account, since many U.S. banks enjoy a highly esteemed international reputation. Whether you apply online or in person, you will need to show proof of your citizenship and your company’s country of operation. You must show that your business does not involve illegal, and in some cases, immoral activities like pornography, gambling, pharmacy, and telemarketing initiatives. Generally, there are no limits on volume, so even if your credit card processing unit brings in far more profit than anticipated, you need not worry about being charged extra fees, although you will have to clarify this up front.

Your application for a merchant account could be approved in a day or two, which means you could start accepting credit card payments in a couple of days. Of course, you will need to select the type of credit card processor that you want to use either at a physical location or via your online Website. You may want to use a wireless processor for employees who travel from one site to another. Your high volume merchant account will be ready for business promptly to ensure that payments can be processed right away for your customers’ convenience and your company’s profit.

Many entrepreneurs, company owners, and managers find it exciting to expand their operations to include credit card processing options so that customers can shop night and day, 24/7. Start browsing online banking sites or community financial institutions that can provide this opportunity, and carefully read the conditions and terms for each institution before you choose one and apply for your high volume merchant account.

   Posted by: Merchant Digital

Best Credit Card Processing Rates

Everyone goes into business to make money, so why spend more of your profits on expensive transaction fees, Website maintenance, service agreements and high credit card processing rates? When you take time to shop for the best deals, you can save quite a bit of money that can be used to good purpose in other parts of your business. Start shopping for the best credit card processing rates and open a merchant account.

You will first need to find a reputable bank or credit union that will agree to extend a merchant account to you for this purpose. To get approved, you will need a solid credit history, a reasonable business plan, and documentation to show that you are able to manage the costs associated with credit card processing rates. Typically, these include an installation fee for credit card processing equipment, a monthly gateway fee for your financial host, a transaction fee of a few cents per each or an overall percentage total each month. You also may be offered Website service that will entail a hosting fee, a service contract cost, and a designer’s or updating service fee. Be sure to carefully read the terms of any contract that you receive. Never sign something that you don’t understand or with which you cannot completely agree. Your company may have to pay for a monthly minimum up to a certain number of transactions, after which the balance for that month do not require additional fees.

Credit card processing rates can vary by company or by processor program. Some companies charge no installation fee, while others require a one-time cost of a few hundred dollars, depending on the program’s complexity. You may have to pay between 15 and 25 cents per transaction, or you could opt to pay a monthly percentage for the entire amount of business generated by your credit card processing unit; this amount often falls below 2%.

It is always a good idea to compare rates among competing financial institutions. If you really like the services offered by one merchant account company but prefer the lower rates of a second company, tell the first one about the competitor’s lower rates, and perhaps the first company will meet or beat the lower cost in order to get your business. At first, you may want to keep the customer’s interests in mind when shopping for credit card processing rates. In other words, passing on the savings of a particular program to your customers will keep them coming back to do business with you. If your rates are too high or not competitive enough, they may decide to take their business elsewhere.

As you plan to set up your new credit card processing service rates, it may help to let them know in advance that this program is coming so they can prepare and perhaps even help to get the word out to other potential customers. Then, after installing your new credit card processor, you should not hear complaints that anyone was blindsided or treated unfairly. If someone does complain, politely remind them of the earlier notices.

When you are ready to start processing credit card payments, don’t be tempted to go for the option with the most features or the most sophisticated set-up. Opt for a system that will best suit your company needs and your customers’ interests, as well as offering the best credit card processing rates.