November 15, 2011   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.

November 15, 2011   Posted by: Merchant Digital

Credit Card Merchant Account – Do you need one?

There are many reasons why a credit card merchant account may be right for your business. If your customer base is growing steadily or if you are having problems finding time to collect delinquent accounts, a credit card merchant account may be the answer to your difficulties. A merchant account allows you to partner with an acquiring bank to process credit card payments made on your company’s Internet Website. You also may wish to consider adopting wireless services as well as other electronic equipment that can help you facilitate online transactions.

A credit card merchant account is the first step toward establishing an international business presence. After the account has been approved and opened, often within a few days, you can arrange to install a credit card processing unit that will allow clients to make Internet payments at your Website. You can save thousands of dollars in human resource staffing when you rely on electronic equipment to manage some of these functions for you, including customer service inquiries, orders, payments, and other related functions. Your job may become easier than ever while profits soar to new heights. Customers will appreciate the ease and convenience of browsing your company’s products or services online at any time of the day or night without the pressure of a sales associate looking over their shoulders.

Failing to open a merchant account will thus deprive your customers of the benefits of online shopping and avoiding cash transactions. If you are unwilling to provide e-commerce options, they are likely to find other customers who already have posted credit card processors for easy shopping payments and checkout. Your credit card merchant account can put you ahead of the competition, as others will see you as an innovative leader in your field and bring their business to you instead of other entrepreneurs who do not yet have merchant accounts.

Opening a credit card merchant account is easy. In many cases, all you need do is fill out a form online at a suitable financial institution like a bank or credit union that manages this type of accounts. In a day or two your account could be approved, especially if you have a good credit history and a specific plan for operating your business so as to avoid overextending your company assets. After being approved, you could be operating under your new merchant account status within three days or so. As your company Website begins to accept credit card payments, the word will get around and you soon could be seeing unexpected high-income levels due to your merchant status as well as a growing reputation for sophisticated business practices.

Browse the many local banking institutions that are waiting to work with you to provide a merchant account that will enhance the way you do business. Then request credit card processing equipment to handle online payments from enthusiastic customers. Business has never been better for those who take the initiative to explore this exciting new way of making money by opening a credit card merchant account.

November 15, 2011   Posted by: Merchant Digital

Business Credit Card Processing – The Benefits

In developing a personal, home-based, or small community business, you may find that it will grow to the point that informal transactions are no longer advisable – this is where business credit card processing comes into the picture. You will need to upgrade your operational methods in order to provide customers with the highest quality of doing business with your company, which will undoubtedly include the benefits of business credit card processing.

Some merchants prefer to keep accounts on a cash-only basis. They believe that money transactions can be handled more quickly and accurately than business credit card processing. However, what they do not take into account is the amount of manual labor and the potential for human error that typically accompany cash transactions. That is why, as your business grows, it may be time to invest in a credit card processing system.

Inexpensive and easy to operate, a business credit card processing program will attract customers who enjoy the ease of doing business with your organization. They will not need to bring in the right amount of cash or worry about overspending. Instead, they can shop for your products and services with an easy mind, knowing that you will provide the convenience of a credit card payment system. Whether you sell used books or handmade baby clothes, a credit card payment option generally attracts more clients who are willing to spend more than the person who operates on a cash basis.

Wherever your business is headed, the going may be slow unless you decide to grow your operation with business credit card processing. Low monthly or per-transaction fees make this equipment upgrade very affordable, even to merchants who are still building a relatively small business. For example, some companies require a small monthly gateway fee of perhaps $20 to $25 or so in addition to a small rate per customer credit card transaction. You may have the choice of paying perhaps 1.5% or 1.75% or 15 to 25 cents for each swipe of the card. Some companies don’t even charge installation fees. A simply monthly statement reflects the amount of business your new system is bringing to the company. If after a few months you feel the program doesn’t work well for your operation, you can always stop using it and go back to the old way of doing things.

You can set up a retail credit card processing program using a swiped card method of processing payments. Or you can use MOTO for mainstream commerce. There is even an e-commerce option when you are ready for the next step. Most systems are compatible with numerous quality banking platforms for safe, easy processing. It is important to work with a credit card processing company that you can trust. Find one with a solid reputation for quality business dealings. Get in touch with staff members to ask questions and learn more about the equipment, service and maintenance, as well as possible benefits and problems with a credit card processor. Only then should you consider signing a contract for the valuable and exciting services provided by a business credit card processing program.