Credit Card Merchant Account. Why You Must Have One.
Businesses across the globe have got credit card merchant accounts through Quadrapay partners. To excel in the online sales business, you must use this payment processing solution. This article will talk about different kind of credit card merchant accounts. We will talk about various benefits of using a credit card merchant account.
What Is A Credit Card Merchant Account?
A credit card merchant account is very much like the business bank account. With this kind of account, the merchant cannot accept cash and check transactions. Businesses can receive credit and debit card transaction. It is a particular purpose bank account, and it is not available with all the banks. The banks that offer credit card solutions are merchant acquiring banks. Credit card merchant accounts are of different types. Let’s understand various types of credit card merchant accounts.
Credit Card Merchant Account – Card Present
It is the most common type of credit card processing solution used across the globe. We are talking about Retail Credit Card processing. It is common to find businesses around the world using credit card swiping machines. Merchants access the credit cards in-store. He swipes it over a credit card swiping machine. Such a transaction is a card present transaction(CP – Transaction). For this, the business requires credit card terminals. The company also needs a card-present credit card merchant account.
Credit Card Merchant Account – Card Not Present (CNP)
It is the second most common scenario for Credit Card processing. It relates to online Credit Card processing, virtual terminal, and moto transactions. The customer visits the merchant’s website and makes the selection of the product. After choosing the product, the customer clicks on the checkout button. The customer finally types in the credit card information on the merchant’s website. It is a typical example of a card, not present transaction.
Some acquiring banks may offer virtual terminal with online credit card merchant accounts. With virtual terminal, merchants can collect the credit card information from the customer. The merchant submits the same info to the merchant center. Please note VT and MOTO options are usually not given to high-risk merchants. Most of the times High-risk merchant accounts come only with API or pay by email option.
How Can You Apply For Credit Card Merchant Account?
To apply for a credit card merchant account, you will have to send your application to Quadrapay. Quadrapay will check your application and also look at your website. Our team will suggest you the best-acquiring institution with the most affordable rates. We will also request you for more documents. These are the KYC documents. We will send the entire set of documents to the acquiring institution or PSP. The acquiring institution usually takes few days to get back to us. Once we get the pre-approval, we let you know about the next step. In most of the cases that accounts approved within 2 to 4 working days. After approval, we will assist you with the integration process.
Website Compliance For Credit Card Merchant Account.
Let’s look at some website compliance requirements for online credit card merchant account. Website compliance plays a critical role in the approval of your merchant account. If a website does not follow the compliance, then applications may fail. To reduce the chances of application rejection, we will suggest you these.
Put an SSL certificate on your site. The SSL certificate secures the transaction information.
Update all the products and services on your website. The features and specifications of all the products should be visible.
Terms and condition, privacy policy, refund policy and disclaimer pages get updated.
Your phone number, email and your business address should also be on the contact page.
Your site should resemble the exact business model in which you are.
We do not support miscoding. It means merchants should not display a different business model then what they do.
Offshore Credit Card Merchant Account
Offshore credit card merchant accounts are usually popular among high-risk merchants. These merchants generally face critical challenges in getting national credit card merchant account. A local bank or a Local payment service providers may decline these applications. The high-risk merchants can apply to offshore payment service providers. These accounts are expensive than the domestic solutions. At least they give an option to the merchant to process credit cards. Most of the time these accounts only offer API and pay by email facility. If merchants risk profile is right, then he may get Virtual Terminal. Offshore payment service provider does not provide immediate settlements. They will put 1-2 weeks arrears on the payout.
Domestic Credit Card Merchant Account
A local bank or local PSP offers this kind of account. If the merchant and PSP are from the same country, then it is a domestic relationship. Most of the times local processors in the United States will offer VT and moto. The biggest challenge for the high-risk merchants is the monthly volume capping. Most acquirers will limit the monthly sales volume from $20,000 to $25,000 per month. Merchants from various Industries find this limit to be small. It is the reason why many merchants prefer to have many merchant accounts.
How Quadrapay Can Help With Credit Card Merchant Account.
Quadrapay has already developed a massive range of partnerships with PSPs. These PSPs are from North America and other parts of the world. We will be happy to check your website and application. After the evaluation, We will send your details to a reliable processor. They will look at your app. Once your account gets approved. Quadrapay team will get back to you so that we can offer you technical help for the integration process. We will suggest you different alternative modes of payment processing. These alternative modes of payment modes include ACH, Electronics Check, Check22 solutions. To reduce chargeback ratio, we can also assist you with a reliable CDRN service provider. Contact us for detailed information about credit card merchant accounts. Send us an email on [email protected], and our team will be happy to assist you.
