Online Merchant Account Is Needed To Excel Your Business
Every Growing Business, at some point in time, requires a robust and reliable payment solution to accept payment with ease. Some businesses may need a payment solution for their retail shop or Brick and mortar or for their online eCommerce site. In any of these cases, businesses require a merchant account. Though a merchant account is directly related to business, it should be chosen wisely. Businesses sometimes find it challenging to get a merchant account that meets all their requirements. The approval of a merchant account may be troublesome for high-risk businesses. Well, it’s not troublesome to get one of the Best Online Merchant Account. The benefits of a merchant account are that it’s not just an account, but it comes with multiple merchant services beyond only a holding account itself.
Which Online Merchant Account Best Suits Your Business?
Not all businesses require the same merchant account because every business has a different requirement and risk factor. The payment processor based on the risk factor classified the businesses into a high or low-risk category. Let’s discuss the different merchant accounts.
- High-Risk Merchant Account: The merchant account is suitable for those businesses which are labelled as high risk by the processor or acquiring bank. There are several factors which classified the business as risk-oriented—likewise a business with high average monthly volume or chargeback ratio greater than 1%. The businesses who are doing cross border transactions are also seen as risky business. The businesses which come under these factors require a high-risk merchant account.
- Offshore Merchant Account: These are the merchant accounts different from your business country. When a merchant requires an account in a different country, he is qualified for an offshore merchant account.
- Low-risk Merchant Account: Same as a high-risk merchant account, if the risk associated with your business is lower as estimated by the processor, the businesses qualified for a low-risk merchant account. The merchant account is easy to get, and the fees associated with it are lower as compared to the high-risk merchant account.
- International Merchant Account: When a business wants a multi-currency payment solution, an international merchant account is best for them. The merchant services help to accept payments from foreign countries.
How Business Process Payments Through Online Merchant Account
With an online merchant account, you have the power to process most of the payments across the world. A merchant account comes with several merchant services, and based on the needs of the merchant, they get an integral solution. Do you want a POS System or just a portable credit card reader? Does your business require a virtual terminal solution or a payment gateway for your eCommerce website? You will get everything with bundled merchant services based on your business needs.
- Credit Card Processing: Most of the business requires a credit card processing solution to process credit/ debit cards. Some businesses are required to process credit cards on their retail shop, and some may require to accept credit card payments through their eCommerce site. Accepting payments via a credit card is the most vital need of every business, and if a business fails to offer a convenient payment processing solution, the business may lag behind with their competitor. With a credit card processing solution, a merchant can accept both ‘card-present’ and ‘card-not-present’ payments.
- eCheck/ACH Processing: eCheck/ACH processing are most common in the US, and most of the business requires a processing solution to accept eCheck/ ACH payments.eCheck and ACH payments are withdrawn directly from the customer’s checking bank account. Therefore to process eCheck/ACH transactions, a merchant needs the customer’s bank account number, routing number and bank name. The payment gets processed through the ACH network, which binds all the financial institutions or banks across the nation.
How To Get An Online Merchant Account
Before applying for the merchant account, ask whether it is essential for your business? If the answer is yes, you need to decide what merchant services are required for your business? Maybe your companies may require a credit card processing solution for a retail shop or for your Website. In fact, many companies need even both. If you are not sure what merchant account best fits for you, we can do this for you.
To start with the process, you need to fill out the pre-approval form, and once we receive your form, our experts decide which merchant account is suitable for you. Once you are satisfied with the solution, we will then proceed with the KYC and onboarding process. Once the processes complete, you will be ready then to accept payments seamlessly. Our customer service is there for you, 24×7.
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