Online Merchant Account Providers And FAQ That A Merchant Should Know

Start Accepting Payments With Top Rated Online Merchant Account Providers

If you are in business or put your first step towards the retail or online business, you need to have a solution that allows you to accept credit card payments. Accepting credit/debit card or online payment is crucial for your business. With the increase in popularity of online payments and mobile technologies, customer expectation is driving new payment use cases. The payment use cases such as in-store payments with mobile devices, payment with contactless cards, online payments via card, bank account or wallets are in-demand by the customers. But how does a merchant be able to adopt these new payment use cases? Well, the Online Merchant Account Provider is the entity also sometimes known by payment processors that can help you to opt for one of the best merchant services for your business. There are a variety of new terms in the payment industry that you will get familiarize in this article. Stay tuned to understand more about merchant service providers and how a merchant can decide which one is best for him. Keep Reading!

What To Consider While Looking For Online Merchant Account Provider?

  • Pricing And Rates: Many processors in the industry attract merchants with a lower pricing model. But their rates may dramatically increase after a short while. There may be hidden charges which providers not disclosed at the time of contract. Always choose a processor with transparent fees and reasonable rates.
  • Integration: Not all the payment solutions can easily integrate with your existing technology stack. Choose a processor who is up-to-date with the latest technology and can provide you with a solution which gets easily integrated with your eCommerce site, POS System or with your accounting software.
  • Contracts: Some payment processors may offer you a long term contract with maybe lower fees. It is recommended to choose a merchant account provider with a month-to-month agreement. It helps a merchant if whenever he finds a better deal elsewhere, he has the freedom to terminate the contract anytime after the end of the month.
  • Hardware and software Assistance: A merchant account provider should fulfil all your needs like hardware credit terminal or customized POS software for your business needs. A good processor can help you with all your business needs.
  • Security: Security is very crucial in online payment processing. Every transaction must be captured and handled securely. Merchant solutions should be PCI compliant and strictly follow PCI-DSS standards when handling and storing payment information.
  • Customer Service: Customer support is always our priority, and we do follow our priority and set goals strictly. We help merchants with 24×7 customer services with our full care and support.

FAQ- Merchant Account Providers

What Is A Merchant Service Provider? A merchant account provider is an entity or the financial institution who can provide varieties of merchant services. The essential merchant services include merchant account, credit card processing or payment gateway. POS System, Virtual terminal, shopping cart, Mobile credit card processing, eCheck/ACH processing, Business Funding, Fraud Protection Tool And chargeback alerts services are the additional services that can benefit a merchant.

Are There Any Standard Transaction Rates For Merchant Services? Usually, the merchant account provider doesn’t set standard transaction rates. There are usually three pricing models used by the processors or providers.

  1. Flat-rate transaction fees
  2. Interchange-plus transaction fees
  3. Tiered transaction fees

What Are The Fees A Merchant Is Liable To Pay For Merchant Services? Merchant services have a variety of fees that a merchant is liable to pay. The fees are not always the same with all the processors. It varies depending on the provider you choose or services you opt. The below is the list of fees but not mandatory as the fees are processor driven. Our processor may not charge you anything for application or integration, and even merchants have not to pay any termination fees if he is in a month-to-month contract.

  • Application Fee
  • Setup And Integration Fees
  • Monthly Charges
  • Discount Rate
  • Per-Transaction Fees
  • Cross-border Fee
  • Account Termination Fee
  • Hardware Fees

How To Get A Merchant Account? Getting an online merchant account or merchant services is not a slam-dunk process. All the merchant has to do is to fill the pre-approval form available onto our website to get started. We will get back to you with one of the best merchant services based on your business requirement. Our global partnered processors review your application and estimate the risk associated with your business. We will help you to onboard based on the risk estimation. If in case, your business is categorized as high risk, it does not mean that your application is rejected, you will be onboard with a high-risk merchant account. The Onboarding process is so easy and hassle-free. Apply today to get started!

Get in touch with us at [email protected].
Happy Processing!!!

Suggested Reading

  1. Misconception Solved Between Merchant Account And Payment Gateway
  2. Everything To Know About A PSP Merchant Account