Quadrapay Assisting Businesses With Online Merchant Accounts
E-commerce businesses today are flourishing, and the field has been witnessing a rapid expansion for quite some time. Those planning to start their e-commerce stores today need to familiarize themselves with a valuable tool required for operating e-commerce businesses. Make a guess which tool it can be. You guessed it right perhaps. We are talking about ‘online merchant accounts.’ Does it sound familiar or maybe it doesn’t? Do not worry. The article below will provide you with an in-depth analysis of what a merchant account is, how it operates and functions, the critical features, etc.
What is an ‘Online Merchant Account’?
Let us begin with the basics of online merchant accounts. Try to ask yourself the following questions as you decide to open an online merchant account:
- What exactly do you plan to sell?
- Do you plan to accept card payments in person or you will operate only online?
- What would be the average product cost?
- Can you guess the most expensive product that you would sell?
- You warehouse the product, or it is the supplier that drop ships the product for you?
- Do you have a website that also has an SSL certificate?
- Can you calculate the average monthly transactions to the total?
The above questions are critical for a merchant account service provider as this would help them identify and calculate the risk that you would be exposing them to in case you decide to pack off the shop and close your business. Certificates like SSL, on the other hand, ensure that the online information provided by the customers is safe from hackers and such. Now let us go back to highlighting the critical facts related to online merchant accounts.
Business Bank Account To connect With Online Merchant Account
A business operating, or planning to run, e-commerce business would require an ‘online merchant account.’ An online merchant account also ensures that the customer or the buyer has sufficient money in her or his bank account to pay for buying a product from a particular seller or merchant. The funds received in an online merchant account is then transferred to the business bank account. Transactions to business bank accounts from online merchant accounts are done usually on a weekly basis.
Online merchant account not only processes and authorizes the payments made by customers through their cards but also sometimes provides a safe and secure business ID and password for all payment services. An online merchant account can thus also be described as a liaison between a retailer, merchant bank and the payment processor. Payment processor or web payment software is an easy-to-use solution for making credit card/debit card and such other transactions. Web payment software also provides competitive pricing to let businesses increase their profit margins.
An online merchant account is an easy to manage and a flexible tool because one can track here conveniently each transaction as well as operate efficiently, through multi-currency service, in many counties. Some of the critical features that an online merchant account offers are stated below:
- The major credit cards are accepted.
- Authorized and real-time processing payment gateway.
- Access to hundreds of shopping carts & software systems.
- Availability of Echeck processing.
- Availability of ACH processing.
- Online reporting and real-time transaction management.
- Deposition of funds within 48 hours into the checking account of your choice.
Applying for an Online Merchant Account
Now that you are quite aware of what an online merchant account is, remember that the first step to obtaining such an account would involve a cross-check of your credit and also ensuring that no adverse actions has so far been taken against you from past merchant account service providers. It can thus be considered mandatory to maintain good rapport with merchant account service providers to establish long-term prospects of obtaining future merchant accounts. The entire application process takes around one to three days, and for the first few months, there will be a limit on the volume you can process. This is also the period when you prove your worth and reliability to the service providers. Your online store will begin as soon as the application process is complete.
- Setting Up Your Store. Completion of the account approval process means that you are ready to set up your virtual terminal and API. It a simple process which involves entering your MID and TID numbers provided by the merchant account service providers into the shopping cart software used by your website. As soon as the shopping cart gets attached to the merchant account, one can begin the sale of products to its customers.
Quadrapay and Online Merchant Accounts
Quadrapay, a fast emerging merchant service re-seller company. As an agent to well-known processing companies, we provide assistance to businesses in finding cost-effective merchant account solutions for almost every industry type. It is a rapidly expanding company and offers its services to even merchants from few high risk industries. With one real aim- to provide its customers with accessible and safe credit, Debit, Echeck and ACH processing tools. Our processing partners offer multi-currency gateway and cater to requirements of businesses in over 50 nations.
The team at Quadrapay works hand in hand with its customers to assist in getting low and high risk merchant accounts. The processing solutions or, to be more specific the credit card processing solutions are well equipped to deal with challenges such as bad credit score of business owners, cross-border transactions, startup businesses with no previous processing experience, very high monthly sales projection, high ticket size and items, high chargeback to sales ratio. We also specialize in off-shore online merchant accounts as domestic banks and processors avoid handling high risk merchants. The strict and stringent underwriting guidelines are the biggest hurdles in obtaining such an account from an acquirer or local bank. Quadrapay provides reliable assistance in such cases also.
To apply for an Online Merchant Account send us an email today on [email protected].