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Accept credit card merchant account

Internet Merchant Accounts

An internet merchant account is the basic requirement to start accept credit card merchant account payments on your website. Usually you will have to apply for an internet merchant account either with an acquiring bank or a financial acquirer which has been authorized by the credit card companies.

Apart from accept credit card merchant account they may sometimes have other types of payment solutions for your online business. There are advantages and disadvantages of every online payment system or any other method of credit card processing, and a good business decision is always taken after considering the positive and negative effects of the decision.

On a general basis, the advantages are normally in the form of the type of direct control over the payment processing system and the disadvantages are related to security, logistics and mechanics of the payment procedure.

The plus points:

Whether you accept credit card merchant account through your own merchant account or a third party payments processor, here are some of the positive effects that it will have on your online business.

1. Convenience for the customer: if a web site has the facility to accept online payments through credit cards, it makes it easy for the customer to place an order without having to go through the cumbersome process of writing and mailing checks or making phone calls to place orders.

2. Better functionality: with the credit card processor in place on your website, your website becomes more functional and it will not remain just a source for lead generation or serve as an online brochure.

3. Additional sales: the website can serve as an additional data sales channel, thus adding to your revenue stream once you begin accepting credit cards. And the best part is that your online store will generate income all 24 hours that is even while your business is closed.

4. Instant authorization: the credit card processor is fully automated and within a matter of few seconds it well process the payment and inform the customer whether it the payment has been authorized or not. This saves the business owner the extra effort required to call back the customer to inform him that the payment could not be authorized by the credit card company or get the checks deposited and wait till the time they are cleared.

5. Streamlining the payment procedure: with the use of an online credit card payment system the amount of manual work decreases, and it is better possible to organize the key procedures of the business.

The minus points:

Every technology has its own disadvantages and the same is very true for the online credit card payment systems as well. Lets take a look at some of the negative aspects of using an online credit card payment procedure:

1. Increased responsibility: with this kind of a system in place it is essential that the website is functional at all times and it is the duty of the website owner to resolve any field service issues that emerge from time to time.

2. Increased costs: tagged along with the internet merchant account come a bundle of monthly fees which can increase the operating costs for your business.

3. Fraud issues: fraudulent payments have always been associated with credit cards, and the situation worsens when it comes to credit card frauds on the internet. When accepting online credit card payments you need to be prepared to handle such fraud payments without letting such instances damage the image of your business.

4. Security issues: security is a major concern when critical information, like the credit card details, is to be filled in the web forms. Internet hackers are always looking out for opportunities to steel such sensitive information, and it becomes your duty to ensure that your website is well integrated and will not become a victim of spoof or security violation.

5. Agreements: the internet merchant accounts always come along with detailed agreements and commitment is required in terms of either the time frame or the minimum amount of dollars transacted within a period.

Finding an Internet Merchant Account

Internet Merchant Accounts are offered by a wide range of providers.

1. There are certain Acquiring banks which can directly open an internet merchant account for you.

2. Internet merchant accounts can also be had from the resellers, who can even offer you some additional related products and services.

3. Quite a few web hosting companies can also provide you with the recommendations or at times they may also be selling internet merchant accounts along with the technology as a complete package. These companies can also recommend Merchant account services which are most compatible with their hosting solution.

4. Though rarely, but trade groups and certain organizations can also get good packages for their members.

When you begin your search for a potential internet merchant account provider, we first recommend getting in touch with your local banks, keeping your existing bank as the first choice. If that doesnt help out, start looking for advertisements or get in touch with your software solutions provider or internet service provider. And if you have problems you can even have a merchant account broker assist you in the process.

But before you settle down, you must do a lot of research and comparison to get the best possible credit card processing solution for your website.

Besides an internet merchant account you may also need other components to get the whole thing working. These components can also be had from the reseller or the bank in most cases. Some of the resellers may get you a turnkey package curtailing the need to look for add-ons from outside. But surely this will come at a higher overall price, and on most occasions it is worth it. If your bank or reseller provides only limited service, then you have to get additional services from outside and it can sometimes turn out to be costlier.

Lastly, use your research and evaluation capabilities and before signing the agreement understand the terms of it clearly. Also beware of resellers and sales representative who may not spell out the fees structure at the onset.

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