Merchant Account to Accept Card Credit Online

Open a Merchant Account to Accept Card Credit Online

It is easy to open a merchant account to accept card credit online. Some basic information is required of all applicants which includes:

• Business name
• Business address
• Tax identification number
• Owner’s name
• Owner’s address

There are many online banking institutions that make it very easy to fill out your application online. Many of these banking institutions offer application processing 24 hours a day, and you may be approved within a few hours. Check out these online merchant account processors that offer online applications from small business owners:

• Advanced Merchant Services
• Capital One
• FDIS International
• Google Checkout
• Pay Junction

Check out the various online merchant account offerings before you apply. Many financial institutions charge an application and acceptance fee. The credit card processing rates per transaction also varies from bank to bank.

Processing Credit Card Transactions

Fees

Depending on the type of business you own, the costs for processing your credit card transactions may vary. For example, if you primarily swipe transactions from a credit card at a terminal in your store, the fees may be lower. In person transactions are considered less risky for banks to process. Your fees may be higher if you primarily do business on the Internet and take credit card information from individuals that send their orders to you electronically. The majority of credit card fraud occurs online and this is why the fees for these transactions are usually higher.

Credit Card Terminals

Whether you own a store or do business while traveling, you have a choice of terminals- either wireless, portable or point-of-sale terminals by your register. It is important to wait to purchase one of these terminals until you know which ones your financial institution accepts. Wireless and POS terminals need to be programmed by your financial institution before they can be used. Portable credit card imprinters are rarely used these days, but they can still be found by merchants who travel while doing business, such as those who sell products at festivals and flea markets.

Major Credit Cards

The major credit card that you accept depends upon your application for a merchant account to accept card credit online. Some online applications for a merchant account include Visa, MasterCard, Discover and American Express. Be sure to read the application entirely to determine which cards are included with your application. If the application online includes Visa and MasterCard, you will need to apply separately with Discover Card and American Express. This can easily be done on their websites. Applications for Discover Card and American Express are usually approved within a week.

Merchant Account Statements

Financial institutions that offer merchant accounts usually send a paper copy of your account statement each month. Many also offer online account services to help you manage your account in real time. Small business owners may also be able to download account information to their business accounting software to make paying taxes easier.

Monthly Fees

In addition to paying per transaction fees, there is usually a monthly fee charged for maintaining your merchant account. Be sure to read the fine print regarding all monthly fees before choosing a financial institution to handle your credit card processing.

Conclusion

Before you apply for a merchant account, consider the type of business that you own and the transactions you are likely to process. The fee structure for transactions varies, depending on whether the transactions are done online or in person. Small business owners must also consider what type of processing terminals they need and order them once their merchant account applications are accepted. Consider whether you wish to accept Discover Card and American Express transactions and find out whether this option is included on your merchant account application. Finally, shop around for the best rates before you apply. The lower the rates are, the more money you’ll keep in your own pocket.