Credit cards are used as forms of payments now more than ever. There are also more online businesses and most of these businesses accept credit card payments. Therefore, protecting your online business from credit card fraud is vital. For businesses that are offline, the challenges of accepting credit cards as payment can be the same. Fraud is such an ugly word and we want to avoid it at all costs. Thankfully, there are steps you can take, whether your business is online or offline, that will help to eliminate your risk of being a victim.
Steps For Online Business Owners
Although most consumers think being a victim of credit card fraud, particularly when purchasing a product online, it is actually much more likely that the merchant will be the victim rather than the consumer. Here are some tips to help you avoid this.
First, always verify that the address the consumer has given you is correct. Your merchant account probably offers an Address Verification System that will verify that the address you have been given matches the billing address of the cardholder.
If you're shipping a product to a consumer, make sure the shipping address matches the billing address. If it does not, you probably should investigate the transaction.
Be leery of unusual orders. Since a thief would have no idea of the consumers purchasing history with you, if something gets ordered that is completely out of the ordinary check it out. Phone the customer if you can. Even if it's legitimate, they should be grateful that you called.
Take as much information from the buyer as you can when they are filling out the order form. In addition to their name, address, and telephone number, ask for the name of the bank that the card is issued from as well as the 3 or 4 security digits that all cards have now.
State on your web site that you have anti fraud devices in place and operating at all times. This will give the thief pause before entering your web page.
Steps For Offline Business Owners
Since you are actually going to see the person that is trying to use the credit card, your chances of being a victim of fraud are diminished, but problems can still happen. Here are some tips to help protect you and your business from credit card fraud.
Never take a credit card without getting identification. Check the name and signature to see if they match. This will not offend most customers who are on the up and up. Most will even be grateful.
Check the credit card for forgery by knowing what characteristics are found on legitimate cards. Many cards now contain a hologram that changes color in the light. Check the signature panel to make sure the signature cannot be erased. If it can, it's fake. Look for the magnetic strip and make sure it is intact.
You should also use the Address Verification Service. This will help you as well.
Retail Merchant Accounts - Do You Need One?
Some entrepreneurs are satisfied with making a certain amount of income and have no wish or plan to grow their business with a retail merchant account. Others, however, aggressively pursue professional opportunities for expansion by seeking out technological advances that can help them better serve customer needs while increasing profits. A retail merchant account will elevate you to the next level of business development by providing access to sophisticated methods that can impress clients and outdistance the competition.
Reasons for opening a retail merchant account are many and varied. Here are some of the more prevalent:
1. A retail merchant account can equip you with key equipment that will make your job easier and more efficient. For example, you can have a credit card processor installed, sometimes at no cost, and pay just a few cents for each customer transaction. Or you can arrange a deal whereby you pay a small percentage of all credit card transactions your company accepts. For a minimal fee you may soon be able to multiply profits while reducing costs typically associated with hiring employees to manage cash purchases.
2. A retail merchant account can make doing business with your company easier and more convenient. Customers won’t have to worry about stopping by the bank or writing a check to get cash before visiting your establishment, nor will they have to pay ATM fees to withdraw cash. They can simply pull out a credit card with confidence, knowing that you can quickly process payment without the hassle of making change or opening a check-cashing account.
3. A retail merchant account can put you ahead of others in your area who conduct similar business but who do not yet have a merchant account or its accompanying advantages. If customers have to choose between two companies for shopping or service, they are more likely to choose the one that provides credit card processing as a payment option, along with other professional services that build trust in the company’s vision.
4. A retail merchant account can offer the first step toward leading your business into the future. After implementing a credit card processor, for example, you may later decide to offer wireless processing options, which will provide your customers with even more options for doing business with your company without the need for staff to manage every telephone call, order, or payment. You can cut operating costs and increase profit margins when you expand your business to include customer-friendly automated technology.
Don’t be the last in your industry to jump on board the technological bandwagon. Start checking the various programs that are available to help you improve the services you can offer customers to keep them coming back with repeat business. Compare options to get the best services for your customer’s needs. Negotiate for the lowest costs and most effective terms. You might even want to conduct an informal customer survey to learn about the types of upgrades they want to see happen in your company. Then shop for the best deal in your new retail merchant account.
Reasons for opening a retail merchant account are many and varied. Here are some of the more prevalent:
1. A retail merchant account can equip you with key equipment that will make your job easier and more efficient. For example, you can have a credit card processor installed, sometimes at no cost, and pay just a few cents for each customer transaction. Or you can arrange a deal whereby you pay a small percentage of all credit card transactions your company accepts. For a minimal fee you may soon be able to multiply profits while reducing costs typically associated with hiring employees to manage cash purchases.
2. A retail merchant account can make doing business with your company easier and more convenient. Customers won’t have to worry about stopping by the bank or writing a check to get cash before visiting your establishment, nor will they have to pay ATM fees to withdraw cash. They can simply pull out a credit card with confidence, knowing that you can quickly process payment without the hassle of making change or opening a check-cashing account.
3. A retail merchant account can put you ahead of others in your area who conduct similar business but who do not yet have a merchant account or its accompanying advantages. If customers have to choose between two companies for shopping or service, they are more likely to choose the one that provides credit card processing as a payment option, along with other professional services that build trust in the company’s vision.
4. A retail merchant account can offer the first step toward leading your business into the future. After implementing a credit card processor, for example, you may later decide to offer wireless processing options, which will provide your customers with even more options for doing business with your company without the need for staff to manage every telephone call, order, or payment. You can cut operating costs and increase profit margins when you expand your business to include customer-friendly automated technology.
Don’t be the last in your industry to jump on board the technological bandwagon. Start checking the various programs that are available to help you improve the services you can offer customers to keep them coming back with repeat business. Compare options to get the best services for your customer’s needs. Negotiate for the lowest costs and most effective terms. You might even want to conduct an informal customer survey to learn about the types of upgrades they want to see happen in your company. Then shop for the best deal in your new retail merchant account.
Shop: Is Shopping Online Secure?
Is shopping online becoming popular and safe enough for you and I
to do the vast majority of our shopping on the Internet?
As I contemplated, when I initially set up my website: www.shopshopshop.org The first thought that came to mind was will they
come and will they spend money? Sure people are always curious and some will visit but will they stay long enough to spend some money?
Safety was the first concern of those I had spoken to, they were somewhat skeptical and therefore reluctant to make any online purchases. It is our
responsibility as online marketers to convince them to about the safety of
online shopping.
We all know about the convenience of getting on the computer and viewing the sale that retailers are using to entice the shoppers into making a commitment. But are not always as eager to go ahead and complete the purchase online.
The internet today is as safe or safer than making purchase in person, I recently read an article where BJ Wholesalers was fined by the Securities and Exchange Commission for not having sufficient security to protect Credit Card users.
Most of the buying we do today is pay for by either a credit card or a debit card. So If you think that when you purchase gas and pay for it at the pump
with your credit card or debit card that you are making a safe purchase think again.
I recently purchase gas at my favorite gas station and paid for it at the pump with my debit card, only to find out two weeks later when the bank call me to question some of purchases that were charge to my debit card.
It seems that somebody was making purchases that were very uncharacteristic for me. And the institution where I have been banking for many years was able to detect this and all my money was refunded and a new card issued.
I was fortunate in the incident just described, but back to online shopping,
most of the retailers that do business online have very good security to protect the buyers. After all they would rather you make your purchases online,
Online shopping is much more profitable for the stores and safer and besides
no shoplifting takes place on the internet, so the store want to protect this revenue source by making it safe as well as convenient.
Another willing partner is the credit card companies themselves they want you and I to continue using the plastic, and are doing all they can to protect the credit card user.
In our website we have a page titled credit card fraud protection, with direct links to the major credit card companies website and anti fraud page, so that shoppers can read what the credit card companies are doing to protect them from fraud and identity theft.
As more and more people become aware of the security measures being undertaken to protect them, they will avail themselves of the convenience
of doing their shopping online and use the time they save for pleasure and
family activities.
People today are always in a hurry and don’t usually have time to wait on long lines for cashier to ring them up, when they can accomplish the same
thing without leaving the house.
This is more attractive to younger active people would rather play a round of
golf or a couple of sets of tennis than fight the maddening crowds.
So I recommend that you get online and start spending! For safe secured shopping visit: shopshopshop.org
to do the vast majority of our shopping on the Internet?
As I contemplated, when I initially set up my website: www.shopshopshop.org The first thought that came to mind was will they
come and will they spend money? Sure people are always curious and some will visit but will they stay long enough to spend some money?
Safety was the first concern of those I had spoken to, they were somewhat skeptical and therefore reluctant to make any online purchases. It is our
responsibility as online marketers to convince them to about the safety of
online shopping.
We all know about the convenience of getting on the computer and viewing the sale that retailers are using to entice the shoppers into making a commitment. But are not always as eager to go ahead and complete the purchase online.
The internet today is as safe or safer than making purchase in person, I recently read an article where BJ Wholesalers was fined by the Securities and Exchange Commission for not having sufficient security to protect Credit Card users.
Most of the buying we do today is pay for by either a credit card or a debit card. So If you think that when you purchase gas and pay for it at the pump
with your credit card or debit card that you are making a safe purchase think again.
I recently purchase gas at my favorite gas station and paid for it at the pump with my debit card, only to find out two weeks later when the bank call me to question some of purchases that were charge to my debit card.
It seems that somebody was making purchases that were very uncharacteristic for me. And the institution where I have been banking for many years was able to detect this and all my money was refunded and a new card issued.
I was fortunate in the incident just described, but back to online shopping,
most of the retailers that do business online have very good security to protect the buyers. After all they would rather you make your purchases online,
Online shopping is much more profitable for the stores and safer and besides
no shoplifting takes place on the internet, so the store want to protect this revenue source by making it safe as well as convenient.
Another willing partner is the credit card companies themselves they want you and I to continue using the plastic, and are doing all they can to protect the credit card user.
In our website we have a page titled credit card fraud protection, with direct links to the major credit card companies website and anti fraud page, so that shoppers can read what the credit card companies are doing to protect them from fraud and identity theft.
As more and more people become aware of the security measures being undertaken to protect them, they will avail themselves of the convenience
of doing their shopping online and use the time they save for pleasure and
family activities.
People today are always in a hurry and don’t usually have time to wait on long lines for cashier to ring them up, when they can accomplish the same
thing without leaving the house.
This is more attractive to younger active people would rather play a round of
golf or a couple of sets of tennis than fight the maddening crowds.
So I recommend that you get online and start spending! For safe secured shopping visit: shopshopshop.org
The Key To Increasing Your Customer Base: Accept Credit Cards
Here is a tactic you should heed for your online business… accept credit cards. Whether you’re selling digital products or tangible goods through online channels, your business should be able to accept credit cards to ensure the widest customer base possible. The importance of the ability to accept credit cards cannot be denied. Being able to accept credit cards makes your online business more accessible to a greater number of potential clients and customers.
World Of Benefits When Your Online Business Accepts Credit Cards
Credit cards have been tagged as plastic money because they have become accepted as a good alternative to actual cash. A lot of people actually prefer real world establishments who accept credit cards. They would rather shop in stores that accept credit cards rather than those that don’t accept credit cards.
The same principle applies in online transactions. People would look for eCommerce sites that accept credit cards, particularly those that accept credit cards which they own. I you would be able to accommodate these people by designing your online business to accept credit cards, you’d be able to increase the number of potential customers you could gain.
Additionally, by building an online enterprise that could accept credit cards, you will be able to secure payment in a more convenient and safe manner. If your online business would accept credit cards from paying customers, you’d be empowering them to spend for your products.
Overcoming An Important Hump When You Accept Credit Cards Online
Sad to say, however, that there are quite a number of people who are afraid of online transactions, even if your business would accept credit cards. There have been tales of so many scams and fraudulent dealings on the Internet, and legitimate businesses which accept credit cards are the ones that have to suffer such stigma.
To help stem the tide of this fear, businesses that accept credit cards should ensure the following things:
* A business that would accept credit cards should make sure that its payment processing page is embedded with Secure Socket Layers (SSL) of at least 128 bit.
* A business that would accept credit cards should also make sure that such SSL encryption appears on the lower right side of the user’s browser window, in the form of a lock icon.
* A business that would accept credit cards should establish a responsive customer support system that would answer the needs of your clients when it comes to transactions involving the acceptance of credit cards.
Allowing your online business to accept credit cards could only expand your customer base and provide good profits for you for many years to come.
World Of Benefits When Your Online Business Accepts Credit Cards
Credit cards have been tagged as plastic money because they have become accepted as a good alternative to actual cash. A lot of people actually prefer real world establishments who accept credit cards. They would rather shop in stores that accept credit cards rather than those that don’t accept credit cards.
The same principle applies in online transactions. People would look for eCommerce sites that accept credit cards, particularly those that accept credit cards which they own. I you would be able to accommodate these people by designing your online business to accept credit cards, you’d be able to increase the number of potential customers you could gain.
Additionally, by building an online enterprise that could accept credit cards, you will be able to secure payment in a more convenient and safe manner. If your online business would accept credit cards from paying customers, you’d be empowering them to spend for your products.
Overcoming An Important Hump When You Accept Credit Cards Online
Sad to say, however, that there are quite a number of people who are afraid of online transactions, even if your business would accept credit cards. There have been tales of so many scams and fraudulent dealings on the Internet, and legitimate businesses which accept credit cards are the ones that have to suffer such stigma.
To help stem the tide of this fear, businesses that accept credit cards should ensure the following things:
* A business that would accept credit cards should make sure that its payment processing page is embedded with Secure Socket Layers (SSL) of at least 128 bit.
* A business that would accept credit cards should also make sure that such SSL encryption appears on the lower right side of the user’s browser window, in the form of a lock icon.
* A business that would accept credit cards should establish a responsive customer support system that would answer the needs of your clients when it comes to transactions involving the acceptance of credit cards.
Allowing your online business to accept credit cards could only expand your customer base and provide good profits for you for many years to come.
The Secret of Credit Card Numbers
Have you ever really looked at your credit card and tried to figure out what that huge string of numbers really means? Do these card issuers have so many customers that your account number has to be 16 digits long?
You may be surprised to know that all those numbers you see actually do stand for something, and it's not just who YOU are. Let's take a look.
Most of the major credit card companies operate on the same system when choosing a credit card number. Other cards like gas cards, department store cards and phone cards go their own way. Let's concentrate on the ones that all play by the same rules.
The very first digit in the series will be a 3,4,5, 0r 6. This number designates the type of card as follows:
3 = a Travel & Entertainment Card like American Express or Diners Club.
4 = Visa and Visa-branded debit cards, cash cards, etc.
5 = MasterCard and MasterCard-branded debit cards, cash cards, etc.
6 = Discover
American Express and Diners Club use the second digit to identify the company. That means that Diners Club cards will start with either "36" or "38", and American Express cards will use either "34" or "37".
The remaining numbers in the series are used for different purposes depending upon the card type and issuer.
In most cases, the next group after the opening series of numbers represents the routing number of the card-issuing bank, the group after that is the user's account number, and the final digit is a check digit. The check digit is a number that is calculated by applying a special formula to all of the other numbers. The check digit is the result of that formula and is used as an anti-fraud check.
To keep things from getting too confusing, look at your card as you follow along for the next steps.
American Express
The American Express Card uses digits three and four for type (business or personal) and the currency of the cardholder's country of origin. The next digits from the fifth through the eleventh are account numbers. Digits twelve through fourteen indicate the card number within the account and the last digit is the check digit.
Visa
With Visa, digits two through six represent the bank number. Beginning with the seventh digit and running through the twelfth or the fifteenth represents the account number and the last number is the check digit. Since all Visa cards do not have the same amount of numbers in the sequence, the number of digits in a group may vary.
MasterCard
For MasterCard, the second digit, through to anywhere between the third and the sixth digit is the bank number. All remaining digits, except the check digit at the end of the series, identifies that cardholder's account.
Now that we've gone over it all, you're probably wondering why you were ever wondering in the first place. Just remember though, knowledge is power. Some things are just fun to know.
You may be surprised to know that all those numbers you see actually do stand for something, and it's not just who YOU are. Let's take a look.
Most of the major credit card companies operate on the same system when choosing a credit card number. Other cards like gas cards, department store cards and phone cards go their own way. Let's concentrate on the ones that all play by the same rules.
The very first digit in the series will be a 3,4,5, 0r 6. This number designates the type of card as follows:
3 = a Travel & Entertainment Card like American Express or Diners Club.
4 = Visa and Visa-branded debit cards, cash cards, etc.
5 = MasterCard and MasterCard-branded debit cards, cash cards, etc.
6 = Discover
American Express and Diners Club use the second digit to identify the company. That means that Diners Club cards will start with either "36" or "38", and American Express cards will use either "34" or "37".
The remaining numbers in the series are used for different purposes depending upon the card type and issuer.
In most cases, the next group after the opening series of numbers represents the routing number of the card-issuing bank, the group after that is the user's account number, and the final digit is a check digit. The check digit is a number that is calculated by applying a special formula to all of the other numbers. The check digit is the result of that formula and is used as an anti-fraud check.
To keep things from getting too confusing, look at your card as you follow along for the next steps.
American Express
The American Express Card uses digits three and four for type (business or personal) and the currency of the cardholder's country of origin. The next digits from the fifth through the eleventh are account numbers. Digits twelve through fourteen indicate the card number within the account and the last digit is the check digit.
Visa
With Visa, digits two through six represent the bank number. Beginning with the seventh digit and running through the twelfth or the fifteenth represents the account number and the last number is the check digit. Since all Visa cards do not have the same amount of numbers in the sequence, the number of digits in a group may vary.
MasterCard
For MasterCard, the second digit, through to anywhere between the third and the sixth digit is the bank number. All remaining digits, except the check digit at the end of the series, identifies that cardholder's account.
Now that we've gone over it all, you're probably wondering why you were ever wondering in the first place. Just remember though, knowledge is power. Some things are just fun to know.
Tips for businesses that accept credit cards
Let's face it, many businesses cringe when they think of dealing with banks when they are looking to set up merchant credit card accounts. The truth is that in order to be in business in this day and age as a merchant, you must be prepared to accept and process credit cards. Most especially if you do business over the Internet. If you are not prepared to offer a full array of credit card acceptance options, I'm afraid you will soon be out of business. The downside to accepting credit cards is that the merchant is at risk for not only the amount that has been charged, but a charge back fee as well.
The banks will take the disputed charge along with a chargeback fee directly from the merchants account and if the merchant does not have sufficient funds that have already cleared from paying their own bills, they will be hit with yet another charge which is known as an overdraft charge. It can become a vicious cycle. There are now more than a few banks that recognize that these charge backs are not always the fault of the merchant, and that indeed, most merchants are honest with their credit card dealings. I regret having to say that there is so much credit card fraud out there today, and because the merchant is always liable, you must take active steps to protect yourself and your business.
First of all, you must be careful to verify to the very best of your ability that the name, address and cvv number verification are all in good order. The business owner, or merchant, must be careful to verify the IP address of each and every transaction to make sure that it is within the approximate location of the cardholder. A red flag should go up if a person who lives in Des Moines, Iowa is suddenly making a charge in Boca Raton, Florida. This is your livelihood so the exercise of due diligence and caution are always of paramount importance.
Do not fall into the habit of becoming apathetic because as quickly as money is credited to your merchant account it can be taken away due to the charge backs that we discussed earlier. Now there are organizations who are working to try to change the banking and processing rules and regulations so that businesses that are both small and large will have some more protection against credit card fraud.
The time to begin protecting yourself and your business is right now. You need only pick up the newspaper, or read a news report, to know that the risk is very real and always present. Reports state that there are over 40 million credit cards in the hands of thieves and criminals who have no compunction about using these credit cards for any nefarious activities that they can dream up. That is why I have written this article. It is most certainly not my intention to scare anyone. I simply want to remind you of the dangers and risks associated with processing credit cards for your business.
The banks will take the disputed charge along with a chargeback fee directly from the merchants account and if the merchant does not have sufficient funds that have already cleared from paying their own bills, they will be hit with yet another charge which is known as an overdraft charge. It can become a vicious cycle. There are now more than a few banks that recognize that these charge backs are not always the fault of the merchant, and that indeed, most merchants are honest with their credit card dealings. I regret having to say that there is so much credit card fraud out there today, and because the merchant is always liable, you must take active steps to protect yourself and your business.
First of all, you must be careful to verify to the very best of your ability that the name, address and cvv number verification are all in good order. The business owner, or merchant, must be careful to verify the IP address of each and every transaction to make sure that it is within the approximate location of the cardholder. A red flag should go up if a person who lives in Des Moines, Iowa is suddenly making a charge in Boca Raton, Florida. This is your livelihood so the exercise of due diligence and caution are always of paramount importance.
Do not fall into the habit of becoming apathetic because as quickly as money is credited to your merchant account it can be taken away due to the charge backs that we discussed earlier. Now there are organizations who are working to try to change the banking and processing rules and regulations so that businesses that are both small and large will have some more protection against credit card fraud.
The time to begin protecting yourself and your business is right now. You need only pick up the newspaper, or read a news report, to know that the risk is very real and always present. Reports state that there are over 40 million credit cards in the hands of thieves and criminals who have no compunction about using these credit cards for any nefarious activities that they can dream up. That is why I have written this article. It is most certainly not my intention to scare anyone. I simply want to remind you of the dangers and risks associated with processing credit cards for your business.
Top 5 Reasons Your Business Needs ACH Processing
Almost any business, on the Net or not, can benefit
from using the ACH system to electronically move
money. Here are the top 5 reasons why:
1) Accepting checks via your web site.
Everyone knows you have to accept credit cards to
succeed online. The problem for many consumers is that
they either don't have a credit card or are at their
credit limit. The good news is that the vast majority
of these consumers have a checking or savings account
that you can access for payment.
Using ACH processing allows you to accept payment from
a checking or savings account electronically. Funds
are debited from the customer and credited to the
business owner. Issues such as bounced checks or
closed accounts can be addressed through a combination
of fraud screening and collection tools. This includes
the ability to verify in real time that the account
number the customer uses is valid and that there is
money in the account.
There are many providers. PayPal, http://www.paypal.com
is perhaps the best known. There are more economical
options available. The processor you elect to use
should have experience, a client list and easy to use
web site integration tools.
ACH processing can be much less expensive than credit
cards. On a typical $100 transaction you could pay
$2.75 or more for a credit card as opposed to .35 or
less for an electronic check with no discount rate.
Using ACH processing can also save a great deal of
money if you receive an NSF (non-sufficient funds)
check. Depending on what your bank currently charges
you can save 90% or more.
2) Accepting checks via phone.
NACHA (http://www.nacha.org) the governing body of
electronic transactions now allows a business to
electronically debit a consumers account for
payment taken by phone. Similar savings to web
transactions are possible. You can offer a new payment
vehicle to your customers and cut costs. Verification
services can reduce fraud and the charge back window
compared to credit cards is shorter.
3) Recurring payments.
If your site collects a monthly fee from consumers or
businesses and you only use credit cards you are both
paying too much and losing a significant percentage of
users who would pay electronically via ACH.
4) Electronic pay-outs.
If you pay affiliates by mailing checks you could be
electronically crediting their account. No postage
or invoice costs. Automation of payments is possible.
You can also pay employees and vendors via ACH.
5) Processing mailed payments.
Your bank probably charges between $10-$20 for
returned checks. You can convert these paper checks
to electronic transactions and get your money faster,
avoid expensive returns and trips to your bank.
These are 5 solid reasons your business needs ACH
processing. The bottom line is that it can save you
time and money while offering customers a payment
alternative.
Partner with a reputable ACH processor and you can
enjoy the multiple benefits of ACH payment processing.
These include reduced costs and time as well as
automating manual tasks.
*ACH refers to the Automated Clearing House and
generically means money moves electronically.
from using the ACH system to electronically move
money. Here are the top 5 reasons why:
1) Accepting checks via your web site.
Everyone knows you have to accept credit cards to
succeed online. The problem for many consumers is that
they either don't have a credit card or are at their
credit limit. The good news is that the vast majority
of these consumers have a checking or savings account
that you can access for payment.
Using ACH processing allows you to accept payment from
a checking or savings account electronically. Funds
are debited from the customer and credited to the
business owner. Issues such as bounced checks or
closed accounts can be addressed through a combination
of fraud screening and collection tools. This includes
the ability to verify in real time that the account
number the customer uses is valid and that there is
money in the account.
There are many providers. PayPal, http://www.paypal.com
is perhaps the best known. There are more economical
options available. The processor you elect to use
should have experience, a client list and easy to use
web site integration tools.
ACH processing can be much less expensive than credit
cards. On a typical $100 transaction you could pay
$2.75 or more for a credit card as opposed to .35 or
less for an electronic check with no discount rate.
Using ACH processing can also save a great deal of
money if you receive an NSF (non-sufficient funds)
check. Depending on what your bank currently charges
you can save 90% or more.
2) Accepting checks via phone.
NACHA (http://www.nacha.org) the governing body of
electronic transactions now allows a business to
electronically debit a consumers account for
payment taken by phone. Similar savings to web
transactions are possible. You can offer a new payment
vehicle to your customers and cut costs. Verification
services can reduce fraud and the charge back window
compared to credit cards is shorter.
3) Recurring payments.
If your site collects a monthly fee from consumers or
businesses and you only use credit cards you are both
paying too much and losing a significant percentage of
users who would pay electronically via ACH.
4) Electronic pay-outs.
If you pay affiliates by mailing checks you could be
electronically crediting their account. No postage
or invoice costs. Automation of payments is possible.
You can also pay employees and vendors via ACH.
5) Processing mailed payments.
Your bank probably charges between $10-$20 for
returned checks. You can convert these paper checks
to electronic transactions and get your money faster,
avoid expensive returns and trips to your bank.
These are 5 solid reasons your business needs ACH
processing. The bottom line is that it can save you
time and money while offering customers a payment
alternative.
Partner with a reputable ACH processor and you can
enjoy the multiple benefits of ACH payment processing.
These include reduced costs and time as well as
automating manual tasks.
*ACH refers to the Automated Clearing House and
generically means money moves electronically.
Want A Credit Card Merchant Account?
Who doesn’t want a credit card merchant account! This special service allows you to process credit card payments from your clients in a number of ways that can help to speedily grow your business. A merchant account has been known to double or triple business profits in a relatively short amount of time, so only if your company is poised for growth should you consider this exciting opportunity.
If you currently work with a bank that you trust with your business concerns, ask about the possibility of applying for a credit card merchant account. Most companies are eager to welcome this type of business from customers they know and trust. As long as you have established a solid business credit history, pay your bills in a timely manner, and aren’t involved in questionable or unethical pursuits, your chances of being approved for a merchant account are good. Of course, your bank may not offer this type of account, or you may be able to find better terms with another lender, so don’t feel as though you must apply for merchant services with your current lender. Instead, ask around at trade shows, conventions, or civic business meetings to see what type of merchant account providers your competitors are using. They can probably offer helpful tips on which lenders to court and which ones to avoid. You also can check with local business listings for references on general lenders, some of which may offer merchant accounts. Or you can browse the Internet to bring up a list of links that will let you contact those that seem most compatible with your business interests.
Getting a credit card merchant account is pretty easy. After locating potential lenders to work with, you should compare services and fees to make sure they will work with the business plan that you are using or one that you plan to set up. Check your company’s budget to find out how much you can afford to invest in credit card processing equipment and service options. Then compare your budget with transactional fees, maintenance expenses, and application or gateway rates to find a lender that is affordable for your needs.
When you have been approved for a credit card merchant account, you can start to accept credit card payments from your clients immediately, often with a couple of days. All you need to do is select the type of processing equipment that best fits with your customers’ purchasing patterns. For example, if most visit your store to shop, an onsite credit card processor that you can purchase for a few hundred dollars is the simplest and perhaps most effective way to start. But if you deliver goods and services, a wireless unit might be the better choice. Of course, if you do both, two units might be affordable, but you will need to check your budget. You can always start with one and add another later.
Start looking for a possible merchant card services provider to get approved for your credit card merchant account!
If you currently work with a bank that you trust with your business concerns, ask about the possibility of applying for a credit card merchant account. Most companies are eager to welcome this type of business from customers they know and trust. As long as you have established a solid business credit history, pay your bills in a timely manner, and aren’t involved in questionable or unethical pursuits, your chances of being approved for a merchant account are good. Of course, your bank may not offer this type of account, or you may be able to find better terms with another lender, so don’t feel as though you must apply for merchant services with your current lender. Instead, ask around at trade shows, conventions, or civic business meetings to see what type of merchant account providers your competitors are using. They can probably offer helpful tips on which lenders to court and which ones to avoid. You also can check with local business listings for references on general lenders, some of which may offer merchant accounts. Or you can browse the Internet to bring up a list of links that will let you contact those that seem most compatible with your business interests.
Getting a credit card merchant account is pretty easy. After locating potential lenders to work with, you should compare services and fees to make sure they will work with the business plan that you are using or one that you plan to set up. Check your company’s budget to find out how much you can afford to invest in credit card processing equipment and service options. Then compare your budget with transactional fees, maintenance expenses, and application or gateway rates to find a lender that is affordable for your needs.
When you have been approved for a credit card merchant account, you can start to accept credit card payments from your clients immediately, often with a couple of days. All you need to do is select the type of processing equipment that best fits with your customers’ purchasing patterns. For example, if most visit your store to shop, an onsite credit card processor that you can purchase for a few hundred dollars is the simplest and perhaps most effective way to start. But if you deliver goods and services, a wireless unit might be the better choice. Of course, if you do both, two units might be affordable, but you will need to check your budget. You can always start with one and add another later.
Start looking for a possible merchant card services provider to get approved for your credit card merchant account!
What to Consider when Filing for Personal Bankruptcy
President Bush in April signed into law The Bankruptcy Abuse and Consumer Protection Act. This bill promises many changes to law, and will make it more difficult for the average person in financial trouble to have debts removed with bankruptcy. Recent social and economic changes indicate that those considering a bankruptcy should do so now, as the queue is getting longer.
It will be now be harder to file under Chapter 7 of the code, which allows the courts to wave consumer debt and give the debtor a new start. Filings posted will be tested and those who have a decent income it seems will have to file under a more strenuous Chapter 13, which demands repayment by installments and the assistance of a lawyer. Now looming, bankruptcy filings are not only higher than they were previously, but are also higher than expected. Acros the country, filings are substantially higher than last year, and some bankruptcy practitioners say that their business has increased dramatically.
To make it more confusing is another law, that requires credit card companies to establish a payment schedule that permits consumers to repay debts in amended installments. Since early year, most credit card providers have doubled their minimum payments. An average person with say $12,000 in credit card debt, will have approximate monthly payment increases from between $150 to $450, an increase most people can ill afford.
This increase in bankruptcy filings has overwhelmed bankruptcy lawyers, who face a burden of being liable for false information filed by clients once the new law takes effect. Certainly an unwelcome change. This additional liability, together with the additional tasks, has prompted many lawyers to raise fees subsstantally over the same time as last year.
What does this mean for bad debt? From here on, bankruptcy filings will be more confusing, complicated and costly. The system is already overloaded with bankruptcy cases. If you suspect you're in the bankruptcy category, you should move on it now. Waiting even another day could be too late.
It will be now be harder to file under Chapter 7 of the code, which allows the courts to wave consumer debt and give the debtor a new start. Filings posted will be tested and those who have a decent income it seems will have to file under a more strenuous Chapter 13, which demands repayment by installments and the assistance of a lawyer. Now looming, bankruptcy filings are not only higher than they were previously, but are also higher than expected. Acros the country, filings are substantially higher than last year, and some bankruptcy practitioners say that their business has increased dramatically.
To make it more confusing is another law, that requires credit card companies to establish a payment schedule that permits consumers to repay debts in amended installments. Since early year, most credit card providers have doubled their minimum payments. An average person with say $12,000 in credit card debt, will have approximate monthly payment increases from between $150 to $450, an increase most people can ill afford.
This increase in bankruptcy filings has overwhelmed bankruptcy lawyers, who face a burden of being liable for false information filed by clients once the new law takes effect. Certainly an unwelcome change. This additional liability, together with the additional tasks, has prompted many lawyers to raise fees subsstantally over the same time as last year.
What does this mean for bad debt? From here on, bankruptcy filings will be more confusing, complicated and costly. The system is already overloaded with bankruptcy cases. If you suspect you're in the bankruptcy category, you should move on it now. Waiting even another day could be too late.
Your Business Merchant Account
Do you have a business merchant account? If not, isn’t it time you got one? The companies you compete against for customer business may already have this special account that allows them to process customers’ credit payments. If you are not yet doing so, why not apply for a merchant account to help your business grow?
A business merchant account is the best way to expand your company’s operations and conduct e-commerce without risking too much of an investment. Simply apply for a merchant account the way an individual would apply for a personal credit card. As with individual applicants, a company needs to show a positive credit history and the ability to make payments on a merchant account at present. In addition, it cannot be involved in shady dealings with which the underwriters might not agree. Many lenders will let you apply online, although some charge a fee for this. Often you will get a decision on your application within a day or two. If approved, you can begin making arrangements to accept credit payments in a variety of ways. Pay attention to fees and payment terms. For example, you may be asked to pay 15 to 25 cents per transaction. Or you could have the choice of paying a low overall percentage rate. Some lenders impose minimums, though, meaning you will have to pay a “bottom line” fee no matter how many transactions you make.
Your business merchant account will let you purchase or lease a credit card processor that can be plugged into your store. Or you can take a wireless version with you when collecting payments from other locations. Many business owners prefer to use a telephone ordering and payment system. This can be automated, reducing the need for staffing except for questions or glitches. Customers can speak or touch-dial their credit card numbers into the phone to process orders at their convenience. You will need to make sure your system is fully operational at all times and that it is customer-friendly to keep from annoying or even driving away current or new clients.
When you utilize a business merchant account, you can receive a printed monthly statement, discounts for other services, and occasional other benefits as well. Being able to accept credit card payments suggests that customers will look at you a little differently, knowing that you have earned an underwriter’s trust for this important role. Posting signs for accepting credit card payments places your company in the ranks of the elite, since many smaller or newer companies do not yet enjoy this privilege. When you begin accepting credit card processing, you can move away from cash-only payments or checks that can bounce. The time saved from managing cash flow can be channeled into more meaningful tasks.
Getting a merchant account means that you’re ready to upgrade your business, and that you are taking extra steps to accommodate your customers. Be proud to receive a merchant account, knowing that not everyone is approved. Handle it responsibly, since you have much to be thankful for with your new business merchant account.
A business merchant account is the best way to expand your company’s operations and conduct e-commerce without risking too much of an investment. Simply apply for a merchant account the way an individual would apply for a personal credit card. As with individual applicants, a company needs to show a positive credit history and the ability to make payments on a merchant account at present. In addition, it cannot be involved in shady dealings with which the underwriters might not agree. Many lenders will let you apply online, although some charge a fee for this. Often you will get a decision on your application within a day or two. If approved, you can begin making arrangements to accept credit payments in a variety of ways. Pay attention to fees and payment terms. For example, you may be asked to pay 15 to 25 cents per transaction. Or you could have the choice of paying a low overall percentage rate. Some lenders impose minimums, though, meaning you will have to pay a “bottom line” fee no matter how many transactions you make.
Your business merchant account will let you purchase or lease a credit card processor that can be plugged into your store. Or you can take a wireless version with you when collecting payments from other locations. Many business owners prefer to use a telephone ordering and payment system. This can be automated, reducing the need for staffing except for questions or glitches. Customers can speak or touch-dial their credit card numbers into the phone to process orders at their convenience. You will need to make sure your system is fully operational at all times and that it is customer-friendly to keep from annoying or even driving away current or new clients.
When you utilize a business merchant account, you can receive a printed monthly statement, discounts for other services, and occasional other benefits as well. Being able to accept credit card payments suggests that customers will look at you a little differently, knowing that you have earned an underwriter’s trust for this important role. Posting signs for accepting credit card payments places your company in the ranks of the elite, since many smaller or newer companies do not yet enjoy this privilege. When you begin accepting credit card processing, you can move away from cash-only payments or checks that can bounce. The time saved from managing cash flow can be channeled into more meaningful tasks.
Getting a merchant account means that you’re ready to upgrade your business, and that you are taking extra steps to accommodate your customers. Be proud to receive a merchant account, knowing that not everyone is approved. Handle it responsibly, since you have much to be thankful for with your new business merchant account.
1st Steps To A Merchant Account
It's a fact that traders who are in a situation to admit credit cards from their clients can imagine to build more sales than those who only admit cash connections.
According to "Jumping Through the Merchant Account Hoops" by Khera Communications, the regular credit card transaction is $40, compared to just $9 for cash sales. So, by not compliant credit cards you put yourself at a gigantic business weakness compared to your opposition.
It may also revelation you to study that credit card transactions can cost your business less in transaction charges. A case study by Coopers & Lybrand found that it costs, on average, 2.7% to process a credit card transaction as compared to 4.8% for cash and 4.0% for checks. The reason for this perhaps surprising statistic is that cash and cheques require more handling by financial institution staff whereas credit cards tend to be processed electronically for the most part these days.
To offer a credit card payment facility to your customers you need to set up a merchant account. Typically you will also need to have equipment installed to accept the payments. If you wish to accept credit cards Online you will also need to sign up with a payment gateway such as CyberCash or VirtualNet to allow for instant authorizations over the Internet.
The provider of your business bank account should be your first port of call for a merchant account, but if you're looking to provide an Online credit card payment service to your customers, it's important that you make sure that any merchant account provider can demonstrate a track record with accepting Online payments.
Applying for and being accepted for a merchant account can take anything from a couple of days to a couple of weeks or more. Your chances of being approved relate directly to your already-existing business track record. That's why your own business bank is a good first option, because they know you and your business better than anyone else.
How much can you expect to pay? The cost of a merchant account can vary enormously mainly based on the perceived risk associated with the business applying for the facility and the area of business they are involved in. Typically you can expect start up costs to be in the $190 - $300 range with processing fees on individual transactions from around 2% variable depending on sales volume. The more business you're going to be putting through your merchant account, the more you'll be in a position to negotiate with your merchant account provider.
Boosting your business with a merchant account
The great majority of business conducted online is processed with a credit card. Also, credit card sales tend to be four times larger than a sale completed any other way. Knowing that most people decide to use a credit card and spend more when doing so, it only makes sense to be able to accept credit card payments.
The first step to being able to accept credit card payments is getting a merchant account. A merchant account is a special type of bank account that is able to receive payments from credit card purchases. Along with your account you will also need a hardware or software solution to actually process the payments, but this doesn't have to be supplied by the company providing your merchant account.
For online credit card processing there is one extra step, you also need a payment gateway. A payment gateway is a company that provides real time authorization of online transactions. When looking at gateways make sure that they are compatible with your site's software and your financial institution. You may wish to research your gateway and financial institution options before signing up for any services.
When researching your merchant account providers you may be surprised at the number of options available to you. While there are a lot of options, selecting the best provider for you is easy to do by knowing a little about what each company offers and how much they charge for their services.
The first step should always be to seek a mentor. Do you know someone who currently is conducting a similar business? If so ask them who provides their merchant account and what their thoughts are on that provider as well as others that they may have tried. After asking around search the Internet for people's opinions on merchant accounts. While opinions are not a good reason to base a decision, their accounting of the service they received and the ease of company to work with are valuable information to know.
After determining which companies will be the easiest to work with you can begin to narrow down your options by examining the services offered and history. A good merchant account provider should have extensive experience working with growing businesses. This experience will allow your merchant account provider to be able to set up your account faster, will ensure that they can expand their services as your company grows and requires more options and most importantly, has the experience required to actively combat fraud and charge backs.
Of course nothing is free, and your merchant account is no exception. The amount that you must pay will vary from company to company but the basics of your bill should be the same. If the company you are considering is charging more you may wish to seek another merchant account provider.
The biggest single cost is the set up costs. Your set up costs include your application fees, equipment costs and deposits. These fees tend to average about $275 but vary depending upon the options you have selected. For example, your start up costs will be much higher if you have decided to purchase your credit card processing equipment instead of leasing it. This may be an economically viable solution after adding up the amount of the deposit that will be required if you lease the equipment and the leasing fees for a year.
Another thing to keep in mind is the amount that your merchant account provider will be charging for each completed transaction. On average you will be charged 2.5% of the sale and there may be a few more annual fees. Be sure to very closely examine that amount you will be paying and what additional fees you may have to pay as each company will be different and the difference may save you a lot of money each year.
Starting and having a business grow is a very exciting time for any business owner. As you expand into new markets, such as online sales, you will find a plethora of new options and opportunities. After deciding to expand be sure to carefully consider your options in order to make your next step as smooth and cost effective as possible.
The first step to being able to accept credit card payments is getting a merchant account. A merchant account is a special type of bank account that is able to receive payments from credit card purchases. Along with your account you will also need a hardware or software solution to actually process the payments, but this doesn't have to be supplied by the company providing your merchant account.
For online credit card processing there is one extra step, you also need a payment gateway. A payment gateway is a company that provides real time authorization of online transactions. When looking at gateways make sure that they are compatible with your site's software and your financial institution. You may wish to research your gateway and financial institution options before signing up for any services.
When researching your merchant account providers you may be surprised at the number of options available to you. While there are a lot of options, selecting the best provider for you is easy to do by knowing a little about what each company offers and how much they charge for their services.
The first step should always be to seek a mentor. Do you know someone who currently is conducting a similar business? If so ask them who provides their merchant account and what their thoughts are on that provider as well as others that they may have tried. After asking around search the Internet for people's opinions on merchant accounts. While opinions are not a good reason to base a decision, their accounting of the service they received and the ease of company to work with are valuable information to know.
After determining which companies will be the easiest to work with you can begin to narrow down your options by examining the services offered and history. A good merchant account provider should have extensive experience working with growing businesses. This experience will allow your merchant account provider to be able to set up your account faster, will ensure that they can expand their services as your company grows and requires more options and most importantly, has the experience required to actively combat fraud and charge backs.
Of course nothing is free, and your merchant account is no exception. The amount that you must pay will vary from company to company but the basics of your bill should be the same. If the company you are considering is charging more you may wish to seek another merchant account provider.
The biggest single cost is the set up costs. Your set up costs include your application fees, equipment costs and deposits. These fees tend to average about $275 but vary depending upon the options you have selected. For example, your start up costs will be much higher if you have decided to purchase your credit card processing equipment instead of leasing it. This may be an economically viable solution after adding up the amount of the deposit that will be required if you lease the equipment and the leasing fees for a year.
Another thing to keep in mind is the amount that your merchant account provider will be charging for each completed transaction. On average you will be charged 2.5% of the sale and there may be a few more annual fees. Be sure to very closely examine that amount you will be paying and what additional fees you may have to pay as each company will be different and the difference may save you a lot of money each year.
Starting and having a business grow is a very exciting time for any business owner. As you expand into new markets, such as online sales, you will find a plethora of new options and opportunities. After deciding to expand be sure to carefully consider your options in order to make your next step as smooth and cost effective as possible.
Best Credit Card Processing Rates
Everyone goes into business to make money, so why spend more of your profits on expensive transaction fees, Website maintenance, service agreements and high credit card processing rates? When you take time to shop for the best deals, you can save quite a bit of money that can be used to good purpose in other parts of your business. Start shopping for the best credit card processing rates and open a merchant account.
You will first need to find a reputable bank or credit union that will agree to extend a merchant account to you for this purpose. To get approved, you will need a solid credit history, a reasonable business plan, and documentation to show that you are able to manage the costs associated with credit card processing rates. Typically, these include an installation fee for credit card processing equipment, a monthly gateway fee for your financial host, a transaction fee of a few cents per each or an overall percentage total each month. You also may be offered Website service that will entail a hosting fee, a service contract cost, and a designer’s or updating service fee. Be sure to carefully read the terms of any contract that you receive. Never sign something that you don’t understand or with which you cannot completely agree. Your company may have to pay for a monthly minimum up to a certain number of transactions, after which the balance for that month do not require additional fees.
Credit card processing rates can vary by company or by processor program. Some companies charge no installation fee, while others require a one-time cost of a few hundred dollars, depending on the program’s complexity. You may have to pay between 15 and 25 cents per transaction, or you could opt to pay a monthly percentage for the entire amount of business generated by your credit card processing unit; this amount often falls below 2%.
It is always a good idea to compare rates among competing financial institutions. If you really like the services offered by one merchant account company but prefer the lower rates of a second company, tell the first one about the competitor’s lower rates, and perhaps the first company will meet or beat the lower cost in order to get your business. At first, you may want to keep the customer’s interests in mind when shopping for credit card processing rates. In other words, passing on the savings of a particular program to your customers will keep them coming back to do business with you. If your rates are too high or not competitive enough, they may decide to take their business elsewhere.
As you plan to set up your new credit card processing service rates, it may help to let them know in advance that this program is coming so they can prepare and perhaps even help to get the word out to other potential customers. Then, after installing your new credit card processor, you should not hear complaints that anyone was blindsided or treated unfairly. If someone does complain, politely remind them of the earlier notices.
When you are ready to start processing credit card payments, don’t be tempted to go for the option with the most features or the most sophisticated set-up. Opt for a system that will best suit your company needs and your customers’ interests, as well as offering the best credit card processing rates.
You will first need to find a reputable bank or credit union that will agree to extend a merchant account to you for this purpose. To get approved, you will need a solid credit history, a reasonable business plan, and documentation to show that you are able to manage the costs associated with credit card processing rates. Typically, these include an installation fee for credit card processing equipment, a monthly gateway fee for your financial host, a transaction fee of a few cents per each or an overall percentage total each month. You also may be offered Website service that will entail a hosting fee, a service contract cost, and a designer’s or updating service fee. Be sure to carefully read the terms of any contract that you receive. Never sign something that you don’t understand or with which you cannot completely agree. Your company may have to pay for a monthly minimum up to a certain number of transactions, after which the balance for that month do not require additional fees.
Credit card processing rates can vary by company or by processor program. Some companies charge no installation fee, while others require a one-time cost of a few hundred dollars, depending on the program’s complexity. You may have to pay between 15 and 25 cents per transaction, or you could opt to pay a monthly percentage for the entire amount of business generated by your credit card processing unit; this amount often falls below 2%.
It is always a good idea to compare rates among competing financial institutions. If you really like the services offered by one merchant account company but prefer the lower rates of a second company, tell the first one about the competitor’s lower rates, and perhaps the first company will meet or beat the lower cost in order to get your business. At first, you may want to keep the customer’s interests in mind when shopping for credit card processing rates. In other words, passing on the savings of a particular program to your customers will keep them coming back to do business with you. If your rates are too high or not competitive enough, they may decide to take their business elsewhere.
As you plan to set up your new credit card processing service rates, it may help to let them know in advance that this program is coming so they can prepare and perhaps even help to get the word out to other potential customers. Then, after installing your new credit card processor, you should not hear complaints that anyone was blindsided or treated unfairly. If someone does complain, politely remind them of the earlier notices.
When you are ready to start processing credit card payments, don’t be tempted to go for the option with the most features or the most sophisticated set-up. Opt for a system that will best suit your company needs and your customers’ interests, as well as offering the best credit card processing rates.
A Seller's Dash For Cash
Today, eBay is considered to be one of the most lucrative auction sites available in the Internet.
However, selling on eBay is not that easy, and the very first thing a seller should do is to find the ways on how he or she will get paid once the item is sold. And so, here are the different ways how a seller can be paid:
1. PayPal
PayPal is the most common and convenient way of sending and receiving money based on an eBay transaction. Here, the payment for the sold item is sent directly to the seller by means of an established bank account or a credit card.
2. Personal Check or Cashier's Check
Sellers may choose this kind of option. However, the drawback of using this kind of payment method is that the seller still has to wait for a number of banking days before the check gets cleared.
3. Credit Cards
Sellers must have a merchant account to be able to accept payments from its buyers through credit cards. This is applicable only if the buyer will be paying directly to the seller. If the buyer still wants to use credit card but wants a safer transaction, he or she may opt to pay the seller through PayPal with the use of the credit card.
4. Bank to bank wire transfers
In this type of payment, the seller can be paid through a bank-to-bank transaction. Here, the buyer will transfer funds from his or her bank account to the seller's bank account.
5. Money Orders/Bid pay
This is one of the recommended payment methods of eBay. This is considered safe because the seller or the buyer can track down the mailing address of the concerned person.
6. Escrow
This is strongly suggested for high-priced item transactions. The escrow service guarantees full protection while the transaction is not yet closed. Through this service, the seller has to wait for the confirmation that the buyer had received the product before receiving payment.
However, sellers and buyers should take extra precautions on dealing with escrow services. There are a lot of counterfeit escrow services lurking on eBay these days. It's best to check if the escrow service was approved by eBay.
8. Cash
Sellers on eBay may receive payments through cash. However, this is a high-risk activity and offers no guaranteed protection.
8. Instant Cash Wire Transfers like western Union and Money Grams
Sellers may opt for this type of payment method. But, they should keep in mind eBay is strongly against this mode of payment and that insisting this to the buyer may result to suspension or termination of account.
However, selling on eBay is not that easy, and the very first thing a seller should do is to find the ways on how he or she will get paid once the item is sold. And so, here are the different ways how a seller can be paid:
1. PayPal
PayPal is the most common and convenient way of sending and receiving money based on an eBay transaction. Here, the payment for the sold item is sent directly to the seller by means of an established bank account or a credit card.
2. Personal Check or Cashier's Check
Sellers may choose this kind of option. However, the drawback of using this kind of payment method is that the seller still has to wait for a number of banking days before the check gets cleared.
3. Credit Cards
Sellers must have a merchant account to be able to accept payments from its buyers through credit cards. This is applicable only if the buyer will be paying directly to the seller. If the buyer still wants to use credit card but wants a safer transaction, he or she may opt to pay the seller through PayPal with the use of the credit card.
4. Bank to bank wire transfers
In this type of payment, the seller can be paid through a bank-to-bank transaction. Here, the buyer will transfer funds from his or her bank account to the seller's bank account.
5. Money Orders/Bid pay
This is one of the recommended payment methods of eBay. This is considered safe because the seller or the buyer can track down the mailing address of the concerned person.
6. Escrow
This is strongly suggested for high-priced item transactions. The escrow service guarantees full protection while the transaction is not yet closed. Through this service, the seller has to wait for the confirmation that the buyer had received the product before receiving payment.
However, sellers and buyers should take extra precautions on dealing with escrow services. There are a lot of counterfeit escrow services lurking on eBay these days. It's best to check if the escrow service was approved by eBay.
8. Cash
Sellers on eBay may receive payments through cash. However, this is a high-risk activity and offers no guaranteed protection.
8. Instant Cash Wire Transfers like western Union and Money Grams
Sellers may opt for this type of payment method. But, they should keep in mind eBay is strongly against this mode of payment and that insisting this to the buyer may result to suspension or termination of account.
Applying For A Credit Card With No Credit History – Tips You Need to Know
Oddly enough, not only will bad credit work against you when applying for a loan or a credit card, but no credit will too. Even though this doesn't seem fair, it is the way things work in the complicated world of consumer credit. Lenders are leery about opening accounts for people with no credit history because they simply have nothing to base your reliability on.
So, if you can't build a credit history without credit and you can't get credit without a credit history, just what has a person to do? It's nearly impossible to rent a car, stay in a hotel, or shop online without a credit card, so let's explore a few of the options that can eliminate this Catch-22.
Available Credit Options
Although many of the major credit card companies won't give you a card without a credit history, some smaller ones, like department stores, will. Find a department store that will issue you a card and apply for it. You can try getting a gas station card also. Either way, use your card but be sure to make all payments on time. Your goal is to build a good credit history, not just get a credit card.
Find a credit card company that will review your overall financial situation and not just your credit history. Some lenders will look at your employment history, your housing situation, and how often you have moved. If this is all on the up and up, they may approve your application. Again, use this card wisely.
Credit Unions
If you are a credit union member, or are eligible for membership, see what their card issuing terms are. Although they are no giving out cards with their eyes closed, they will often have more relaxed conditions for members. You no longer have to work for a specific company to be eligible to join a credit union. So it's well worth checking if there's one in your area.
Secured Credit Cards
Secured credit cards are offered by lenders who will give you a line of credit that either matches, or is slightly higher than, a cash deposit that you give them to hold. As your experience with the card grows, these lenders will often raise your limit without requiring you to increase your deposit. Eventually, you can use your experience with this lender to apply for cards that are not secured.
Student Credit Cards
If you are a student, then you'll be best off with a student credit card. Student credit cards can be a great way of building the credit history that you will need to depend upon after graduation. The important thing here is to remember to use that opportunity wisely. Many banks will issue college students a credit card, especially banks that are located in college or university cities and towns.
When you do manage to get a credit card, remember that you are establishing a credit history. Show that you are a good financial risk by paying the bill on time. Don't go crazy with the spending. It will only cause you problems in the future.
So, if you can't build a credit history without credit and you can't get credit without a credit history, just what has a person to do? It's nearly impossible to rent a car, stay in a hotel, or shop online without a credit card, so let's explore a few of the options that can eliminate this Catch-22.
Available Credit Options
Although many of the major credit card companies won't give you a card without a credit history, some smaller ones, like department stores, will. Find a department store that will issue you a card and apply for it. You can try getting a gas station card also. Either way, use your card but be sure to make all payments on time. Your goal is to build a good credit history, not just get a credit card.
Find a credit card company that will review your overall financial situation and not just your credit history. Some lenders will look at your employment history, your housing situation, and how often you have moved. If this is all on the up and up, they may approve your application. Again, use this card wisely.
Credit Unions
If you are a credit union member, or are eligible for membership, see what their card issuing terms are. Although they are no giving out cards with their eyes closed, they will often have more relaxed conditions for members. You no longer have to work for a specific company to be eligible to join a credit union. So it's well worth checking if there's one in your area.
Secured Credit Cards
Secured credit cards are offered by lenders who will give you a line of credit that either matches, or is slightly higher than, a cash deposit that you give them to hold. As your experience with the card grows, these lenders will often raise your limit without requiring you to increase your deposit. Eventually, you can use your experience with this lender to apply for cards that are not secured.
Student Credit Cards
If you are a student, then you'll be best off with a student credit card. Student credit cards can be a great way of building the credit history that you will need to depend upon after graduation. The important thing here is to remember to use that opportunity wisely. Many banks will issue college students a credit card, especially banks that are located in college or university cities and towns.
When you do manage to get a credit card, remember that you are establishing a credit history. Show that you are a good financial risk by paying the bill on time. Don't go crazy with the spending. It will only cause you problems in the future.
Applying For A Credit Card With No Credit History – Tips You Need to Know
Oddly enough, not only will bad credit work against you when applying for a loan or a credit card, but no credit will too. Even though this doesn't seem fair, it is the way things work in the complicated world of consumer credit. Lenders are leery about opening accounts for people with no credit history because they simply have nothing to base your reliability on.
So, if you can't build a credit history without credit and you can't get credit without a credit history, just what has a person to do? It's nearly impossible to rent a car, stay in a hotel, or shop online without a credit card, so let's explore a few of the options that can eliminate this Catch-22.
Available Credit Options
Although many of the major credit card companies won't give you a card without a credit history, some smaller ones, like department stores, will. Find a department store that will issue you a card and apply for it. You can try getting a gas station card also. Either way, use your card but be sure to make all payments on time. Your goal is to build a good credit history, not just get a credit card.
Find a credit card company that will review your overall financial situation and not just your credit history. Some lenders will look at your employment history, your housing situation, and how often you have moved. If this is all on the up and up, they may approve your application. Again, use this card wisely.
Credit Unions
If you are a credit union member, or are eligible for membership, see what their card issuing terms are. Although they are no giving out cards with their eyes closed, they will often have more relaxed conditions for members. You no longer have to work for a specific company to be eligible to join a credit union. So it's well worth checking if there's one in your area.
Secured Credit Cards
Secured credit cards are offered by lenders who will give you a line of credit that either matches, or is slightly higher than, a cash deposit that you give them to hold. As your experience with the card grows, these lenders will often raise your limit without requiring you to increase your deposit. Eventually, you can use your experience with this lender to apply for cards that are not secured.
Student Credit Cards
If you are a student, then you'll be best off with a student credit card. Student credit cards can be a great way of building the credit history that you will need to depend upon after graduation. The important thing here is to remember to use that opportunity wisely. Many banks will issue college students a credit card, especially banks that are located in college or university cities and towns.
When you do manage to get a credit card, remember that you are establishing a credit history. Show that you are a good financial risk by paying the bill on time. Don't go crazy with the spending. It will only cause you problems in the future.
So, if you can't build a credit history without credit and you can't get credit without a credit history, just what has a person to do? It's nearly impossible to rent a car, stay in a hotel, or shop online without a credit card, so let's explore a few of the options that can eliminate this Catch-22.
Available Credit Options
Although many of the major credit card companies won't give you a card without a credit history, some smaller ones, like department stores, will. Find a department store that will issue you a card and apply for it. You can try getting a gas station card also. Either way, use your card but be sure to make all payments on time. Your goal is to build a good credit history, not just get a credit card.
Find a credit card company that will review your overall financial situation and not just your credit history. Some lenders will look at your employment history, your housing situation, and how often you have moved. If this is all on the up and up, they may approve your application. Again, use this card wisely.
Credit Unions
If you are a credit union member, or are eligible for membership, see what their card issuing terms are. Although they are no giving out cards with their eyes closed, they will often have more relaxed conditions for members. You no longer have to work for a specific company to be eligible to join a credit union. So it's well worth checking if there's one in your area.
Secured Credit Cards
Secured credit cards are offered by lenders who will give you a line of credit that either matches, or is slightly higher than, a cash deposit that you give them to hold. As your experience with the card grows, these lenders will often raise your limit without requiring you to increase your deposit. Eventually, you can use your experience with this lender to apply for cards that are not secured.
Student Credit Cards
If you are a student, then you'll be best off with a student credit card. Student credit cards can be a great way of building the credit history that you will need to depend upon after graduation. The important thing here is to remember to use that opportunity wisely. Many banks will issue college students a credit card, especially banks that are located in college or university cities and towns.
When you do manage to get a credit card, remember that you are establishing a credit history. Show that you are a good financial risk by paying the bill on time. Don't go crazy with the spending. It will only cause you problems in the future.
Apply For A Credit Card Merchant Account Online
Who should ? Why, you should, of course, if you want to grow your business and maximize sales volume! In this day and age, more and more business functions are moving into cyberspace, which means that business owners must be ready to travel to this relatively unknown domain if they want to maintain strong customer ties and stay a step or two ahead of the competition. Don’t worry if you’re not Web savvy; most online processes that are geared to the general consumer are not hard to perform. In fact, most are downright easy.
First, find a lender that you respect that is willing to extend you a credit card merchant account online. This may be the bank where your business interests and accounts currently reside. Or you may choose to shop for another lender with better rates or services. Don’t rush into this decision, however. Plan some time in your schedule to carefully browse the many services offered through a host of financial institutions today. You can browse the Internet by typing in search phrases like “merchant account” or “merchant services” and seeing what Google or your favorite search engine can bring up. Then it becomes a matter of checking out each lender to find the one that will best fit with your business budget or growth objectives. Some companies may seem a little too shady, while others may not have been in business long enough to enjoy a solid reputation. Others may charge a frightful amount for the services you want. Ask around your local business community to see which merchant account providers others are using, and then compare those costs and services with those you find online. You can probably reduce your list to a few of the better underwriters in short order. Then you will need to make the final selection by comparing monthly and annual fees.
Applying for a credit card merchant account online is fast and easy. Just click on the lender’s home page link to “application” (or some variation thereof) and follow the links to the application page. Then type the requested information in each blank. Contact the customer service representative if you do not understand a question or if you are unsure how to answer it. Remember to print a copy of the application if you are able to do so, or keep a copy of the confirmation number if one is provided. Often a company will email a verification of your application’s receipt and tell you when to expect a reply. At least print this page, if nothing else, for your records.
After applying for a credit card merchant account online, sit back and wait to hear about the decision. Often this arrives within a few days or even hours by email, although some are mailed out by post. When you receive approval and open your merchant account, you can begin to accept credit card payments right away. You will be delighted to see how quickly your profits increase as customers begin taking advantage of this valuable service. Don’t wait—consider applying today for your credit card merchant account online.
First, find a lender that you respect that is willing to extend you a credit card merchant account online. This may be the bank where your business interests and accounts currently reside. Or you may choose to shop for another lender with better rates or services. Don’t rush into this decision, however. Plan some time in your schedule to carefully browse the many services offered through a host of financial institutions today. You can browse the Internet by typing in search phrases like “merchant account” or “merchant services” and seeing what Google or your favorite search engine can bring up. Then it becomes a matter of checking out each lender to find the one that will best fit with your business budget or growth objectives. Some companies may seem a little too shady, while others may not have been in business long enough to enjoy a solid reputation. Others may charge a frightful amount for the services you want. Ask around your local business community to see which merchant account providers others are using, and then compare those costs and services with those you find online. You can probably reduce your list to a few of the better underwriters in short order. Then you will need to make the final selection by comparing monthly and annual fees.
Applying for a credit card merchant account online is fast and easy. Just click on the lender’s home page link to “application” (or some variation thereof) and follow the links to the application page. Then type the requested information in each blank. Contact the customer service representative if you do not understand a question or if you are unsure how to answer it. Remember to print a copy of the application if you are able to do so, or keep a copy of the confirmation number if one is provided. Often a company will email a verification of your application’s receipt and tell you when to expect a reply. At least print this page, if nothing else, for your records.
After applying for a credit card merchant account online, sit back and wait to hear about the decision. Often this arrives within a few days or even hours by email, although some are mailed out by post. When you receive approval and open your merchant account, you can begin to accept credit card payments right away. You will be delighted to see how quickly your profits increase as customers begin taking advantage of this valuable service. Don’t wait—consider applying today for your credit card merchant account online.
An introduction to point of sale software
Point of sale software gives business owners a convenient way of checking out customers and of recording sales. It can keep a record of the store inventory, updating it when an order is processed. It can also print out receipts, carry out credit card processing, track customers, etc. Point of sale software eases the flow at checkout terminals, while recording all the information that can help you make better business decisions.
Point of sale software allows users to input via keyboard or mouse, and some even have a touch screen interface. You can install the software on your checkout register.
When checking out a customer you can either input the sales item yourself or use a bar code scanner. The point of sale software will look up the item in the inventory and bring up the price. It can also calculate tax on the item and change for the customer.
POS software can print out receipts and reports. Point of sale software makes your business accounting a lot easier by creating reports on inventory, sales, customers, etc. Since it is already recording each sale, it can easily tell you the sales and revenue of the day.
Point of sale software can also help with credit card processing. Credit cards are the preferred method of payment. People do not want to carry around cash for all their purchases. Credit card is a convenient method of payment and if you do not have credit card processing, your business can lose some of its competitiveness.
Point of sale software receives input from the POS hardware, which is the scanning station for the credit card. The software will process the credit card payment for you. It can check that the card has not expired and is valid. You will need a merchant account for the point of sale software to do its job.
POS software is generally easy to install and easy to use. You will need to know how to update inventory and record a price change for an item. Point of sale software usually provides an easy to use interface to do this. It can make the job of the cashier a lot easier by automating the routine tasks of the day.
There is a wide variety of point of sale software available. You can choose one that fits your budget and meets the needs of your particular business. The software will have compatibility requirements with the point of sale hardware. It will also have operating system requirements such as it might need a Windows or Linux system.
Point of sale software can more than pay for itself over time by making checkout faster and doing your accounting for you. Point of sale software may be the right solution for your business and can provide you with tons of benefits.
Point of sale software allows users to input via keyboard or mouse, and some even have a touch screen interface. You can install the software on your checkout register.
When checking out a customer you can either input the sales item yourself or use a bar code scanner. The point of sale software will look up the item in the inventory and bring up the price. It can also calculate tax on the item and change for the customer.
POS software can print out receipts and reports. Point of sale software makes your business accounting a lot easier by creating reports on inventory, sales, customers, etc. Since it is already recording each sale, it can easily tell you the sales and revenue of the day.
Point of sale software can also help with credit card processing. Credit cards are the preferred method of payment. People do not want to carry around cash for all their purchases. Credit card is a convenient method of payment and if you do not have credit card processing, your business can lose some of its competitiveness.
Point of sale software receives input from the POS hardware, which is the scanning station for the credit card. The software will process the credit card payment for you. It can check that the card has not expired and is valid. You will need a merchant account for the point of sale software to do its job.
POS software is generally easy to install and easy to use. You will need to know how to update inventory and record a price change for an item. Point of sale software usually provides an easy to use interface to do this. It can make the job of the cashier a lot easier by automating the routine tasks of the day.
There is a wide variety of point of sale software available. You can choose one that fits your budget and meets the needs of your particular business. The software will have compatibility requirements with the point of sale hardware. It will also have operating system requirements such as it might need a Windows or Linux system.
Point of sale software can more than pay for itself over time by making checkout faster and doing your accounting for you. Point of sale software may be the right solution for your business and can provide you with tons of benefits.
Alternatives to Credit Cards
Are you one of those people who only ever got a credit card for the convenience of being able to pay without cash, or because you weren’t aware of any other easy way to borrow money? Millions of us are, thanks to the unavoidable advertising of the credit card industry, and few people realise just how many alternatives to credit cards there are. Let’s take a look at a few.
Debit Cards.
Debit cards are often used in many European countries, but are relatively unheard of elsewhere. Basically, they’re just like credit cards and are accepted everywhere credit cards are accepted - the only difference is that they take any money you spend directly from your
bank account, instead of you getting a bill at the end of the month. You should be aware,though, that you aren’t as well-protected from fraud with a debit card as you would be with a credit card.
Pre-Paid Credit Cards.
These are cards that work just like credit cards, except that you can’t have a negative balance - you have to put money on the card before you can spend it. That means that you ‘top-up’ the card, like you would a mobile phone. This is good if you want to know how much you’re spending, not to mention that you can even give the cards to children. They’re also safer than debit cards, since someone who stole the card could only spend whatever money was on it at the time.
Bank Overdrafts.
A good bank overdraft, used together with a credit card, can be a far better way of borrowing money than using a credit card. Your overdraft limit is set by the bank according to how much you gets paid into your account each month, and you don’t need to pay it off until you want to.
Basically, it just gives your account the facility to go into minus numbers, if you want it to. Many banks charge relatively high interest rates for overdrafts, but rarely as high as a credit card - and they will give much better rates for good customers.
Real Loans.
When you’re buying one big thing at a fixed price (like a car), or you’re going to spend all the money on one type of thing (home improvements, for example), it’s worth budgeting it all out and going to a bank or another loan company. They’ll be able to lend you the money at a much better rate than a credit card would, simply because they know why you’re taking the loan and can set regular monthly payments for you to repay it.
Credit Unions.
Credit unions are like banks, only more local. They are co-operative, owned by their members and run by the community, and are a great place to borrow money. This is because there are limits in law on how much interest credit unions can charge, and they don’t need to make a profit for owners or shareholders, because they don’t have any. It’s well worth checking if there’s one in your area.
Debit Cards.
Debit cards are often used in many European countries, but are relatively unheard of elsewhere. Basically, they’re just like credit cards and are accepted everywhere credit cards are accepted - the only difference is that they take any money you spend directly from your
bank account, instead of you getting a bill at the end of the month. You should be aware,though, that you aren’t as well-protected from fraud with a debit card as you would be with a credit card.
Pre-Paid Credit Cards.
These are cards that work just like credit cards, except that you can’t have a negative balance - you have to put money on the card before you can spend it. That means that you ‘top-up’ the card, like you would a mobile phone. This is good if you want to know how much you’re spending, not to mention that you can even give the cards to children. They’re also safer than debit cards, since someone who stole the card could only spend whatever money was on it at the time.
Bank Overdrafts.
A good bank overdraft, used together with a credit card, can be a far better way of borrowing money than using a credit card. Your overdraft limit is set by the bank according to how much you gets paid into your account each month, and you don’t need to pay it off until you want to.
Basically, it just gives your account the facility to go into minus numbers, if you want it to. Many banks charge relatively high interest rates for overdrafts, but rarely as high as a credit card - and they will give much better rates for good customers.
Real Loans.
When you’re buying one big thing at a fixed price (like a car), or you’re going to spend all the money on one type of thing (home improvements, for example), it’s worth budgeting it all out and going to a bank or another loan company. They’ll be able to lend you the money at a much better rate than a credit card would, simply because they know why you’re taking the loan and can set regular monthly payments for you to repay it.
Credit Unions.
Credit unions are like banks, only more local. They are co-operative, owned by their members and run by the community, and are a great place to borrow money. This is because there are limits in law on how much interest credit unions can charge, and they don’t need to make a profit for owners or shareholders, because they don’t have any. It’s well worth checking if there’s one in your area.
ACH or Credit Cards
Most businesses accept credit cards and consider the
process fees a cost of doing business. However by
implementing an ACH payment system you can realize
dramatic savings and increase sales.
ACH refers to the Automated Clearing House and
generically means moving money electronically to
and from checking and savings accounts. An example
would be a check by phone or taking recurring payments
directly from a checking account.
The MAJOR difference between ACH and credit card
processing is that a credit card transaction “captures”
the merchant’s funds from the consumer and essentially
guarantees payment. An ACH transaction is a request to
transfer funds. The transaction may reject for several
reasons with the most common being NSF (non
sufficient funds) or a closed account. The funds are
not guaranteed.
It is the guarantee piece that allows the credit card
company to charge a percentage of the transaction to
cover the risks involved. Typically a transaction will
consist of a discount rate, 2.5% for example and a
transaction fee, typically in the 30 cent range. This
means that every $100 processed incurs about $2.85 in
merchant fees.
Contrast this with an ACH transaction. Typically there
is no discount rate just a .30 (or less) transaction
fee. If you process $25,000 per month using ACH
processing will save around $7500 per year. Certainly
you will have more “failed” sales due to ACH
transaction rejects (eg NSF) but your transaction savings
will far exceed these losses. In addition you will
appeal to a much wider range of consumers. Estimates
vary but MANY people do not have credit cards or are
at their limit on their cards. So the benefits are two
fold-much reduced transaction fees and a new payment
vehicle for your customers.
So consider ACH processing for your business. It will
save you money and win new customers.
process fees a cost of doing business. However by
implementing an ACH payment system you can realize
dramatic savings and increase sales.
ACH refers to the Automated Clearing House and
generically means moving money electronically to
and from checking and savings accounts. An example
would be a check by phone or taking recurring payments
directly from a checking account.
The MAJOR difference between ACH and credit card
processing is that a credit card transaction “captures”
the merchant’s funds from the consumer and essentially
guarantees payment. An ACH transaction is a request to
transfer funds. The transaction may reject for several
reasons with the most common being NSF (non
sufficient funds) or a closed account. The funds are
not guaranteed.
It is the guarantee piece that allows the credit card
company to charge a percentage of the transaction to
cover the risks involved. Typically a transaction will
consist of a discount rate, 2.5% for example and a
transaction fee, typically in the 30 cent range. This
means that every $100 processed incurs about $2.85 in
merchant fees.
Contrast this with an ACH transaction. Typically there
is no discount rate just a .30 (or less) transaction
fee. If you process $25,000 per month using ACH
processing will save around $7500 per year. Certainly
you will have more “failed” sales due to ACH
transaction rejects (eg NSF) but your transaction savings
will far exceed these losses. In addition you will
appeal to a much wider range of consumers. Estimates
vary but MANY people do not have credit cards or are
at their limit on their cards. So the benefits are two
fold-much reduced transaction fees and a new payment
vehicle for your customers.
So consider ACH processing for your business. It will
save you money and win new customers.
Accepting Credit Cards Payments For Offline Businesses
Any smart business owner knows that accepting credit cards as a payment option will dramatically increase revenues. Not only do credit cards offer customers the convenience and ease of not having to carry around cash or checks, it lends a sense of professionalism to your establishment as well. The process of applying to become a credit card merchant can be a bit confusing and frustrating, so let's take a look at how it all works.
The Credit Card Account
The credit card account that you will use is called a merchant account. These accounts are different from a regular business checking account in that they are accounts that have been secured through a bank that offers credit card processing. This account enables you to process your credit card transactions through their banking establishment. This is a safe and secure process which provides both you and the buyer security and protection from the beginning of the transaction right through to the end.
Since most of the merchant accounts are offered by a third party vendor, you are not obligated to use any specific bank or institution. You are free to choose the one that offers the options that will work best for you and your company.
What you do need to pay attention to are the fees. These fees will come in three different forms. First, the initial setup fee (pretty self-explanatory), moving on to the percentage fee (the provider will take a percentage of each transaction based on amount of sale), and then ending with the monthly service fee. Read the fine print of any contract before signing it. Pay attention to all three fee categories, not just one.
Also, look for contract obligations. Some providers will offer you great deals but will want you to sign on with them for a long period of time. You need to be aware of what, if any, penalties will be charged for getting out of the contract if things don't work out.
How Do I Actually Get Paid
Obviously, this is pretty important. If a customer has used a credit card, no money has actually changed hands. Since more and more customers are now using credit cards, how that money gets into your account and how fast has become vitally important.
Any of the reputable merchant account providers will provide the business owner with payment into their account within the first 24 to 48 hours of the initial transaction. Whether that customer has a balance on that card is not a concern of yours. The bank will pay you anyway.
If the customer disputes the said transaction, the bank is usually under no obligation to pay the business owner, especially if that dispute has been deemed acceptable. If a business owner has a high number of legitimacy claims against them, the provider may just drop them.
The majority of the time, though, things go as planned and the money shows up in your account within a day or two.
The Credit Card Account
The credit card account that you will use is called a merchant account. These accounts are different from a regular business checking account in that they are accounts that have been secured through a bank that offers credit card processing. This account enables you to process your credit card transactions through their banking establishment. This is a safe and secure process which provides both you and the buyer security and protection from the beginning of the transaction right through to the end.
Since most of the merchant accounts are offered by a third party vendor, you are not obligated to use any specific bank or institution. You are free to choose the one that offers the options that will work best for you and your company.
What you do need to pay attention to are the fees. These fees will come in three different forms. First, the initial setup fee (pretty self-explanatory), moving on to the percentage fee (the provider will take a percentage of each transaction based on amount of sale), and then ending with the monthly service fee. Read the fine print of any contract before signing it. Pay attention to all three fee categories, not just one.
Also, look for contract obligations. Some providers will offer you great deals but will want you to sign on with them for a long period of time. You need to be aware of what, if any, penalties will be charged for getting out of the contract if things don't work out.
How Do I Actually Get Paid
Obviously, this is pretty important. If a customer has used a credit card, no money has actually changed hands. Since more and more customers are now using credit cards, how that money gets into your account and how fast has become vitally important.
Any of the reputable merchant account providers will provide the business owner with payment into their account within the first 24 to 48 hours of the initial transaction. Whether that customer has a balance on that card is not a concern of yours. The bank will pay you anyway.
If the customer disputes the said transaction, the bank is usually under no obligation to pay the business owner, especially if that dispute has been deemed acceptable. If a business owner has a high number of legitimacy claims against them, the provider may just drop them.
The majority of the time, though, things go as planned and the money shows up in your account within a day or two.
Accepting credit cards-Explained
Firstly let me point out that it is very difficult, to compete in a highly competitive market without being able to accept credit cards as payment from your customers. Most people who buy online use their credit cards to pay. To accept credit cards you need to be accredit merchant.
There is a big misconception that becoming a “merchant†is a lengthy and expensive process that takes months to complete. This is not the case anymore, there are now many agencies on th enet who are more than happy to give you “merchant†status.
What follows is step-by-step guide to finding and setting up your merchant account.
Firstly, deciding which company you want to use. You obviously want an agency which is reputable, has been around for a few years at least, and one which offers monthly direct payment straight into your bank account.
These, may sound like obvious requirements but believe it or not most credit agencies still pay their customers through cheques. Now I don’t know about you but if I have a really good month, I definitely do not want all my money being sent insecurely through he very questionable postal service. Not to mention the fact that you will wait at least 1 week to receive your money.
There is a big misconception that becoming a “merchant†is a lengthy and expensive process that takes months to complete. This is not the case anymore, there are now many agencies on th enet who are more than happy to give you “merchant†status.
What follows is step-by-step guide to finding and setting up your merchant account.
Firstly, deciding which company you want to use. You obviously want an agency which is reputable, has been around for a few years at least, and one which offers monthly direct payment straight into your bank account.
These, may sound like obvious requirements but believe it or not most credit agencies still pay their customers through cheques. Now I don’t know about you but if I have a really good month, I definitely do not want all my money being sent insecurely through he very questionable postal service. Not to mention the fact that you will wait at least 1 week to receive your money.
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