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Your
Business Merchant Account
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by:
Dane Collins |
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.
About the author:
Dane Collins is with Merchant Digital http://www.merchantdigital.coma
nationally recognized merchant account provider. Start accepting
credit cards today: http://www.merchantdigital.com
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