Merchant accounts are bank accounts that make it possible for a business to accept a credit card and/or a debit card as payment. While the accounts are offered through ordinary banks, they are not the same as the checking or savings account you have with your local bank. A merchant account is more like a contract between the bank providing the account and the business owner, with rules about how products or services are sold and paid for.
Securing Online Payments
A study by TNS Research in August of 2006 shows that 87% of online shoppers are concerned with credit card fraud and 85% of online shoppers are concerned about identity theft when providing their credit information online. As an online retailer, you must work to gain trust of your customers in order to enable success of your e-commerce business. It certainly won’t do if 65% of your site shoppers discontinue their orders before paying because of the check-out process!
On-Line Credit Applications Are Fast And Easy
Gone are the days of waiting several days or weeks to be approved for a credit card. While it is still possible to apply for credit via snail mail, it is now more common than ever to apply for any type of credit via the Internet. With the help of the Internet, its possible to apply for and receive approval on a line of credit in a matter of seconds or minutes.
Give The Holiday Season A Little Credit
Falling into the trap of overspending on credit cards during the holiday season is never a good thing as far as your wallet is concerned, but wise spending with credit during your holiday shopping can be really beneficial.
Evaluating Credit Card Processing Companies
There are numerous credit card processing companies to choose from, each offering different features and fees. Choosing a company to process your customer’s credit card payments can be a daunting task, and sometimes you’ll experience difficulties both looking for a merchant account provider and then afterwards- if you make the wrong selection!