Boost Your Online Business with Merchant Account Solutions
Online storeowners know that the majority of online purchases are made with the help of plastic cards. Statistics show that credit card sales are almost four times larger than sales completed any other way. It was proven that people using plastic cards spend more money on their purchases. Thus, if you sell products online and want to increase volume of sales and revenue, you must be able to process credit card payments.
To get an opportunity to accept credit card payments, you need opening an online merchant account. An online merchant account is a type of account that enables you to receive payments from credit card purchases. However, opening an account is not enough to process payments. To make the process complete, you will also need special software that is not always supplied by the merchant account provider.
A payment getaway is one more important component of your account that will help you accept credit cards from your customers. A payment gateway is a company that provides real-time authorization of online payments. When choosing a getaway, it is necessary to get sure that it is compatible with your account provider and web pageâ€™s software.
When looking for a merchant account provider, you may easily get confused, as there are a great number of options available to you. On the other hand, such variety of options can help you choose a provider that meets your business needs the most. To make the right choice, you will have to do a little research and collect information about services and charges various companies offer.
Start your research with talking to experienced e-commerce businesspersons. Ask what merchant service providers they cooperate with and ask their opinion about the provided services. In case you do not know anyone running an online store, or if the received information is not enough, visit online forums dedicated to this issue and read customer reviews. It is also necessary to compare fees offered by various providers.
After determining which providers will be the most effective to work with, you can narrow down your options by examining their history and offered services. Opt for a provider that has extensive experience working with online businesses similar to yours. This will ensure that you will get services required by your particular business.
Of course, services offered by merchant account providers are not free. Different providers charge different fees for their services. If the company you considering charges too much, it is better to start looking for another provider.
First of all, you will have to pay a set up fee. This fee usually includes application fee (though some companies offer free application), equipment costs and deposits. Set up fees depend on the provider you choose and on the selected options, and generally amount about 280 dollars.
When comparing fees, it is also important to find out what percentage a provider will take for each completed transaction. This amount rarely exceeds 2,5% of the sale. Some providers charge other annual fees. Thus, when looking for the right provider, it is highly recommended to thoroughly study the information about all fees associated with owning an online merchant account. This will help you find the most competitive rates, as well as save a lot of money each year.
Running an online store has a number of advantages over managing traditional stores. Online business gives a wide variety of new opportunities and options. By opening an online merchant account for your online store, you will double your chances of owning prosperous and profitable business.