Credit Card Processing & Internet Merchant Services
What an internet merchant account ?
An internet merchant account is one piece of your whole payment solution: in its simplest terms, it’s a bank account that allows your E-Biz to accept online credit cards and e-checks. At a specific time each day, your internet merchant account bank receives that day’s completed transactions. They hold the money for several days or more, to make sure all parties involved are satisfied. During this time, they also perform additional security checks. If no issues arise, the bank then wires the money into your business checking account.
What an internet merchant account Isn’t
People often confuse internet merchant accounts with other elements involved in payment solutions. But each element is a separate function of a larger service.
. An internet merchant account is not a shopping cart.
Shopping cart technology is software that simulates a physical shopping cart, in that it allows users to “place” items in it until they’re ready to check out, and then totals their purchases for them.
. An internet merchant account is not authorization software.
Authorization software is the equivalent of a digital credit terminal. It runs address verification, sends the buyer’s information through fraud detection filters, and ensures the card has enough credit available for the purchase. Authorization credit card processing software makes instant approval possible.
When you’re looking at solution providers, be sure that all three elements – your internet merchant account, shopping cart, and authorization software – are compatible with one another. They all have to be integrated in order for you to have that seamless payment solution you’re looking for.
Is It Hard to Get Approved for an internet merchant account ?
Every institution has different policies and requirements for getting approved. Some want your corporation papers, your tax ID, and your business banking account information, at the time you apply. Others are more lenient, even to the point of pre-approving your account and allowing you to activate it when you have everything ready.
Getting approved can be especially challenging if you have poor credit history. But some institutions will allow you to have a co-signer. Less than one-half of one percent of all our internet merchant account applicants, since the inception of our company, have been turned down.”
Don’t Lose that Sale! – Why You Need an internet credit card processing
Shoppers are likely to move on if you don’t offer their preferred payment option. That’s why, even if you have a PayPal account, you still need the flexibility an internet merchant account gives your buyers. You’ll lose the majority of your customers who aren’t PayPal members if you don’t make that option available to them. Most people won’t take the time to muddle through PayPal’s alternate solutions. Says Mack, “If it takes five minutes to find the product and buy it, but fifteen minutes to pay, they’re going to go somewhere else.”
Credit Card Processing Guru is a certified online credit card processing specialist and assists credit card processing companies.
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