I’d like to accept credit cards for my business, and now?

Your business is born. You have carefully planned all aspects of your new business. Make sure that your marketing is in place, your site operational and that your product is shelved. But you forgot one very important part of opening your new business, opening the right merchant account so that you can start, the acceptance of credit cards and other forms of electronic payments.
What is a merchant account and how can I work?
A merchant account is that given by a buyer that your company provides credit cards. Once you accept a credit card for your customers, contact your equipment from the buyer for approval. Once approved, the buyer will transfer funds from your customers to your bank account. Each association, credit card (Visa, Master Card, American Express and Discover) receives a fixed amount, to accept their cards. The acquirer manages the infrastructure required to process the payment for your customers, and deposit the funds into your bank account.
U.S. consumers have an average of nine credit cards in your wallet. This means that the acceptance of credit cards is essential to your business success. The adoption of credit cards:
triple your sales will
Several studies, including one conducted by accounting firm PricewaterhouseCoopers, showed that the average size of credit card purchases up to three times greater than cash and check purchases. People buy more when they pay with a credit card.
Your payments are guaranteed
With the credit cards of your preferred payment method to reduce or eliminate your bad checks, and reduce the time it takes to process orders. Your payment is guaranteed in advance and you can deliver your product with confidence.
Your customers want to pay with their credit card
Customers increasingly want to pay by credit card. Studies show that credit card payments will exceed the cash and check payments in the coming years. Often, the customer benefits of a credit card, as miles or points to another folder affinity to pay. Pay by credit card also allows customers more flexibility to manage their cash flow.
How to choose a merchant account
Before a processor business, you know what type of merchant account you need. How will you accept payment from your customers a great influence on the type of merchant account, you need and the cost of processing credit cards for your business.
Retail merchant account retail merchant account is for a company that is accepted in a commercial location that payments from their customers face-2-face is. You get the customer’s credit card and drag it to your credit card terminal or POS system. The trade has the least risk, because you have this card and you can verify the signature or identification of your customer. This type of merchant account to pay the costs.
“‘s Motorcycle” MOTO merchant account-A “telephone order merchant account mail order for a company that orders accepted via phone or mail. Are your customer you their credit card information over the phone and enter the information in your credit card terminal, virtual terminal or POS system. The merchant account carries more risk than a retail merchant account, because you never see the credit card presented for payment. This type of account dealer costs for a retail merchant account.
Ecommerce Merchant account Merchant Account E-commerce for an online business that accepts payments through the website online. A customer comes to your site, decided to make a purchase then enters their credit card information to complete the purchase. We never see the credit card merchant account so that the risk is greater than a retail merchant account, which costs more.
Restaurant merchant account merchant account restaurant is a restaurant. You agree to pay, in a face-2-face, minimizing the risks. With a merchant account restaurant, you are also able to open a sale of the credit for a contribution to add, after the customer has left. You are not able to do so with a standard retail merchant account. This type of merchant account is cheaper than both a “motorcycle” and e-commerce merchant account.
B2B merchant account a merchant account is for B2B companies that sell to other companies. These operations can either be swiped or entered into a credit card terminal or software point of sale. A business customer can buy a card to accept more costs for the usage of credit cards. With a merchant account of your B2B devices have improved to the B2B payments allowing you to accept their money.
Once you have the type of merchant account you need to decide, you can start shopping.
You can use a merchant account from:
An MSP: a representative of market services is an independent agent for the sale of an ISO standard.
ISO: A buyer with Visa and Master Card allows registered to open commercial accounts for businesses.
Processor: A company that drives business. They use the infrastructure (network) is required to complete a sale of the credit card. The few available are usually not directly relations company owner. Processors generally do transactions registered under ISO or banks.
For a new company that is the best channel for a merchant account an ISO certification.
Pricing
They tend to get better prices (ISO MSP as direct channels means less margins). While a processor is usually greater than the ISO standard, they usually focus on their business with the ISO or banks and offer their best price on these organizations, but from you.
Accountability and Service
ISO have is a greater responsibility to the map of associations from business practices are generally more stable than the MSP.
Customer service ISO generally better than for an MSP MSP is open products are sold and may not have time to manage using your account, while the ISO has the infrastructure to treatment services and support. A processor is available through the company without a real connection with your business and offers a less personal service, which will be decisive for your new business.
When shopping for a merchant account, a special attention to:
Processing fees / discount rate for your transaction, the share of each transaction will cost you to accept credit cards.
Transaction fees, fees for each item for each transaction that you perform (one dollar)
Monthly fee is a statement that fresh Customer Service Fee or any other fees include a monthly billing. Annual fee for service charges annually.
Batch / expenses – paid a fee every time charge (you send your transactions to the buyer to pay transfer to your bank account) or your POS system.
Maintenance Fee Fee update your account information such as account information or change of address.
Duration of the contract temporary merchant account. cancellation fee to terminate the cost-to your merchant account before and after your term is up.
Customer Service Hours What’s your merchant processor hours customer service? Are you 24 hours or 5.9? If customer service is available 24 hours a day, it is an answering machine or have access to your account information 24 hours?
The reactivity and cunning in the service of your account. Learn more about your dealer processors chargeback policy and how they adapt to you, the merchant.
Once you have gathered this information, you have the tools to better select the merchant account for your business. The merchant accounts are not one size services. Your company will be ahead of the curve, if you select the right merchant account. The right merchant account to help grow your business, while hindering the merchant poor growth and create your account frustration, loss of time and money. This guide is an excellent starting point for creating your merchant account.