Understanding the Different Types of Merchant Accounts

When starting a business, you will need to consider how you expect to process credit cards. This is done through a process called a merchant account, there are a variety of different accounts available and the one that will best suit your needs will depend on the type of business and physical setup you have available for your business. Gone are the days when companies only accepted cash or paper checks.

Now we live in a virtual world where plastic is the way to pay. Your business won’t have a chance to do this without accepting credit cards and getting a consistent, quality credit card processing account to do so. Depending on the type of business you run and Accountants in Barking, you can either physically carry cards at your location where the customer would actually physically swipe the card, or you can get the information over the Internet through your online web store. Regardless of the type of platform you use, it is important to make sure that you are considering all the options for your business.

Merchant accounts are accounts with a band or payment processing center that allow you to accept and withdraw money from your credit card for your business products or services. There are many different platforms, including physical locations, e-commerce, and telephone processing. The beauty of excluding credit cards will allow you to have clients from all over the world opening up many opportunities for you to grow your business.

There are two types of business service aaaaccounting which are card-present and card-not-present accounts.

A card present account is just that, the card is present at the time of card swiping in the transaction. This is the type of transaction in which the merchant can take the customer’s physical credit card and swipe it through their magnetic card reader. These types of processing accounts are very low risk since the customer himself is present when making the purchase and must sign, which shows that he made the purchase. This merchant account will also give you the lowest rates and fees. Physical retail locations will want to consider this type of account as it is most convenient for their customers and will cost them the least amount of money in the long run. It’s also important for a retail store like this to consider a mail order credit card processing account as well.

When a merchant has a portable credit card machine, this is called a wireless merchant processing account. The merchant will still swipe the customer’s card in the same way, but the actual credit card machine is portable and wireless, allowing for portability and use of the machine in multiple locations. The fees with this type of account are still very low but the cost of the equipment is higher for this type of unit. This would be a good option if your business needs to accept credit cards while in the field. This would include home repairs, crafts, or farmers market vendors or vendors. This will greatly increase the amount of sales you can receive from your business.