Accepting online credit card orders has become one of the most important aspects for the growth of a business. You could lose at least 85% of your potential orders if you still are not accepting credit cards. Most online businesses report 95% increase in their order through online order forms.
Opening a merchant account for business is easier than it appears. To accept online credit card orders, you need three basic things: Merchant Account
Software
Internet Service Provider
Merchant Account for business:
A Merchant account for business is a special account that you open with a financial institution to accept credit card payments from customers. It may not be enough if you are already accepting credit cards for your offline transactions. Credit card companies consider Internet transactions to be riskier than other standard transactions so, not all accounts permit Internet transactions. If your current merchant account does not allow Internet t ransactions, you have to contact your financial institution to correct this.
There are many banks available that can help you open a Merchant account for you. Their conditions for opening an account may vary drastically, which can make it difficult for you to decide which account is best for you. Most brokers will offer to sell or lease expensive equipment to you, when they open your account. Do not be fooled that is how they make their money. You do not need any software or equipment to open a Merchant account. To open an account, all you should have to do is pay is processing fee, which should not be more than $100. That should be enough for you to start accepting credit cards.
To maintain your merchant account, you must pay the following monthly fees: Discount fee - For Internet sales, this fee should be between 2.5% and 2.9%. You should be suspicious of any discount rate that is less than that.
Transaction fee - This fee should be between $0.20 and $0.3 0 per transaction.
Address Verification Fee (AVS) - This fee sh ould be $0.05 per transaction. Some (very rare) financial institutions may not require this service, but it is a must for you because it helps to prevent fraud.
Statement fee - This fee is usually between $10 and $15 per month.
Zed Miller, an expert business writer, regularly contributes his articles to various websites just to help merchants, small businesses and retail houses to expand their market base by accepting the prevailing mode of payments. Visit [http://www.merchantservicez.com/Merchant-Account-For-Business.htm] to read more articles from this author
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