If your business retails items online, then you’ll want to set up one or more online merchant accounts. Merchant accounts allow you to access Internet credit card services as well as online check processing.
The online merchant accounts basics are easy to understand. You set up an account and buyers make payments through the service using checks or credit cards. The service will notify you that payment has been made and you can proceed to ship out the item.
1. Look at the benefits of online merchant services. Most companies will offer payment notification, numerous payment options for buyers, customer service and account security.
2. Compare Internet payment providers. Determine the Internet payment services that they offer and what type of seller protection that they provide. Top Internet merchant accounts include Paypal, PayPoint and Merchant Express.
3. Sign up for your business merchant account. Sign up will not usually cost you money and you will need to only provide some information about your business.
Learn about Internet merchant account servicesThe two main types of Internet payment providers are free and paid sites. With a free site, you don't have to pay a sign up or maintenance fee. However, transaction fees will likely get deducted from each payment. With a paid site, you'll pay a start up fee, but likely pay a lower transaction fee rate. You'll also want to find out the different payments buyers can use when paying.
Find Internet credit card servicesMost people pay for purchases online using a credit card. The site that you choose should accept all major credit cards. Usually, business owners can start processing credit cards online within the week after signing up with a service provider.
Check out top online merchant accountsCertain Internet payment providers attract more traffic than most. Due to their strong reputation, you'll want to check these sites first in order to make your customers feel secure when making payment.
- As part of your small business merchant account, you'll likely have to pay a nominal transaction fee each time a buyer makes a payment through their Internet payment system.