Purchasing Resources for Online Merchant Accounts

Online Merchant Accounts Basics

Expand your business by accepting payment through Internet merchant accounts
By Heather Topham Wood, Freelance Writer 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 services

The 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.
Try: Global and Secure Pay gives an overview of the benefits of a personal online merchant account. It also gives advice on how to compare free and paid Internet payment services. Taming the Beast has an article that can give you the basics of online merchant options and how to choose your account provider.

Find Internet credit card services

Most 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.
Try: Website 101 gives you the basics about credit card payment processing and how to understand the fees associated with accepting credit cards. Authorize.net can get you started on accepting credit card payments for your merchandise.

Check out top online merchant accounts

Certain 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.
Try: If you have ever sold anything on eBay, then you have likely heard of PayPal. This is the primary site used by eBay buyers to make payment to online merchants. WorldPay is a well known merchant account provider that requires businesses to submit an application in order to use their services.

• 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.