With the proper instructions, setting up your online merchant account doesn’t have to be a hassle. The five suggestions I’m going to share with you are the only thing you require to establish the merchant account you want as quickly and easily as is possible.
1.) Take your time.
In the first place, be sure you’ve given yourself enough time to set everything up. If you plan to accept credit cards on the internet, it will require an account with a merchant as well as a payment gateway, and typically shopping carts, both of which you should account in the time to establish the account.
The process of setting up your merchant account is typically the longest time. It could be as quick as one day; however, it can be as long as two weeks. It’s all based on your nature of business, as well as the service or product you’re providing. In addition, the connection between your gateway, merchant account, and shopping cart is also going to require an extended period of time, regardless of whether you’re new or an experienced tech guru.
2.) Be aware of what the payment gateway you use is offering
The majority of payment processors offer the basic features (the ability to conduct transactions); However, many offer additional features*, such as regular billing or email invoicing. It’s crucial to not just be aware of the features you’ll receive but also to be aware of the features that will be the cost. Certain gateways offer the option of recurring billing as a standard feature, while others don’t. Take a look at the exact cost, and whether it’s a reflection of the features, you’ll use.
Note: If you’re creating a “great danger” merchant account, you must ensure that your gateway is configured with load balancers.
3.) Be sure that your merchant account provider is aware of the industry you work in.
Any processor will be able to provide you with an account. However, one that is specialized in the field you work in will ensure that the process is done correctly. For example, an Joe Shmoe processor might be capable of setting up your merchant account fast, however, at the cost of severing the account and withholding money or closing your account when you receive that first chargeback or refund. A skilled processor that is knowledgeable of your particular industry has already thought of the problems that may arise with it and will collaborate together with you in a way that you don’t have to paddle into the creek of crap.
4) As a processor
With the growing popularity of internet-based resources, it’s becoming increasingly attractive for companies to outsource various aspects of their operations. While this might be cost-effective for the company, however, the unfortunate result for the consumer is usually poor customer service.
I don’t think that outsourcing can be a great thing! If you’re not able to get a live person to call who can be effective in contact with, then it will cause you to lose the health of your company and also cause a lot of frustration. Before you start working using a processing system, be sure that from the beginning, they’re responsive and capable of taking care of all your queries. They must be making sure you’re at ease and are able to commit to them without worry.
5.) Pay attention to your costs
Make sure you are aware of the fact that there is always an extra fee applicable on online transactions and also the possible hidden fees.
It’s true that there’s no denying the online accounts of merchants have higher charges than retail merchants. It’s much easier to commit fraud online, and in order to pay for it, credit card companies have spread the overall risk of businesses that accept credit cards online. Most often, merchant account companies offer rates of 1.59 percent, which will not apply to online transactions. Be aware of this to protect yourself from financial shocks.