Use a Merchant Account for Business Transactions

Published February 1, 2013 | By administrator

In order for modern business to be successful, it must accept different types of electronic payments. Setting up a merchant account provides businesses an inexpensive way to accept different kinds of electronic payments.

A merchant account offers many services such as debit and credit card processing together with debit and credit card processing equipment that is compliant with the payment card industry standards. The accounts also offer 24X7 technical support.

Merchant accounts provide a number of services to keep your business successful. Some of the services include:

• Debit and credit card processing
• Check acceptance
• Gift card acceptance
• Wireless payments
• Loyalty programs
• Business cash advances
• Online payments
• Phone/mail payments
• ATM services
• Free processing equipment
• Fleet card acceptance – This is generally used for diesel, gasoline and other fuels at gas stations

Setting up a merchant account is easy. You will need to first select a financial institution partner from whom you wish to secure a merchant account. You can compare the services and quotes of different institutions to find the one that best meets your business and payment requirements. Next, you will need to apply for an account. Most institutions have high approval rates and the applications are processed very fast. Once approved, you will be given a merchant ID for processing. Your equipment will be sent to you, and your new account is set up.

Merchant Account

You will have a client support team at all times to ensure that everything is going smoothly. You will have access to both technical and account support. Technical support includes equipment trouble shooting, equipment replacements and the like. Account support would include account information, access to statements, and settlements among others.

Merchant account are being favored by a lot of people all over the world. Businesses are increasingly resorting to merchant accounts to help increase sales thereby giving a big boost to their business.