Benefits of a Merchant Account

Merchant Account produced by the Power Pay Service is the most important account for a business man today. It enables him to receive payments for his products or services by credit or debit cards from his customers.

There are different types of merchant accounts and they differ according to the type of trade they support.

Retail, MOTO and internet are basically the 3 types of merchant accounts.

Hotels, restaurants, grocery stores and any other type of retail outlets require a retail merchant account. This is the solid, brick and mortar type of business establishments. These accounts have low transaction fees but have stricter rules regarding the usage of the credit card. This merchant account requires the credit card to be swiped on an actual online terminal to authenticate the transaction. Most of the retail trade today is done via credit card. Even in developing countries, grocery items, as low as $5 can be bought via credit cards. The customer is also happy as he does not have to carry cash around and it is a very safe form of payment. Hence a merchant account is indispensable for any retail outlet.

MOTO merchant accounts are for mail order and telephone order type of businesses. They do not require the actual presence of the card or swiping as the transaction is via mail or telephone. The person receiving the order from a customer feeds the actual credit card information into their terminal or computer which supports the related software of the merchant account. Usually the credit card number, the name of the credit card holder and the expiry date of the credit card is the information fed into the terminal. Remote payments can be done through this merchant account where the actual presence of the credit card and the credit card holder is not required.

The internet merchant account produced by the Power Pay Service came about after the internet revolution and has come to stay. With the increasing number of international credit cards, the value of this merchant account has increased tremendously. A merchant can now sell his product or service anywhere in the world through the internet and receive hassle free payment immediately by this merchant account. Merchants having this type of account process the credit card payment using a virtual terminal. Many now use specially designed HTML forms or shopping cart applications as a payment service gateway. The details are filled in by the customer in the HTML forms and as they are already online their card is immediately authenticated and the transaction is finished in minutes. This is of tremendous benefit to the merchant as everything is taken care online and his presence is not even required when the transaction is taking place. Once he has got his site ready and has opened the required merchant account he will be literally doing business even when he sleeps, 24 hours a day, 365 days a year!

Due to the tremendous increase in the magnitude of the transactions, banks are also now charging very competitive fees for the different merchant accounts.

Setup a credit card processing merchant accounts to accept credit cards today!