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Merchant Accounts
…and everything you wanted to know about them
What are merchant accounts?
Merchant accounts Produced by
the Power Pay Service are special bank and
credit card processing accounts that a merchant
can set up with a merchant account provider.
With the use of an affordable piece of credit
card processing equipment, a merchant is then
able to accept credit cards as payments for
transactions.
Are merchant accounts
affordable?
They are very much affordable.
Though there are a variety of costs involved in
setting up a merchant account, they are almost
always limited to application fees, set up fees
and equipment fees. Some of them can be reduced
or even waived entirely—but this depends on
special promotions or contractual agreements.
Who benefits from merchant
accounts?
The customers benefit because…
These days, people are on the
run always: they have no time, are stressed and
want everything to happen in a jiffy—like a
computer’s ability to bring back 1000 words in a
document at the press of a key! Like in
everything else, they need quick, convenient
ways of paying for their transactions,
especially if they're busy with other errands or
are struggling with babies! And so, they prefer
credit cards to paper-cash—because they're fast,
secure, reliable and easy to use: no hassles of
counting and re-counting, to make sure one is
not paying in excess!
The merchants benefits because…
The whole billing system is
easy as well—credit cards are easy to process:
swiping of the credit card to the printing of
the receipt takes less than a minute! Merchants
benefit because, thanks to the convenience,
their customers keep coming back!
Are merchant accounts safe?
Definitely! Various settings,
safeguards and features ensure the safest
experience with merchant accounts. This entire
if the merchant sets up the account through
legitimate legal and acknowledged providers.
Most merchant accounts Produced by the Power Pay
Service are set up to check for fraud and sudden
charge-backs, and to alert the merchant and/or
the merchant account provider to any type of
suspicious activity.
The advantages
Advantages of a merchant
account include: customer convenience, increased
functionality, additional direct sales channel,
immediate authorization, streamlined payment
processes, etc.
Who is the best provider?
Most financial enterprises
offer merchant accounts, but the best one is the
one who has proven expertise in working with
small and growing businesses. Such institutions,
more often than not, configure accounts faster
and at better rates than those who cater to
larger companies. Any day, institutions that
work with customers to combat fraud and reduce
charge-backs will be the best providers.
How to maximize the benefits?
There are a number of financial
institutions that specialize in providing
value-added merchant account services. One Core,
a leading provider of online financial services
for small business, is one such. They pay money
market rates on credit card proceeds.
What happens if one does not
maximize?
The funds could get routed to a
bank account that pays no interest on that
money. Or, the merchant may have to wait a for a
whole month to actually get the details on those
credit card transactions—which will make him/her
liable to pay for the privilege!
How to locate a service
provider?
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An enquiry at the bank
Enquiring with trade groups or
other membership organizations
Business software provider
Any merchant who accepts credit
cards, obviously!
And of course, the Internet
Setup
a
credit card processing
merchant accounts to
accept credit cards today!
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