For a number of e-Businesses, discovering the best way to accept payments is a frustrating task. As the Internet is an instant medium, it is highly recommended that a ecommerce website must accept credit/debit cards and online checks as modes of payment. In order to accept credit card transactions, you require setting up a merchant account with a merchant bank. As soon as you set up a merchant account, an online processor can provide you with the software or gateway you need to transact.
Selecting a suitable merchant account is considered to be one of the most tough business decisions you make as their existence has almost doubled and are now into more than hundreds. At the time of choosing a merchant account, you should be aware of the cost involved in setting up the account. Refer to the list below and don’t forget to ask about each of these items before agreeing to an account.
Application Fee
The application fee is compulsory so an agent or bank can "research" you as a potential customer. Few firms are more likely to repay this fee if your application is not accepted while others won't. It is always advisable not to pay an application fee that will not be refunded in case you are rejected.
Minimum Account Billing
This fee requires you to do a least amount of business with a merchant bank. A majority of banks require a monthly minimum of at least 25 dollars in transaction fees. Anything less than 35 dollars minimum is satisfactory.
Statement Fee
In case there is a considerable minimum-billing need, then there should be no statement fee. Still, a number of banks charge this to cover administrative costs. If you are assessed a statement fee, it shouldn't exceed 10 dollars per month.
Charge back Fee
In case a customer is not satisfied with their purchase, can't get a refund, or is just looking for something free, you may be faced with a charge back attempt. Under this, the bank will return customer’s fund and debit your account for the full amount. Always make sure to ask about your bank's charge back policy. Most banks tend to be more loyal to cardholders than merchants so protect yourself by preventing charge back fees.
Transaction Fee
This fee, which is usually about 2-3 percent of the purchase, is assessed on every transaction. If a product costs US$100, the bank would receive US$2-3 for their services. While rates are relative to the nature of your business, anticipated volume and your credit history, you should never pay more than 3 percent.
Setup Fee
This covers administrative work necessary to establish your account. In case you're charged an installation or programming fee, there shouldn't be a setup fee. There is a considerable amount of work completed to create merchant accounts, so fees of US$50-500 should be expected.
At the time of approaching banks or an intermediary about a merchant account, always keep in mind the following tips:
- Read the terms, conditions and anticipated charges carefully. Don't sign anything until your questions are answered to your satisfaction. Take time to understand exactly what you are getting and how much you are paying to get it.
- Do you require a reserve account? It shouldn't be, but if you are a start-up Internet business, have poor to marginal credit, anticipate low volumes or run a "risk" business, it may be required.
- How long before funds are available to you? Ideally it should not take more than 72 hours from the time an order or transaction is processed.
Given below are some of the options available with whom you can setup your merchant account.
Charge : It offers it's customers free setup, free application, free shopping cart software, free Internet heck software, free search engine submission and free technical support. Expect a quick approval after filling out the online application. You can accept payments on your website in 24 hours or less in most cases. In addition to accepting credit cards on your web site in real-time, you will also receive a simple to use, web-based credit card processing terminal so that you can process your credit card transactions manually.PayPal : With a free PayPal account one can accept credit cards on your website immediately
Click bank: It offers distribution of digital products and has an instant affiliate network promoting your business.
North American Bancard: It is a full service payment solution provider of Credit, Debit, EBT, Check Conversion and Guarantee, Checks by Phone & Net.
1 get money from google
2 Affiliate Marketing Tips To Success
3 karaoke songs for free
4 important tips to improve your website
5 Private Label Resale Rights vs. Creating Your Own
6 Site Content Writing for Keyword Density
7 Content Articles, Keywords, and Web Page Design
8 Content Article Marketing: Make the Most of It
9 Buy Website Content and Increase Your Website
10 Successful Businesses Begin With The Basics
11 Choosing The Right SEO Package
12 Create a User-Friendly Website
13 Role of Meta Title Tag in SEO
14 Thinking About SEO For A New Website
15 Website Designing Tips For Professional Websites
16 Tips for Search Engine Optimization For Websites
17 How To Monitor And Manage Search Engine Results
18 SEO is not an advertising model like PPC
19 The Power of Search Engine Marketing
20 Types Of Web Hosting Servers
21 Affiliate Marketing and Working From Home
22 Things to Consider When Choosing a SEO Firm
23 Create a Flash Template for a Photograghy website
24 How to Avoid Scams When Looking for a Home Business
25 Want To Buy A Business Opportunity?
26 What Types Of Jobs You Can Do To Work From Home
27 Emails On Mobile: Accessing Corporate Emails On Mobile
28 SEO and PPC - Mutual Partners
29 The Essentials of Search Engine Marketing
30 Search Engines or Web Directories
31 The Role of Meta Title Tag in Search Engine Optimition
Why Cleaning Spyware Speeds Up Your Computer
The Best Approach to Removing Spyware from your PC
Spyware Detection Explained
Is It Wise To Delete Spyware And Adware On Your Own?
How Adware Scanners Work
How Adware is Bad for Your Computer…and How to Get Rid of it Once and For All
How to Conduct a Comprehensive Spyware and Adware Scan
What's the Best Spyware Stopper?
3 Ways To Detect Spyware And Adware Without Special Software!
3 Reasons Why Spyware Scanners Are Better Than Normal Antivirus Software
Building Ecommerce Web Sites: Where Do I Start?
7 Steps Of Mega Adsense Earners
Ecommerce Hosting - How To Choose A Merchant Account
Inspiration of Professional Team Building
How to Stop Cold Calls from Feeling Intrusive
Best Home Based Business: Make a Decision
OsCommerce Performance Module
How to Build Great Relationships through Cold Call
Turn Your Site Upside Down in 6 Steps
How does PrinterAnywhere Software work?
