Merchant Account Basics

Having a merchant account to process credit cards onlines is a definite advantage to any person venturing into the world of eCommerce. Be aware, though, that while merchant accounts can provide an avenue to higher conversions, lower processing rates and ease of manageability, having it shut down can be a disaster to your business. Ask the right questions NOW to prevent business disaster later.

Category:

People & Blogs

Tags:

• accounts
• american
• card
• credit
• discover
• express
• gateway
• gateways
• mastercard
• merchant
• processing
• visa

[nevadabboko]

few questions :

- is there a difference between merchant account and internet merchant account ?

- if it is just a merchant account do i still need a gateway ?

- if the limits and chargebacks are OK ... do they have the right to shut down the account and how would they do that ... it is my accoun after all

regards

[MatthewBredel]

@nevadabboko Great questions! 1) There doesn't have to be a difference, but you do find merchants that specialize in the internet. Because of this, it is easy to get accepted and set-up easier. Plus, they are more familiar with internet "patterns" 2) Online you always need a gateway (like a credit card swiper for stores). Most merchants set this up with their preferred gateway for you. 3) The can do whatever they want! If they suspect anything, they will freeze your account. cheers...matt

[benitomol2008]

very useful info. keep it up!

[ImageOFlove]

You got 5 stars and waiting for your recommendation I plan to open an account and my monthly sells would be 500-1000 dollars hehe that is not so much but for starting that is ok hehe

[nevadabboko]

Matthew, thank you so much for your answers !!!

i am planning to plunge in to e-business but for the moment i am interested in technicalities like :

- is paypal or ccbil just another processors (gateways) ...or are they somehow a different then the others ?

- is sms payments an option ?

- let say i have some good product (i invented myself) which can be distributed online and i am sure thousands and thousands of customers are willing to pay for it ..... what is the best way to promote it ?

[nevadabboko]

Matthew, thank you so much for your answers !!!

i am planning to plunge in to e-business but for the moment i am interested in technicalities like :

- is paypal or ccbil just another processors (gateways) ...or are they somehow a different then the others ?

- is sms payments an option ?

- let say i have some good product (i invented myself) which can be distributed online and i am sure thousands and thousands of customers are willing to pay for it ..... what is the best way to promote it ?

[SeymourDirect]

The good thing is that most Merchant Providers such as ours, will include the payment gateway as well. Its a specialist industry in the financial sector, we're dedicated to providing the whole package

[666jet]

make sure you also ask about full disclosure in your merchant account statements.

[BrooklynNYC777]

man thank you for this upload man..............thanks

[donaldlbailey1]

@shillaily

I am a Merchant Service Provider Professional.

Concerning charge-backs............Its not the banks that rule here.  Its the Visa/MasterCard/Discover Card Associations and the processors

[donaldlbailey1]

I am a merchant account provider. I read your question about $500-1000 monthly sales.

In response to that question........A $1,000.00 per day target is NOT high for certain businesses. If this is a online operation only, I suggest you first decide how you'd like the money deposited. for more info. respond to this post.