Choosing The Right Merchant Account Provider
Choosing the right merchant account provider is like choosing a
spouse, as you are in fact choosing a partner for your business,
one which would hopefully last a lifetime. There are many
merchant account providers out there, much like there are many
prospective husbands or wives. But there is only one merchant
account provider that would complement us in every aspect of our
trade. Finding this kind of a merchant account provider would be
as easy or as difficult as we want it to be, and all dependent
on the type of business we're running.
What Is A Merchant Account Provider?
A merchant account provider is simply a service that would
maintain a merchant account for our business. A merchant account
provider would establish for us an account that could process
payments from credit cards. The said merchant account provider
would also deposit such payments, and thereafter, after the
lapse of a specified period, the merchant account provider would
transfer the funds to a financial institution of our choosing.
Why Is A Good Merchant Account Provider Important For Your
Business?
The ability to process credit card payments would substantially
increase your customer base, and this is what a good merchant
account provider could guarantee. 87% of online consumers, and
36% of offline buyers (with a whopping 63% in North America)
prefer to use their credit cards for their purchases. The
services that a good merchant account provider would give you
will allow you to tap into this segment of the market. The
result? A good merchant account provider can actually increase
your profit by up to 450%.
Characteristics Of The Right Merchant Account Provider
A good merchant account provider should have the following
characteristics:
* A merchant account provider should be able to accommodate a
variety of credit card brands. Visa, MasterCard, American
Express and other popular credit cards should be included in
what such a merchant account provider could accommodate.
* A merchant account provider for an online business should also
be able to accommodate popular payment alternatives like PayPal,
StormPay, E-Gold and the likes.
* A merchant account provider should have a solid history of
service and credibility. A merchant account provider should
always be viewed as a long term partner, hence, every effort
must be made to ensure that such merchant account provider would
be reliable.
* A merchant account provider should have an excellent customer
service system. Payments are delicate matters, and whenever
problems are encountered, the merchant account provider should
be able to render expedient and efficient support.