Merchant Services: Now You Can Pick the Right Provider with Confidence

Article Written By: Mort Paulsen

When it comes time to deciding what merchant services provider is right for you, it is first important to decide what exactly it is that you want. However, many merchant account providers offer things that can help your business that you may never even have considered.

One of the biggest advantages to opening a merchant services account will be your ability to process credit cards. In today s world people expect to be able to pay with their cards wherever they go, and if your business can t do it your potential customer will find somewhere that will. Credit card use is only going to increase in the future so the time to get on board is now.

There are a few ways your business can decide to process credit cards. The most common would be through a retail swipe terminal. This is the type that you see on the counter at any convenience store. Processing fees on these are usually low because there is less risk of fraud when people pay in person. You can also set it up so that your business can process credit cards securely through your website. If your customers want to buy something online they can just punch their credit card information in and it will be sent over to the merchant account provider for processing.

Another option is to set up a virtual terminal. A virtual terminal is essentially a website that you can log into from any computer connected to the Internet. Once you have logged on you can simply punch your customer s credit card information in. This is especially handy if you receive a lot of orders via phone or fax. Also, since you can access the terminal from any computer that is online, you can take orders from just about anywhere.

Once your account provider has your customer s credit card information it goes through a series of complex steps. Luckily, you don t have to be involved in any of them. About two to three business days after the card information has been accepted the payment will be deposited in your business s bank account. No muss, no fuss.

When your account provider processes an ATM or debit card it works essentially the same as a credit card. At least it does on your end. The only difference is that the money is taken right out of the customer s checking account.

Processing e-Checks is another service that your merchant account provider can set you up with. It essentially works like a real check, just on the Internet. All you need is the bank s name, the check s routing number, and the account number for the checking account. No signature is required.

There are a couple different ways that you can accept these e-Checks. The first is to buy a software application for your computer that is designed specifically to print online checks.

You can also accept online checks through a transaction service. It verifies that each check is complete, and it will also guarantee it for an additional fee. That means that if it bounces, you won t be left hanging.

Some merchant account providers even offer escrow services for special cases. These are usually only practical for big ticket items like real estate or auction websites that deal in expensive goods. An escrow service puts your transaction through a four step process that makes sure everything goes smoothly. First your client pays the escrow service for the product. Then the service contacts you and lets you know that things have been paid for. After that you send out the product to the client. When they have received it and are satisfied they inform the escrow service, who then release the funds to you. If they are not happy with the product for whatever reason they just return the product and their money will be refunded.

About the Author

Mort Paulsen - merchant services.

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