How to Get Your Own Merchant Account
Quick & Easy Steps to Accept Credit Card Payments for Your Business!
A merchant account is essential for nearly every type of business today. But if you’re not careful about which company you partner with, you could get stuck with an inefficient system that frustrates your customers and overcharges your business by thousands of dollars a year in fees.
Making an informed decision is absolutely crucial – but that doesn’t mean your search should be painful either. By taking the right steps, you can open an account within 24 hours, enabling you to accept and process credit card payments from your customers – online, in person, over the phone, or even by mail.
According to the Federal Reserve Bank of Boston, American consumers own nearly 610 million active credit cards. To maximize your potential business revenue, accepting credit card payments is a must. The information below will outline everything you need to know about setting up your own account and choosing a merchant services provider that can skyrocket your sales – not drag them down.
Merchant Account – What Exactly Is It?
A merchant account gives businesses the ability to accept payments from customers by credit card or debit card. The account is set up with a bank or payment processor that generally supplies all the necessary equipment or software to accept the payments, process them, and distribute them into the appropriate banking accounts.
These days, merchant accounts are necessary for a wide variety of businesses, including:
➜ Retail stores and restaurants
➜ Mail-order businesses
➜ Businesses who exhibit at trade shows
➜ Phone-order businesses
➜ Healthcare offices and other professional facilities
➜ B2B providers
➜ Home-based businesses
➜ Internet-based businesses and Web stores
In essence, an account is needed anywhere that payments are accepted from customers.
5 Important Things to Look for When Opening Your Merchant Account
Getting your own credit card machine or online payment gateway is very simple. But you must make sure that you partner with a merchant services company that can provide the right solution for your needs.
Here are things to consider:
Does the account meet your specific business needs?
This one is very important. You don’t want to hastily start credit card processing with a no-name company only to find out later that you can’t accept credit card payments the way you need to. With recognized companies like BankCard USA, you don’t have to worry about this. BankCard USA gives you several merchant options for accepting payments at the point of sale, online, by phone, by internet and more.
Does the account come with equipment?
Look for a payment processor that offers both the account itself and all the necessary equipment – all from one single source, like BankCard USA. Going through multiple companies will only make your credit card processing more complicated and likely more costly too.
What are the rates for the merchant account?
Every credit card transaction you make comes with a rate that is decided by the merchant services company that you choose. Depending on the amount of business you do, even a single percentage point could make a huge difference in your total earnings each month. That’s why it’s so important to look for a merchant account with competitive rates. BankCard USA, for example, guarantees the lowest rates possible.
Is there reliable customer service?
Questions and issues are bound to come up, no matter what type of business you have. Make sure your credit card machine or payment gateway is from a reputable company that offers full-time, friendly customer service that can help you whenever you need it.
Is the account backed by a well-known, BBB-accredited business?
If you’ve already been doing your research on merchant accounts, then you know there are hundreds out there. That’s why it’s critical to choose a reputable, well established company like BankCard USA, which is accredited by the Better Business Bureau with an A+ rating.
“Online credit card transactions are projected to increase by 63% between 2011 and 2016.”
Source: Javelin Strategy & Research
How to Compare Merchant Account Services
Not all Account services are made equal. Comparing the services, history, and experience of each payment processor is crucial to getting an account that’s perfect for your business. To help point you in the right direction, consider these offerings and benefits of BankCard USA when comparing with other providers.
Benefits of BankCard USA:
★ Merchant solutions are available for all types of businesses – online and offline.
★ Same-day account merchant approval and setup completed in as little as 24 hours.
★ Extensive lineup of payment-processing solutions, including POS terminals, electronic check conversion, mobile payment technology, handheld wireless terminals, online payment processing and more.
★ Two decades of experience in payment processing for thousands of merchants.
★ Risk management, fraud control and chargeback protection.
★ Partnered with Sage and First Data Corporation, which process more than 55% of all bank cards in the world, totaling 6+ billion transactions a year.
Remember: Be wary of the countless no-name companies who cannot match these qualifications. Choosing the wrong payment processor could easily become a financial nightmare for your business and a headache for your customers too.
Opening Your Account
Getting your account should be a simple and painless process. All you need to do is provide some basic information about your business and the company will help select the best solution for your needs.
BankCard USA makes it easy:
- Complete this short account form, or call 1-800-589-8200
- A merchant services specialist will provide a free rate quote and approval within 24 hours.
BankCard USA offers same-day approval, which means you can start accepting credit cards within the next day.
If you encounter a different merchant services company that takes several days to answer your questions or approve you, then you should strongly consider opening your account elsewhere.
Call BankCard USA at 1-800-589-8200 and someone will be happy to assist you right away with opening your merchant account.