What are credit card merchant accounts?

Credit card merchant accounts are financial accounts that are set up between a merchant and a bank or other financial institution. Credit card merchant accounts enable businesses to accept credit cards as a payment method from their customers. Without credit card merchant account services, merchants are limited to accepting cash, personal checks and money orders, and possibly credit cards through the use of insecure, often costly third party services. Because of the high demand by customers to be able to use their credit cards and debit cards for their purchases, credit card merchant account processing is an affordable option that all businesses should take advantage of.



Are credit card merchant accounts easy to use?

Credit card merchant accounts are incredibly easy to use. The merchant provider or merchant account provider takes care of setting up the credit card merchant account processing for the business. All the business applicant has to do is apply for credit card merchant account services, and provide the necessary information. The merchant account provider enables the merchant to accept credit card merchant account credit cards by setting up the account and providing them with the necessary equipment that will be needed to read credit cards during point of sale transactions.



How much do credit card merchant accounts cost?

Credit card merchant account services are very affordable for most businesses, even the small businesses and new businesses! Because credit card merchant account processing is such a popular, simplifying option that enables businesses to accept the payment method of choice, merchant account providers have been able to lower their charges and fees tremendously in the past few years. Generally, a business will pay an application fee for credit card merchant account processing, and then pay affordable service charges on a monthly basis, and per transaction fees that are no more than one or two percent of an individual purchase.



How soon will I be approved for credit card merchant accounts?

The industry standard for approving an accept credit card merchant account is seven to ten business days, but you must remember that there are always exceptions to every rule! If you apply for credit card merchant account processing on a weekend, or near a holiday, you may incur a few days delay. If your application is incomplete, or requires more paperwork or research, you may have to wait a bit longer. Be patient. Realize that it is the goal of the merchant account provider to have you up and running with your credit card merchant account processing as quickly as possible.



What can merchant accounts do for me?

Merchant accounts can increase your profits! As many companies can vouch for, when you use merchant accounts to be able to accept credit/debit card payments, you can expect to increase your sales by at least fifty percent! People enjoy shopping conveniently - this includes paying for their purchases in a convenient manner! Making sure you have enough cash on hand is inconvenient, carrying large and sometimes bulky checkbooks is also inconvenient. But credit/debit cards are very convenient, easy to carry and easy to use. Don't turn away potential and repeat customers by not accepting the payment of choice. Sign up for a merchant account and begin taking credit/debit cards as soon as possible!



What machines are available for merchant accounts?

There are a variety of machines that can be used with merchant accounts. These machines vary in styles, prices and features, but they all do one basic thing: process the credit card used in any particular transaction. These machines will allow for the swiping of credit/debit cards, or the keying in of the information of a credit/debit card, should it be damaged, or not present, such as in the case of online or over the phone transactions and orders.



What kind of transactions can merchant accounts handle?

Once the type of merchant account that will be best for a business is determined (such as standard merchant account or high merchant account), it is then set up and configured to be used in a variety of settings. Typically, merchant accounts handle transactions that take place in person, such as in a store or in a restaurant. But merchant accounts can handle transactions that take place in other mediums - such as on the internet, on the phone, and even on the road (wireless).



What are the benefits of using merchant accounts?

You can expect to double or even triple your sales when using the most convenient method of paying for transactions. Not only will customers enjoy being able to use their credit/debit cards for paying for a purchase, but they will feel more comfortable with a business that accepts credit/debit cards, as customers are more likely to "trust" these companies.
Another benefit you can expect is that your cash flow will improve. The days of waiting for checks to clear and invoices to be paid are over. Credit cards are processed instantly, meaning that you have your money instantly.



Will merchant accounts cost me a lot of money?

Chances are, no. You can kiss goodbye the days of high rates, fees, and all sorts of charges. Today, the rate for credit card processing is extremely low, especially when those credit cards are processed by the standard swipe method, rather than by keying the entry. Many small businesses, even the mom and pop convenience store on the corner, are finding that merchant accounts are an affordable solution to being able to accept credit cards.