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Why You Need A Merchant Account & Where To Get Your Merchant Account?

By Author: Olivia Jackson
Total Articles: 21
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A merchant account is an online bank account construct with an independent payment processor, so it’s independent from your business bank account. You demand a merchant account if you want your business to accept debit and credit cards. All money you take from card acquirement will go into a merchant account before being moved directly to your business bank account.
When you set up your payment gateway to receive online payments, you may be required to open a separate merchant account, or it may be optional, depending on various parameters relating to your business and banking setup. A dedicated merchant account is one in which there is no additional dealer service happening behind the scenes when a customer swipes their credit card at your terminal in the store. The payment is handled directly and sent to your devoted account.
Having a dedicated account means you won’t have nearly as much delay when processing a transaction, creating shorter and faster checkout lines checkout lines. This is the form of account you need to open if you have a tremendous sales volume or the need for a more extensible payment and processing schedule.
Gaining a Merchant Account
There exists a lot of merchant service provider in USA which provides payment processing solutions and online payment processing. Applying for and gaining a merchant account is not a tedious process even though the business of delivering merchant accounts is extremely competitive. To minimize risk vendors use a range of criteria to determine whether to acclaim a merchant account application:
o Business type - does it have a greater or lower risk of credit card fraud or returns?
o Period of time in business
o Business history - like bankruptcies.
o Whether the applicant has had merchant accounts formerly.
o Own credit history of the business owner
Most new business owners are more likely to get a favorable review of their merchant account application from the same bank that holds their business and/or personal account(s). Having a higher risk does not mean that an application will be dropped. Still, the dealer may initially claim higher transaction or other fees to recoup for risk. If the business becomes well settled the fees can be renegotiated at a later date.

More About the Author

At Merchant Processing Solutions, we make buying and selling easier. It is that simple. Many of you do business with Merchant Pro every day, although you may not realize it. Whether you’re writing a check at the gas station, using your ATM/debit card to pay for groceries, buying a book online, getting cash out of an ATM, paying for dinner with your credit card or using a gift card to purchase something special, chances are your transaction is moved quickly and securely by Merchant Pro. Across the total payments spectrum, we're the company that provides innovative payment solutions for merchants and financial institutions around the US.

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