Almost every small business needs payment processing. But it is relevant to choose the right merchant services that can positively influence sales revenue and profit. Here are some questions that can help you in choosing the right service provider that can ensure efficient servicing.

• What are merchant services?

Merchant account services are service options that allows for processing credit card payments from your customers. It is a special account tied to the credit card processor that functions with your customer’s bank. This helps to route payments between your customer’s bank and your bank account.

• Who offers merchant services?

Credit card merchant services are lent by specialized companies known as merchant service providers or independent sales organizations offering payment processing.

• Which services are best for a small business owner?

This is highly dependent on your business situation. Due to the rise of home-based businesses, the owner might be denied by a bank. Hence, merchant service providers and independent sales organizations are desirable here. Besides, your nature of business decides the relevancy of the provider.

• Are merchant accounts desired for its ability to accept credit cards?

Not necessarily. You can also engage in contract with companies offering payment processing on your behalf. But you have to pay high prices from taking a larger percentage of the ticket price. All credit card providers demand a small percentage of each credit card payment received. Moreover, merchant accounts will lend professional image, especially if you are selling on the Internet.

Your own merchant account will allow you to receive funds less than three days from the time of the transaction.

• What are the requirements forstarting payments processing online?

1. Secure Server with Certification: This certification hinders data interception and use of SSL encryption entrusts banning of unauthorized decoding.

2. Order Form: This is for customers for entering their personal and banking information.

3. Gateway: Authorization, processing, and management of the credit card merchant services take place through this tunnel.

4. Shopping Cart: It is software letting small business to run e-commerce store. There is need to ensure the gateway is compatible with the shopping cart.

5. Merchant Services Account: Real-time processing take place with established merchant account.

• Other modes to accept credit card payments?

You can also make use of offshore merchant services to a third party. The third party will be responsible for collecting customers’ data and process payments for your small business.

Deferred payment processing is another way to process payment. The customer inputs all data and you receive the data manually. This payment processing is time-consuming especially when there are several orders per day.

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