The merchant account is a very important component of e-commerce operation. Today, in order to accept online payments, every business is dependent on these customized accounts. It is valuable to know that merchant banks issue these accounts and it is their responsibility to deposit credit and debit card payments into the business merchant account. Merchant services have some elements that are important for the businesses to understand. These are:
- Not any normal account
- Two ways to get started
- Shop around
- Essentials you must have
- Degree of hassle
- The gateway
Not clear with these aspects? Let’s discuss them in a better way.
1) Not any normal account
Yes, merchant accounts are not like the traditional accounts. This is because businesses do not have direct access to deposit or withdraw the money. It is the bank or Payment Services Provider (PSP) that manages everything. Moreover, these accounts are cleared of their balance time to time. Clearing process transfers the payment funds into the regular business account.
2) Two ways to go
There are two ways to start with the services. They are:
- Directly through the bank or any other high street bank. However, there is still the need to have a separate payment solution to use it.
- As part of a complete online payments solution through an independent Payment Services Provider (PSP), which issues the business an account on behalf of a preferred banking partner.
3) Shop around The fees, as well as the rates, are dependent on the solution plus the supplier of merchant services. Hence, it is required to consider a few good options regarding the service providers and asking them for quotes before concluding the final decision. Another important thing to ask is what all is covered in the fees. Whether it is inclusive of everything the business gets or there will be another payment to any other provider in addition to your own provider.
4) Degree of hassle
If the process of obtaining the account involves many tasks, it is recommended to consider PSP that simplifies the application process. It comes as an aspect of online payments solution that includes merchant account as a payment gateway.
5) The gateway Choosing a PSP that provides the business with the most suitable payment gateway is important to connect the business website with the bank and process payments.
With these points in your mind, starting with best merchant services for online business will never seem troublesome for your business. Get started now!