Credit
Card Processing Merchant
Accounts
- Find the best rates
to process credit cards
- Store front card
swipe equipment
- Online Merchant
Accounts
- Compare
Credit Card Processing Companies
Credit
Card Processors and Merchant Accounts
Several factors
determine the type
of rates and costs you will be charged for your merchant
account.
Many times, credit card processing equipment is free with your merchant
account, or you may be charged to rent or own the equipment.
Types of
Merchant Accounts
You can process credit cards for your business in several different
ways.
- By Phone
- This requires that you have a terminal- either a virutal online
terminal or a physical key punch terminal in order to send the buyer's
credit card information to the processing company. High rate with low
fees. May or may not require equipment or terminal. Sometimes can be
used in conjuction with a virtual input terminal online.
- Online
(e-commerce) - This type of transaction requires the
customer to type credit card information into a form on a secure
server, which then sends the information to the processing company to
complete the purchase. Usually has a medium rate, with higher
per transaction fees.
- Physical
Card Swipe Machine - This is designed for retail
merchants and businesses who do business in person. This account
features the lowest fees and least restrictions on the transaction, due
to a lower risk of consumer fraud. Card is processed on the
spot, but transaction is not completed until the end of the business
day, usually at midnight where the processing company is located. May
also put a 'hold' on the funds in the customer's account.
- Mobile or
Wireless Merchant Account - Usually used by self employed
professionals and services who do business on the go..lawyers,
contractors or other trade professionals. There transactions are
processed immediately, not at the end of the business day. Higher rates
with lower per transaction fees.
Rates and
Costs of Merchant Accounts
The rates and costs associated with your merchant account also depend
on the type of business or product you offer, as well as the amount of
risk associated with each transaction. Certain industries or high risk
businesses incur higher rates and higher per transaction fees based on
the known history of the consumer, as well as the risk that charge
backs or refusals may occur when the consumer recieves the product or
service. Some businesses also typically attract a clientele known to be
high risk in nature.
Credit card rates and fees will be applicable per business, not just
the type of credit card processing equipment. These decisions
are made by risk assessment professsionals.
Compare merchant
account rates and credit card
processing costs associated with your business, and with
the types of transactions that you wish to process. Make an
infomred decision, and lower the costs of doing business by getting
rates and quotes from several credit card processing companies online.
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