Credit Card Merchant Account - Just another Journalhome blog- JournalHome.com

10/23/2020 - Credit Card Merchant Account

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Credit Card Merchant AccountPCI DSS stands for Payment Card Industry Data Security Standards. The businessperson who needs to conduct credit card transactions also needs to have a credit card merchant account setup with a payment gateway.

The problem for mobile sales team can be easily solved by using Credit Card Merchant Account services App for iPhone. This can convert your iPhone into a mobile virtual terminal. This application works efficiently with online gateways. You need to download this application to your phone. You need to also have one of the gateways supported by the application on your iPhone. o No Cable Required

o No Card Reader Required

o (AVS) Address Verification System

With Credit Card Merchant Account services App intstalled on your iPhone you will never feel the need to have a credit card terminal at your store. It enables you to click every sale opportunity available anywhere and anytime. The merchant can efficiently use this application to venture into new sales territories which cannot be accessed by a store located at a certain place.

In today's business environment it is very difficult to survive if you do not take credit cards for payment. It doesn't matter if you are selling a product or service. Credit cards are ubiquitous and used by most everyone. There are three ways you can take credit cards:

#1 Swipe Machine or

#2 Calling it into the Processor or

#3 Utilizing Proprietary Software of the Processor, known as a Virtual Terminal

Very often, retail businesses with high charge volume will use all three methods. Think of the virtual terminal as a web site you access that allows you to enter the card number and complete the transaction. Virtual Terminals are beginning to replace swipe machines.

GETTING STARTED

The best place to start is to reach out to your banker. Most commercial banks have a relationship with credit card processors. Your bank's processor business partner will set you up with a Merchant ID from Visa and MasterCard. If you want to accept American Express you will need to reach out to Amex directly (800-528-4800) in order to obtain a merchant ID prior to reaching out to your bank. Alternatively, you can reach out to American Express instead of your banker and have American Express act as your primary processor. American Express will process most of the major credit cards, in addition to its own.

MERCHANTS

The following is a short list of the main credit card processors:

#1 Your Bank's processor business partner

#2 American Express

#3 PayPal

#4 Google Checkout

#5 Intuit

COSTS

For business accounts, PayPal charges a monthly fee of $30 as well as a transaction fee that ranges from 2.4 to 3.1 percent. Google Checkout has no monthly fee and transaction fees range from 1.9 to 2.9 percent. one advantage Google Checkout has over other processors is its checkout guarantee. This guarantee protects 98 percent of your sales orders, on average, meaning you will get paid even if the transaction results in a chargeback. Intuit charges $13 per month plus a transaction fee of 1.9 to 2.9 percent. When American Express processes your credit sales it will credit your bank account with a net sales amount.

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