Credit Card Processors And Their Various Merchant Accounts
If you’ve run a business for any length of time, you probably are familiar with credit card processors and some of the different types of merchant accounts they offer for different kinds of clients, but today we’re going to discuss these merchant accounts in more detail, and more closely examine the nature and purpose of such accounts. In this way, you’ll be better informed about which criteria suit your business best, and in future prospective glances at different credit card processors, you can more easily determine the most appropriate payment-processing solutions for your company.
Of all the credit card processors out there who know of the importance of offering a full range of payment-processing solutions for their clients, those credit card processors that provide the most options for patrons typically experience more success than those credit card processors with highly limited selections of products and services. What are some basic types of merchant accounts offered by credit card processors, and how can they help businesses perform better?
A merchant account is an account that allows your business to accept credit card payments through different platforms of transaction. Whether you conduct business online, run a physical store, accept orders over the phone, or something different, a customized merchant account will enable your business to accept payments just the way you need.
Standard: This kind of account, provided by most all credit card processors, is for establishments that process large sales volumes daily, typically with lower discount rates and higher monthly fees.
Mobile: Mobile accounts are specially designed for those business owners and workers who are always on the go, and who need their patrons’ payments processed during the on-the-go sale. These typically feature higher discount rates and lower monthly fees.
Online: Credit card processors today know that this merchant account is very popular, as it supports ecommerce sites across the globe. Business owners use online merchant accounts for selling products and services over the Internet. Such merchant accounts tend to have mid-level discount rates and mid-level or high monthly fees, according to the credit card processors chosen.
Mail/Telephone: This allows for both phone and mail order processing, typically with higher discount rates and lower fees – no equipment needed.
A company can also have multiple merchant accounts – and even multiple credit card processors. Depending on your industry and the market you serve, you will have different guidelines for the credit card transactions. Your credit card processors, of course, will determine the risks that naturally accompany certain varieties of transactions.