Financing Your First Business

Tips For Choosing Merchant Accounts

29 July 2020

Jimmie Holland

When you run an e-commerce company, you must handle all of the variables that will keep your business running. You need to process payments with accuracy and precision. The best way to do this is through the help of a merchant account services company that can look out for you. To learn about finding a merchant account, considering high volume merchant account services, and more, use the tips in this article to get the help that you need.

Why you need merchant services for your e-commerce business

Investing in a merchant account will let you do what's best for your e-commerce company. Credit cards are a payment method of choice for many customers. When you have a merchant that processes cards, you can do business with these credit card holding customers. Having this service retains business that you would otherwise lose if you didn't process cards. 

Merchant pros bridge the gap so that you can process credit cards and other payments just like any other business. Using a merchant account as a go-between adds security to your account and allows you impeccable customer service and recourse for any payments that don't go through. You may also see an uptick in business.

Consider the type of merchant services you require

Take some time to assess what kinds of merchant services needs you have. This will help you choose the best account and equipment setup. Some of the different merchant service options you can look into include point of sale (POS) stations, payment gateways, and separate bank accounts that will process your merchant services. 

If you process $100,000 or more in sales volume each month, you'll also need to register for a high volume merchant account. High volume accounts will help you do business without any kinds of setbacks. It's best to set up with a high-volume merchant in advance so you don't have to worry about your transactions getting declined. 

Consider the type of products you sell as well since you might need to do business with a high-risk merchant. Companies that sell firearms, adult products, CBD, and other kinds of products will require the help of a high-risk merchant. 

Contract with the best merchant account services company for your needs

When you find a merchant, you'll need to trust their professionalism and experience. Read the terms of the contract and know what fees come with the territory. They will generally charge between 2 percent and 4 percent per transaction, in addition to a monthly flat service fee. 

Use these tips as you look into working with merchant service pros. 

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