In a world where the Internet and smartphones are now taken as staples of everyday life, merchants who don’t accept credit cards online or have access to other solutions for payment processing are losing business. Period. Up-to-date transaction processing is essential to the success of any business, yet many people put off choosing a merchant account for reasons that are quite clear. The process, if handled poorly, is slow, tedious, and confusing.
It doesn’t have to be, and we’re putting an end to those very issues. MerchantSeek offers comprehensive listings of merchant account providers paired with an extensive educational archive. Our resources, including in-depth articles and news updates, are not only designed to help you make a choice for your payment processing needs, but to ensure you make that choice from an informed position. Choosing a merchant service account isn’t just about meeting your budget, it’s about balancing costs against business needs to arrive at a solution that is actually a business asset.
Transaction Fee (Retail/Internet) | Average Discount Rate (Retail/Internet) | Support | Cancellation Fee | ||
|---|---|---|---|---|---|
 | $0.21 / $0.21 | 0.39% / 2.09% | 24/7 Support. U.S. Based. | $0 | Get Quote |
 | $0.17 / $0.17 | 0.49% / 1.99% | 24/7 Support | VARIES | Get Quote |
 | $0.16 / $0.16 | 0.55% / 2.09% | 24/7 Support U.S. Based | $0 | Get Quote |
 | $.21 / $.27 | 0.99% / 1.99% | 24/7 Support | VARIES | Get Quote |
 | $0.25 / $0.30 | 0.59%/1.69% | 24/7 support | VARIES | Get Quote |
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Merchant Account Services & Other Payment Solutions – A General Introduction
Although you likely understand the need for a credit card processing solution, you may not understand the true nature of a merchant service account, much less know what to ask and how to compare the rate and fee quotes you receive.
What is a Merchant Account?
In short, it is a specialized account that allows a merchant to accept and to process credit card payments. The credit card information derived from the consumer is passed through a series of processing stages that culminates in a deposit of funds into the merchant’s account in 2 to 3 business days.
Requirements for Merchant Accounts
In order to apply for a merchant account, you’ll need to have some information ready. Depending on the provider with whom you are making the application, you will need:
- Checking account – Sole proprietors can normally use their personal checking accounts, although an LLC will likely need a business account.
- A copy of a voided check.
- If applicable, copies of your articles of incorporation, business license or reseller license. (A “Certificate of Assumed Name” from your county Register of Deeds office may be all that is required. Typically obtaining a copy costs under $10.) All documents of this nature are needed simply to prove the business is legitimate.
- A photocopy of your drivers license may be required if you are a sole proprietor and do not have a business license per se.
- In instances of a high risk business, photos of the business office and location may also be needed, and potentially trade references.
- Photocopies of recent tax returns may also be requested for higher risk accounts depending on projected monthly sales value.
- A return policy even if the text simply says “no refunds.” Providers need to know in advance how such situations will be handled.
- Online businesses will need a web site.
Explanation of Credit Card Processing Solutions
Processing solutions vary by business type, cards to be processed, and physical versus virtual presence.
Retail Swipe Terminal
This traditional, face-to-face or “card present” payment solution incurs the lowest processing fees because it presents the lowest risk of fraud. It is well suited for retail and storefront merchants whose major presence is in the physical world. Check out our Complete Guide to Retail Merchant Accounts & POS Swipe Terminals here.
Real-Time Processing
Real-time processing allows for the secure automated processing of credit cards with the subsequent deposit of funds into the merchant’s account occurring within a few days. It’s ideal for online businesses and requires no action on the part of the merchant beyond order fulfillment. Read more
Virtual Terminal
If orders are received via phone, fax, or mail, a virtual terminal solution, usually paired with real-time processing offers the greatest flexibility. The virtual terminal is a secure website providing for manual login and entry of credit card information by customers. When submitted, the data is securely processed. This is also a highly convenient solution for the merchant, since a virtual terminal is accessible from any Internet-connected computer. Virtual Terminals can also double as good mobile processing solutions, click here for more information.
Wireless Merchant Solutions
Mobile processing can be accomplished by methods that allow a card to actually be swiped, or by touch-tone phone, which is generally the preferred choice for smaller mobile merchants who want to avoid high startup costs. The wireless swipe terminal works well for merchants that don’t mind purchasing the terminal. Although free terminal deals are often offered, they generally are associated with exorbitant termination fees.
The Role of the Credit Card Processor
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The credit card processor gathers the information provided by any of these terminal solutions and then applies a series of security checks to determine if:
- sufficient funds are available in the cardholder’s account
- the card has been reported lost or stolen
- the billing address is correct
- the cardholder name is correct
- the expiration date has been provided
- the security code from the back of the card is present and correct
After the information is processed by the credit card processor, the funds are deducted from the cardholder’s account and deposited into the merchant’s account.
Should the cardholder request a refund, the processor reverses the transaction and returns the funds to the cardholder’s account within a few business days.
Specialty Scenarios – What are your processing needs?
It’s important to remember that merchant accounts to process credit cards can be set up for any type of business, but owners should be aware that business type does affect rates and fees. For instance, Internet and mail order / telephone or MO/TO orders will carry higher fees due to the greater perceived risk level of the transaction.
We’ve provided some scenarios for your consideration that link a cost-effective merchant services solution to a particular processing model to help you better understand the potential differences.
- Instant Payment Processing - A merchant based in the United States in need of an account quickly. Learn about how our provider showcases featured touch-tone credit card processing accounts, online accounts, and retail accounts.
- Retail Merchant Services – Retail/swipe or restaurant-suitable merchant account with competitive rates and credit card machine included.
- Check Verification Accounts – Account-specific information and a custom quote from a reputable MerchantSeek check processing provider.
- Non-Profit Organizations – Solutions for Non-Profit organizations looking for reasonable monthly costs with no setup fees.
- Wireless Merchant Account – Reasonably priced wireless solutions that enable you to use either a cell phone or wireless merchant hardware to process orders from any location.
- Church – Credit card processing solutions to allow churches to accept purchases or donations from members or outside supporters.
- Medical Office – Medical practitioner, doctor or dental credit card processing that allows patients to pay their balances via credit card or check.
- Roofer and Contractor – Payment solutions for Roofers and Contractors who need to accept on-the-go payments or use electronic invoicing.
- Auction or Event – Credit card processing for your school or related association event. Use for a one day event or for a full year.
- Online or Mail Order Merchant Account – Real-time online processing solution for a website or mail/phone order business with minimal monthly fees.
- Telephone Credit Card Processing – Telephone processing solutions with transactions entered via the phone’s keypad.
- Point-of-Sale Software – PC Processing – Software solution forPC-based payment processing.
- ATM Machines and Services – Offer convenience while also earning instant recurring revenue for your organization or business.
Alternative/High Risk Options
For offshore merchants, Canadian and European merchants, online pharmacies, travel, MLM business, or any other high-risk business, excluding adult and gaming, we offer these credit card processing options, information and resources:
- High Risk Merchant Accounts - General inquiries.
- Online Pharmacy
- Offshore Account
- Third Party Payment Processing
- Electronic Cigarette Processing Services
- Canadian
- European
- United Kingdom
Important Merchant Guides and Reports
- Important information on Visa/MC PCI Compliance for Internet Merchants and Merchants that Store Card Data
- Retail Merchant Account and Terminal Guide (What to look for in a retail merchant account, and POS swipe terminals.)
- Typical Merchant Industry Rates and Fees (Types of rates you can expect to encounter when applying for a merchant account)
- Helpful Payment Industry Articles (Helpful Articles and Tips written by industry experts)
- Merchant Industry News – Important updates and announcements that affect the merchant/payment processing industry.
- Payments Glossary (Definitions to common terms you will encounter when applying for an account)
Accept credit cards with top merchant account provider
- FREE Online Reporting
- In-house 24/7 Support
- Lowest Cost Guarantee
- Highest Approval Rate
- U.S. Based
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