For businesses to successfully sell over the Internet,
it must be able to successfully process customer payments
quickly and securely. To accept credit or debit card payments
directly online, you will have to set up an
Internet
Merchant Account.
Applying For a Merchant Account
When applying for Internet Merchant Account, the big question
is--which merchant processor to select? And how can you
tell whether the merchant
account proposals you are getting are really; a good
deal or not? MAPs require vendors to meet certain requirements
for opening an account, requirements that are often particularly
strict for e-commerce businesses. When applying for a
merchant account the bank will want to know certain details
about you and your business.
Length of time in business: Your length of time in
business matters because merchant account providers
want an assurance that you understand the business environment
in which you operate, can identify the potential risks
you face, know how to prevent or reduce fraud, and understand
how to manage credit card acceptance. In general, the
riskier the provider deems your business, the more difficult
it will be to open an account and set up your Web site
for e-commerce.
Type of business: A retail storefront is generally
considered less risky than sales of intangible products
such as e-zine subscriptions or MOTO. Because there
is increased risk for charge backs and fraud with MOTO
accounts, merchant
account providers always charge the merchant higher
rates and fees for high risk business.
Credit history: Your credit report will show how well
you have repaid past loans, and if you have had any
liens or bankruptcies filed against you. Credit history
takes on added importance with time. A favorable credit
history will go a long way toward establishing your
credibility as a prospective merchant.
Location: Complete detail of your business location.
Bundling It Together
Businesses of all sizes need, among many other things,
flexible payment technologies with specialty features
and services. Many MAPs require only the minimum to
acquire a merchant account. Not only do we offer some
compelling technological advantages, we also provide
personal care for the unique needs of our merchant customers.
