Merchant Services : Reviews and Expectations
The primary costs to a merchant of merchant accounts are discount rate and transactions fees. The merchant account provider has a lot of latitude in the pricing structure.
Three tier pricing of Merchant Services is one of the most common pricing schemes. Using 3 tiers pricing, the merchant account provider groups the transactions into 3 groups (tiers) and assigns a rate to each tier. The three tiers are qualified, mid-qualified and non-qualified rates.
A qualified rate is the lowest tier. It is what a merchant is charged when processing a consumer credit card in a way that has been defined as standard by the merchant account provider. The qualified rates is what is usually quoted by merchant account salespeople. A mid-qualified rate is what the merchant is charged if processing a transaction outside of standard parameters. A mid-qualified rate may apply to rewards or corporate cards, which can comprise up to 40% of the cards used for purchases. The Merchant Services, of course, has no control over what card a consumer uses.
If you are the owner of a company that has yet to set up a merchant services account for credit card processing, odds are your company is either very new or very old.
For new companies just getting started, there are so many other things to worry about while getting set up that credit card processing can seem too confusing and intimidating to jump right into. On the other hand, there are plenty of older businesses that have been thriving for years which may have an "if it ain't broke, don't fix it" attitude.
But the plain fact is that the ability to process credit card transactions is only going to become more necessary as the years go on. And while business may be booming without using merchant services today, it may not be that way in the years and months to come.
Luckily, there are merchant service accounts for companies of all types and sizes, and with just a little bit of research you will quickly realize that credit card processing is not nearly as complicated as you may suspect. For starters, let's take a look at the different types of merchant accounts and figure out which one is the right fit for your company.
Retail Swipe Terminal
Does your company deal with the customer face-to-face? Do you have a real "bricks and mortar" business and handle most of your transactions in real-time? Then you are a perfect candidate for a retail swipe terminal.
Wireless Merchant Solutions
Are you a merchant who is literally "on the go"? Do you own a vending cart or do you your sales while on the road? There are two types of mobile solutions that can help to grow your business.
The first is a touch-tone solution. This is a great option for smaller merchants who can't afford a high start-up cost. You simply take your customers credit card information and process it manually over a touch-tone phone.
If, however, you can afford the startup cost then the best way to go is to actually buy a wireless swipe terminal. This pays off in the long run because many of the free terminals have high termination fees. After you have purchased the wireless swipe terminal it works just like any normal retail swipe terminal.
The time to take advantage of the world of merchant services is now. More and more businesses every day are discovering credit card processing solutions that are allowing their businesses to grow beyond their wildest dreams. Don't get left behind. Get on board today.
Merchant Services : Reviews and What to look for in a Merchant Account ?
Selling digital products like ebooks are all the rage these days due to the duel factors that consumers are snapping them up like wildfire and that you as the merchant are able to make almost 100% profit on the deal.
Whereas a $20 product such as a physical book sold in a store may only make the author a dollar or even less in profit, selling the same product online in a digital format will give you $18 or more of profit. It's pretty simple math why so many people are choosing to market their ebooks online, isn't it?!
The question of course from aspiring eBook authors is how to accept credit cards on their website so they can process orders smoothly and then allow their customers to effortlessly download the book they have just purchased.
In this article then we're going to look at 3 popular merchant account providers used by eBook sellers so we can compare the various options and so, I hope, enable you to make an informed decision about the best provider for you.
Paypal and Clickbank are both third party processors which means essentially that you're using someone else's merchant account. The result of this is that you hve less control over your business. As an example, stories are rife on the Internet about Paypal "locking" people's accounts for no obvious reason meaning that they are then unable to access the funds that are legitimately theirs. To me, if someone prevented me from accessing hundreds, even thousands of dollars that are rightfully mine, I'd be pretty angry.
As well as giving your business more control, your own proper merchant account may well work out more cost effective over the long term. They may charge a small monthly fee, but the per-transaction fees can be so much cheaper that you can actually make a considerable saving in lot of cases.
In the end, the decision really is yours. Clickbank for simplicity, Paypal for speed of payment or your own merchant account for flexibility and cost effectiveness.
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