Info FAQ - Shopping for Merchant Accounts Online

Question and answer session with InfoMerchant, a merchant service solution and information provider online.

What exactly is a merchant account?

A merchant account is the ability for a merchant to accept forms of payments like Visa, MasterCard, American Express and the others. A merchant account creates for the merchant a system which provides the bank and Visa/MC a way to credit those funds from a credit card or bank account. Then the credit card is recognized and authorized for the amount specified either in a POS terminal system or virtual terminal. Then the funds are taken from the issuing credit card and debit card or check, and deposited into a specified bank account within 24-48 hrs.

How do i find a merchant account?

There are several ways to look for a merchant account, either through a local bank or through the Internet. Most people think their banks are providing the service, but usually they go through a processor who connects the two and takes a cut. You can also check from local business owners and ask if they have had good experiences with their current processor or shop around
using a major search engine online.

Are all merchant account providers the same?

Not necessarily, the bottom line is that there are ISO's or processing banks who handle most of today's merchant account marketplace. I would always choose the one who gives you the information up front and offer excellent customer service as well. You want someone who has established themselves as credible and take your interests into concern first before trying to sell
you on something. For the most part the merchant account rates and fees are competitive and I would always recommend a good reputable company as a first step.

Do I need a merchant account to process credit cards?

That's a tough one! There are payment systems like PayPal which make it possible for you to accept credit cards. Systems like PayPal use non-conventional ways of transferring money, but I wouldn't recommend that as a good source for a merchant. The problem with such systems is that there is no proper customer support and in events of charge back and disputes you need
to have a reputable processor who can take care of those things for you. I think people use other systems because of the ease of use and don't consider the alternatives first. In the case of someone handling your money I would choose a system you can count on and stay away from alternatives.

Is a terminal necessary to process credit cards?

No, you can use a cell phone, laptop, pos terminal, pc and even a landline. Basically, any way of communicating via a secure telecommunication system and a processor which has a solution for that particular system will enable you to do so. Depending on your situation there is a processing solution to meet virtually every need.

Answers provided by InfoMerchant, a merchant service solution and information provider online.

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