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Should I Use Merchant Account?
By: Annetta Powell, Thu May 12th, 2011
Online business is the new thing in town. Most Internet users have learned the convenience of doing business over the net. E-commerce is spreading rapidly all over the world. The reason for the rapid spread is the global market. The global market in the Internet is a result of the majority of companies going online.
Most companies' worldwide provide services that can easily be accessed on the Internet. Nowadays there is E-Banking and E-mobile. These are services that are part of commerce. So, should I use a merchant account? Merchant accounts are best used when one is doing business over the Internet. People who operate their business which buy and sell products over the net should have these accounts.
In as much as they are not relevant to everyone, they can help in terms of one's social life. A merchant account is a service provided by licensed companies for a person to accept payments online and offline. Once one qualifies for this service, a credit card is issued to help one run his or her transactions.
For instance, when paying for at a supermarket or hotel, one can make payments through the card. The card is charged directly from the client's merchant account. However, people are advised not to apply for the services of a merchant account if the business is not in the seven figure range annually. Multi-level marketing companies are using this service a lot and have established a global market that runs into millions of dollars.
When making monumental or large orders, a merchant accountis particularly necessary. The best merchant accounts are on eBay and PayPal. They are extremely popular with business owners because they accept leading credit and debit cards. Merchant accounts use an individual's cards so that they can get necessary information such as age, but these accounts are different. One must be particularly keen on the choice of account.
Never choose a merchant accountthat has an early termination fee, application fee or set up fee. These fees are bogus and they don't have quality service. When closing the account, one while feel the pinch of their poor service. Be aware of annual and monthly minimum fees. Choose an account that is PCI compliant and has been in business for the last 10 years. Also, ensure that the provider can provide professional customer service and technical support. Make sure the provider provides a price quotation.
Business owners who dread merchant accounts do so mainly because of the cost of acquisition. They have a lot of responsibilities in the case of refunds, charge backs and payment processing. These are hassles one has to do alone and it's quite a long process. They can also be extraordinarily expensive for third party payment processors and one can end up paying extra fees, thus ending up making a massive loss.
A merchant account enhances or contributes towards your business growth. The income will increase sales. Online business owners have advantages because of word of mouth advertisement. It's also remarkably easy to keep track of all the financial transactions. It's easy to calculate taxes, making one's audit life easy. Merchant accounts can be applied online.
For more information, please visit my blog at http://www.annettapowellonline.com. See you there!
Your Professional Success Coach
About the Author:
My name is Annetta Powell and I am your Professional Success Coach of Real Estate Investing and Network Marketing. My goal is to help others experience financial and professional freedom through mentoring, training and personal development.