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A Merchant Account Service–Everything You Need to Know About It
By: Richard A. Manfredi, Thu May 19th, 2011
Every time you swipe one of your customer's credit cards, an entire infrastructure gets to work.It may seem like the money just "magically" appears in your account, but in reality,you're getting the money thanks to the hard work of your merchant account service.
A merchant account service is the company responsible for processing all of your credit card payments.
But what exactly do they do?
Whenever you accept credit cards for business,your merchant account company's equipment instantly checks to make sure the customer's credit or debit card can handle the transaction.Then, it takes the money out of their account, and after a brief holding period, puts the money into your account.If you have a good merchant account service, you can have access to the money in your account in a few days or less.
But a good merchant account service will do more than just that.After all, that's only the basics!
If you are working with a good merchant provider,they will do everything they can to minimize your fees.After all,each credit card transaction comes with a small fee; it's something that you simply can't get around.Some merchant providers will tack a variety of extra fees on top – while others will only charge you the minimum.
Before you agree to work with anyone, you need to know exactly how their fees work!
And, a good merchant provider will give you statements that are easy to understand.
If you're a business owner, you know how difficult it can be to go over all of your various credit card statements every month.And, the more credit cards you accept, the more paperwork you will get.
But, a good merchant account provider will condense all of your transactions into one statement–so that you can see everything, from every credit card company, all in one place.
What about freebies?
Since the competition between merchant account services is so fierce, many of them will offer freebies to get you interested in their services.
For example, it is not uncommon to get a free credit card terminal when you sign up.And by getting a free credit card terminal, you can skip some of the fees that come with processing and maintaining your merchant account.
Or, you might be able to find a merchant provider who will give you a free internet merchant account–meaning that you won't have to pay a dime to process all of your ecommerce purchases.With a free internet merchant account you can save a ton of money in equipment and fees–meaning that you can use that money to invest in something else!
About the Author:
Richard A. Manfredi has written about www.total-merchant-services.com.Total Merchants Services enables your business to accept credit card payments,internet credit card processing and obtain retail merchant accounts.