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From stalls to retail stores, restaurants to contractors, more businesses accept credit cards because more consumers want to pay with them. Credit cards aren’t just one of the most convenient ways to pay, they allow both businesses and consumers to track spending, earn rewards and enjoy a host of security benefits. Businesses that don’t accept credit cards risk sending their customers to the competitors that do. That is why owning a credit card processor is a must as a business owner whether you need credit card processing products or credit card processing for gas stations.
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For start-ups, very small businesses, or home-based businesses, it is not always a given that your business will be granted a merchant account. It may be best to apply for merchant account status with the bank with which you already do business. Banks view granting a merchant account as an extension of credit and will evaluate your business as such. Your business generally has to have been in business for up to 2 years.
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Internet merchant accounts and brick-and-mortar merchant accounts are two different animals. If you are going to operate an e-commerce business (online), then you need at least one Internet merchant account. An Internet merchant account is simply designed to process online credit or debit card payments, which usually involves higher fees to you, the merchant. There are online payment processing services that can handle setting up Internet merchant accounts for you. Alternatively, you can get your Internet merchant accounts through your bank or independent sales organization where you got your brick-and-mortar merchant account.
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- The four big card networks – Visa, Mastercard, Discover and American Express – make their money from assessment fees, which they charge on every transaction made by their cards.
- Too often, what is considered a qualified credit card purchase is left up to the discretion of merchant account providers, Brad Franzen said. For instance, some providers might only consider a debit card transaction that requires a PIN to be qualified purchases. Those purchases would cost less, but all others – the majority – would cost more.