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Basic checklist for identifying and setting up an Instant
Credit Card Merchant Account
![*]() Credit Cards today have
become the most preferred mode of payment for online and offline
establishments. Consumers no longer hesitate in using their
credit card to acquire their desired product or service.
Most retailers have also realized the volume of business that
they stand to lose if they don't accept credit cards.
If you are an Internet retailer or a home-based service provider,
you cannot afford to not accept credit card payments. The
first step to accept credit cards payments is to set up a
credit card
merchant account.
The process is simple and easy, but you need to evaluate the
options and set up a service that best suits your needs.
Lets go through a quick checklist you must go through for
setting up a merchant account credit card service.
- Rates: Scrutinize the rate, not only the one-time
setup fee and discount rate, but also other fees like
per transaction fee, programming charge and even customer
service charge. You must pay special attention to the
transaction fee as it affects every sale you make. The
transaction fee sometimes differs for retail establishments
compared to business that is done through mail order or
Internet. So take into consideration the fees that are
relevant for your type of business.
Also watch out for monthly statement charges and shipping
and handling fees.
- Customer Support: Evaluate the kind of customer
support that is offered. Is it robust enough to help you
service your customers better? Find out if the service
is offered 24/7, if not then do the hours when support
is available match your working hours? Find out.
- Settlement: When do you get your money? Is the
difference affecting your cash flow? Ask these questions
before you choose a merchant account. The time taken for
the settlement can really take its toll on your business.
- Procedures: Understand
the operational procedures correctly. Different cards
like Visa, MasterCard and American Express will have different
procedures, learn them correctly and ask your merchant
account provider for any documented help.
Evaluate everything, read the terms and conditions carefully
and match the services offered with your business's needs
and setup your merchant account instantly.
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