Merchant accounts provide businesses with the ability to accept credit and debit cards for purchases.
Setting up a merchant account:
- To set up a merchant account, a business owner, or “merchant” must submit an application to a merchant service provider (MSP). Approval of a merchant account depends on factors which include, but are not limited to:
- Business Type (Goods or Services Sold)
- Card Acceptance Method (swiped, key entered or eCommerce)
- Monthly Volume, Average Sale Amount and High Ticket Amounts.
- Length of Time in Business
- Applicant and/or Personal Guarantor’s Credit Score
- Processing Systems: To process credit card payments, processing equipment or software is required to capture card information, make authorization requests, and close sales. Depending on business needs, equipment options include but are not limited to:
- Terminals:Wireless, Land Line, IP, Touch Tone Capture
- Data Plans: Smartphones, I pads, Tablets
- PC Software: Stand-alone or integrated into other business systems
- Internet Gateway Solutions: Virtual Terminal or eCommerce versions
To maintain customer satisfaction and increase sales and revenue, it is essential for businesses to accept credit card payments. Fewer and fewer customers carry cash and accepting checks involves significant risk. Furthermore, sending your customers running to the ATM machine could lose you valuable business.
Since 2003, our primary goal at Advantage Card Services is to help you ask the important questions when shopping for merchant service providers and educate you about what the answers really mean. We want you to get the best possible deal for your company. We believe you will find Advantage Card Services can give you that.
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