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Choosing an Internet Merchant Account

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Choosing an Internet Merchant Account

If you surf any popular search engine and perform a search on “Internet Merchant Account”, you will be amazed by the staggering results. If you have web based business and need to accept online payments through credit card, choosing an Internet Merchant account will be a necessity and in this regard, your choices are unlimited. However, before you join hands with any service provider, devote ample time to understand the different components of internet credit card processing. Also know what to look for in a merchant provider.

Accepting credit card payments via a website requires various components. There are three prime layers between a paying customer and your bank account. Those are:

  1. Payment Gateway – The first and the foremost layer is payment gateway. Payment gateway is the code that passes a customer’s order to and from an internet merchant account provider. This payment gateway actually provides you the ability to accept customer billing information such as credit card number, credit card type, expiration date, and payment amount.
  1. Internet Merchant Account – Next to follow is an Internet Merchant Account. Merchant Account is an account with a financial institution or bank. This enables you to accept all credit card payments from your customers.
  1. Website – Last but not the least is a website. Whatever merchant provider and gateway service you choose, your website has to integrate with your service providers

Apart from these three layers, you also need to be intelligent enough to understand the total costs of your merchant provider. This can be a tricky situation but an internet merchant account will have various types of costs such as:

  • Up Front Application Fees: This up front application fees is necessary for many internet merchant accounts. This fee usually covers the costs for processing your application. Many providers generally waive off this fee. It is wise to choose a provider that does not require an up front fee.
  • On-Going Fixed Fee: Many internet merchant providers require a fixed monthly fee. This is another way to cover costs and make money. It can be difficult to find a provider that does not require on-going fixed fee on a monthly basis. However, it is advisable not to choose an internet merchant account that requires more than $10 per month.
  • Discount Rate: The discount rate is the sales commission earned by the provider on each sale. In discount rate the discount will be between 2 and 4 percent.

If you wish to look for an Internet merchant account but don’t know from where to begin www.merchantaccounts.co is the best place. Also if you wish to know more about Internet Merchant Account, visit www.merchantaccounts.co.


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