Acquiring a merchant account service can help boost your business by making it easier for you to accept more types of payment transactions in an efficient and timely manner. This Merchant Account Service Guide will provide you with thorough information to help you fully understand the steps you need to take and the benefits you can receive from this process.
There are many companies you can look to in order to apply for a merchant account such as banks and stores who specialize in merchant equipment. Online stores who provide this service can generally provide you with the most attentiveness and efficiency as their only focus is supplying merchant accounts. They can strive to help you with a speedy setup, and hold your hand through the entire process with their excellent personal service and great knowledge of the market.
The Importance of Obtaining a Merchant Account Service
By accepting credit card payments, you can take your business to the next level of competence, generate more sales, and raise the stakes of your goals and income. For online companies who only accept paper check payments through the mail, the turn around process can be very slow and limiting. However, electronic and credit card payments can speed up the process on both sides of the transaction by placing the funds into your company account quickly.
Also, most customers prefer the option of paying by credit card, debit card, or electronic check immediately while placing their order, over the check mailing process as it gives them a sense of assurance. Some companies also can experience slower sales action or an abundance of order cancellations when customers have to budget their checkbook or buy stamps before they can complete the payment process. Providing your customers with several payment options can raise your customer service care to a higher level and increase your sales.
Opportunities and Choices of Service and Equipment
The type of merchant account service you may need can vary depending on if your business is a retail store location, a home order mail company, or an Internet-based business. Also, there can be different needs for larger corporations Vs. small or independent businesses. The customer service representatives of merchant service providers can help you choose the service which is best for your particular company.
They can also inform you about the many different types of equipment you can choose from. Some service providers offer a diverse range of equipment choices from the top companies like Lipman, Eclipse, and Hypercom, for example. There are also wireless P.O.S. systems available for companies who travel and do trade shows without phone line access.
How Long Does It Take for Set Up, and How Quickly Can Funds Be Deposited?
In most cases, once your application for merchant account service is approved, the setup process completes within 72 hours. This time includes obtaining your merchant I.D., registering your company with the credit card companies and payment and data corporations, and setting up your gateway. It also includes the time for you to receive your equipment and the setup process.
Once you have achieved your merchant account service, completed set up, and everything is activated, you can begin to accept credit card payments. It generally takes 24 to 48 hours for the funds to be deposited into your business bank account from the credit card companies. As you can see, this is a vast improvement to waiting for receipt of a paper check and also waiting for it to clear from a customer’s bank.