Roger Carthew’s Blog

Canceling a merchant account is as simple as contacting your merchant service provider and requesting that the account be closed. For security reasons, some providers may require you to submit information verifying your identity before they will process a merchant account cancellation request. Although the process of closing an account is simple, it is sometimes accompanied by a surprise in the form of a potentially large early termination fee. Early termination fees range from up to 0 or more and they’re used by merchant service providers to retain merchants for a specified period of time. Finding out that you have to pay a large cancellation fee in order to close your merchant account can be a very frustrating experience, but there are things that you can do to lessen or even eliminate the fee. The first thing to do is to check whether or not the early termination fee is still valid. Many merchant service agreements have a clause that voids the termination fee if processing rates are raised within the contract term. For instance, if discount rates are raised on a merchant account in the first year of operation the early termination fee for that account would be waived regardless of the contract term. Due to the high turnover in the merchant services industry contributing to the lack of knowledge of many sales representatives, you can’t rely on you merchant service provider to bring this loop-hole to your attention. Even if they insist that such a provision doesn’t exist in their agreement, check for yourself to be sure. It’s not uncommon to find a salesperson in the merchant service industry that has never read their acquiring bank’s processing agreement in its total. If you can’t get around the cancellation fee to end your account, you may find that’s it’s cheaper to leave the account open until the contract term expires. Depending on the total of monthly fees your merchant account has, it may be less expensive to leave the account active and pay the monthly fees until the terms ends and you can close the account without penalty. For example, a merchant account with a monthly minimum and a statement fee costs per month if there is no processing volume. If the cancellation fee for the same account is 0 and there are four months left in the account’s term, a merchant would save 0 by leaving the account open instead of cancelling and paying the fee (0 - ( * 4months) = 0). If you want to improve your business, you have to have your own Visa Merchant Account. Visa Merchant Account not only gives your customer convenience but pleasure as well. Get your Visa Merchant Account now.

The chance that any business will succeed will have a lot to do with its ability to survive competition. And competition these days means the Internet. Nobody doesn’t market on the Internet anymore and, if anything, it has only become the most powerful tool in promoting businesses and gaining dramatic positive response rates. Part of the psyche of the online market is the perception that a business website always accepts credit cards as payments. Why not? If you’re selling something on the web, you must be getting paid on the web. The problem is, some businessmen lack the guts to face the risks even as these are easily outnumbered by the advantages. In most cases, it’s just for the reason that they are intimidated by the thought of applying for an ecommerce merchant account. If you’re one of these merchants, you’ll be amazed to know that it’s not all that difficult and bad to start accepting credit cards. The very first thing you would need to do is understand the way the whole thing works before making any decisions. Understand how credit cards go through all that processing - the steps, rates, fees, etc. Then round up all the merchant banks or account providers in your area and keep a list of each of their features and benefits. Don’t forget to note down costs as these will be a primary consideration when you finally need to decide which one to choose. It’s also important for you to understand that applications are approved based on how risky your business appears to be. In the world of merchant accounts, a risk is a possibility that a transaction will be reversed and what was credited to the merchant account will now be deducted from it. This is called a chargeback and when merchants are monetarily unable of making the reversal, it’s the merchant bank or account provider that assumes responsibility. For this reason, banks and providers cautiously evaluate their applicants based on their ability to cushion chargeback. If your application for a merchants account does get turned down, it doesn’t mean you can’t explore your other options. In fact, there are companies or Independent Service Organizations (ISO) that will stand as a third party in a merchant conformity and will even vouch for you. As usual, know need to know everything you need to know from costs to terms before signing any contracts. Then keep yourself focused on the direction you want to take. If you want to find out about Merchant Accounts, you can read the following article. 5 Questions to Ask A Potential Internet Merchant Account Provider Questions to Ask A Likely Internet Merchant Account Provider 5 Questions to Ask A Potential Internet Merchant Account Provider

Back in those days, it was very difficult to get a merchant account. Banks were so strict about requirements which you either met or not. There weren’t too many options as well and the banks offered very little freedom in their policies and rates. Now, a lot of this has changed. There are many companies these days that just might give you a merchant account, whether you’re a big or small business, with or without a physical location. There are simply more providers now who are more liberal with their rules on approving applications and every businessman should take advantage of this. If you’re looking around for a good merchant account, the most important thing at this stage is to keep your eyes open on the numbers involved - fees, percentages, credit card processing rates, etc. It’s also wise to understand how the bank defines certain terms. For example, “transaction” may mean simply getting authorization but may include processing a return. The type of business you have also confirms your need for a merchant account. If you have a big business with a huge volume of sales monthly, getting this account can save you money in the long run. However, if you’re just starting out, you may find a third party merchant to be a good way to go. These third party vendors will normally take care of all details, pay the fees and even take care of the risks, including security issues for your customers as they make their purchase online. In this set up, the monthly fees are usually higher, but there won’t be a need to pay set up charges, gateway fees, etc. You simply pick the service you think is good for your business. They will simply instruct you on what to do depending on the service that you have picked. If you want to give your customers the convenience of making an online payment with their credit card or check, you do have to apply for a merchant account. It is actually very simple. The first general rule you need to follow is to look for options, options and more options. From these, you will be able to spot their differences and base your decision on which one you think will provide you the best service. Take your time to study about fees, rates and policies, especially about security issues. If you have other businessman friends who have merchant accounts, it would be a great help if you could come to them for assistance. If you want to find out about Merchant Accounts, you can read the following article. Merchant Accounts – Receiving Payments Online 5 Questions to Ask A Potential Internet Merchant Account Provider The Fundamentals of Merchant Accounts

Even when the answer has become obvious to most, some merchants still question the benefit of accepting credit cards. They think all the time about risks but they do not realize how much these are easily outweighed by advantages. In fact, an average credit card sale could be higher by as much as 23% compared to an average cash sale. Although most stores downtown accept credit card payments, home-based and especially online businesses may well do the same. Besides, it remains a basic fact of business that those who accept credit cards will likely sell more than those who don’t. If you’re finally thinking about getting a merchant account credit card, which is what you need to accept card payments from customers, you have to review the type of business you’re in. Each merchant bank or account provider will have their own set of guidelines for approval of applications. Generally, retailers are the most favored because they are considered least risky. For example, if you’re running a home-based business, you will have less chances of being approved than if you ran a stationary retail store. However, if you happen to be anything but a retailer, you can still get a merchant account through a third party company or bank that will vouch for you. Typically, the initial cost of getting a merchant account is anywhere between $ 200 - 0 and may cover application, equipment and installation, deposits and other additional costs. Your investment in equipment will also vary depending on which types you will use. Leasing those machines may cost you up to per month consisting a terminal, automatic printer and software. If your business requires real-time processing and shopping carts, the amount will vary depending on the type and degree of customization you need. For your last minute doubts about needing to accept credit cards, just put yourself in your customers’ shoes. Wouldn’t you appreciate that freedom of being able to manage your finances with less pressure as what these ever useful plastics provide? Online merchants, specifically, would benefit greatly from these cards considering that online shoppers mostly shop on impulse. If you don’t have an automated credit card payment feature on your site, how would you catch that impulse and turn it into a sale? Surely, if you’re going to have your customers mail you a checque, you will have lost them before your site even finishes loading the instruction page about your outdated payment mode. If you want to find out about Merchant Accounts, you can read the following article. 5 Questions to Ask A Possible Internet Merchant Account Provider Retail Merchant Account, Credit Cards And Your Business 5 Questions to Ask A Likely Internet Merchant Account Provider

If you’re looking at a website saying they can give you an instantaneous merchant account, that’s a con. There is no such thing as an instant merchant account and if some providers boast of a high approval rate, it’s for the reason that they would have already pre-screened their applicants before submitting applications to the merchant bank or processor. In the legitimate world, there could, in fact, be reasons why an application might be denied. If you’re planning to apply, know beforehand what makes your application strong or weak . By doing this, you get to save time and cost. Fraud is something providers are very firm about. Every application is, thus, inspected thoroughly for any suspicious signs. If an inconsistency is spotted between the type of business and processing volume and average ticket size, it will be a serious ground for denial, although the bank will usually ask for an explanation from the applicant. If the approving officer thinks the discrepancy is justified, the application may have a chance of being approved. Otherwise, it will be turned down. If your name appears on a list of merchants who’ve had their accounts closed or canceled due to merchant policy violations, you will not be granted a new account until such time that your name has been removed. This list, which is shared by member banks, is kept updated and always referred to by officers while reviewing an application. Although it is possible to remove one’s name from the list, doing so will usually require legal assistance. Other reasons that your merchant account application may be denied include poor personal credit unless your business is registered with a major stock exchange or if you have active collection accounts. An active tax lien against you is another hint of a sure rejection as well as the nature of your business. While merchant banks have different rules or guidelines, they all agree on prohibiting certain types of business such as lending, adult entertainment and those with lengthy warranties. If you’re considering applying for a merchant account, it’s important to first research on merchant banks and providers and the options they can give you. You’ll desire to review many things such as their rates, processing fees and policies. You also need to make sure that you’re applying for an account that suits your type of business in order to avoid unnecessary charges. If you want to find out about Merchant Accounts, you can read the following article. Merchant Accounts - Impression From Home 5 Questions to Ask A Possible Internet Merchant Account Provider Merchant Accounts – Impression From Home