Online Merchant Accounts: What Choices are Available to Your Business?

Performing business online has proven to be an effective way to reach additional customers and earn more money. Merchants all over the world have learned the many benefits of selling their products or services via a website. Accounts are available to help with this type of processing. Online merchant accounts are combined with a payment gateway to allow instant authorization of a card online. How does this process work when a customer orders on your website? A payment gateway is connected to your online shopping cart. The customer chooses the items they want to purchase and then checks out. They are prompted for payment information after selecting how they want to pay. Once card information has been entered, a processing account is used to verify their transaction and authorize the payment. Most consumers prefer to use their debit or credit card for online purchases. If you are not supplying these options, profit opportunities are most likely being missed. An account can be acquired through a bank, broker, or third party service. Each has their benefits and drawbacks to your business.

Credit Card Merchants: Who Can Supply Processing Services?

While your bank may seem like the most viable credit card merchant solution, it is important to remember their strict application requirements. It may be more difficult to obtain this type of account through a local or regional bank. The nature of the account causes their fees to be a little higher. If you are a small business or just starting out, they are less likely to accept your application for this type of service. Many banks require a year or more of business data to even consider approval. Financial institutions are also still in the midst of fine tuning their online business processing services. You may have no trouble obtaining what is needed for a retail location, but be rejected for an e-commerce processing solution. Retail transactions are more secure because the card is swiped at the time of sale. E-commerce transactions rely on the customer entering valid information at the time of purchase.

An intermediate credit card merchant provider serves as the buffer between your bank and business. These providers understand bank processes and can ensure your application is more appealing. The services take some of the workload off of you when applying as well as providing more affordable rates. High risk applicants may be refused for a typical merchant account, but many of these companies also offer services for those particular situations. Third party services do not provide a merchant account. Instead, they allow you to utilize another company’s account. Obtaining your own should be the goal. Use a third party service only if there is no other option. AVPS offers multiple traditional and high risk solutions for your business. We are an intermediary between financial institutions and your business. In a few minutes, we can help you find a workable solution and will work with you to gain approval. Online merchant accounts are a must for your e-commerce goals. We are here to help you every step of the way.

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