Retail Merchant Accounts - Do You Need One?

by: Shane Penrod
Some entrepreneurs are satisfied with making a certain amount of income and have no wish or plan to grow their business with a retail merchant account. Others, however, aggressively pursue professional opportunities for expansion by seeking out technological advances that can help them better serve customer needs while increasing profits. A retail merchant account will elevate you to the next level of business development by providing access to sophisticated methods that can impress clients and outdistance the competition.

Reasons for opening a retail merchant account are many and varied. Here are some of the more prevalent:

1. A retail merchant account can equip you with key equipment that will make your job easier and more efficient. For example, you can have a credit card processor installed, sometimes at no cost, and pay just a few cents for each customer transaction. Or you can arrange a deal whereby you pay a small percentage of all credit card transactions your company accepts. For a minimal fee you may soon be able to multiply profits while reducing costs typically associated with hiring employees to manage cash purchases.

2. A retail merchant account can make doing business with your company easier and more convenient. Customers won’t have to worry about stopping by the bank or writing a check to get cash before visiting your establishment, nor will they have to pay ATM fees to withdraw cash. They can simply pull out a credit card with confidence, knowing that you can quickly process payment without the hassle of making change or opening a check-cashing account.

3. A retail merchant account can put you ahead of others in your area who conduct similar business but who do not yet have a merchant account or its accompanying advantages. If customers have to choose between two companies for shopping or service, they are more likely to choose the one that provides credit card processing as a payment option, along with other professional services that build trust in the company’s vision.

4. A retail merchant account can offer the first step toward leading your business into the future. After implementing a credit card processor, for example, you may later decide to offer wireless processing options, which will provide your customers with even more options for doing business with your company without the need for staff to manage every telephone call, order, or payment. You can cut operating costs and increase profit margins when you expand your business to include customer-friendly automated technology.

Don’t be the last in your industry to jump on board the technological bandwagon. Start checking the various programs that are available to help you improve the services you can offer customers to keep them coming back with repeat business. Compare options to get the best services for your customer’s needs. Negotiate for the lowest costs and most effective terms. You might even want to conduct an informal customer survey to learn about the types of upgrades they want to see happen in your company. Then shop for the best deal in your new retail merchant account.

About the author:
Shane Penrod is the founder of Merchant-Acount-Quotes.com Specializing in allowing merchants the ability to shop and compare multiple quotes from national merchant account providers. For free quotes on merchant account rates and fees, please go to http://www.merchant-account-quotes.com

High Volume Merchant Accounts

by: Shane Penrod
As your business continues to grow and customers purchase more goods and services, you may want to consider joining those who are applying for high volume merchant accounts. When you are approved for a high volume account, you can get good prices on mid- and non-qualified sales, along with debit processing, monthly statement fees, and additional expenses. The greater your volume of business, the better deals you may be eligible for when working with financial institutions or companies who can provide this valuable service.

The way it works is that you apply for a merchant account at a bank that offers great pricing and low-cost fees. These can be packaged in a variety of ways. For example, you may want to pay a few cents for each transaction, but if you experience high-volume sales, this could become a costly option. The other route to go is to pay a low monthly overall percentage, often between 1% and 2%, for the entire sales volume you experience via your credit card and debit-processing program. High volume merchant accounts can save you money over time because you will be able to pay smaller fees for each transaction or get a better rate for the amount of profit that you bring in.

If you currently have a sizable volume of sales and perhaps expect to do more in the near future, keep in mind that high volume merchant accounts have helped others in your position. Your customers will appreciate the ease of using up-to-the-minute technology for processing their orders with your company. And your employees likewise will be happy to turn their attention to other tasks within the organization. Your company may even see profit increases within the first few months as the word spreads about your merchant account status and credit card processing capabilities.

You can apply for high volume merchant accounts through your local bank or a preferred financial institution that can process Visa and MasterCard credit accounts. Your application should demonstrate that your company is not involved in illegal or shady dealings that the underwriters are unlikely to approve, including gambling, pornography, pharmaceutical offerings, and telemarketing. Then you will want to be able to show that your company is fiscally solvent and maintains a solid credit history. You might include documentation to support the notion that your company will be able to pay merchant account fees in a timely manner.

In upgrading your business to accommodate e-commerce solutions like credit card processors through a merchant account, be sure to calculate in advance the type of fees or expenses that will be affiliated with this move. You don’t want to start something you can’t finish, so project related expenditures for the coming year to see how they fit with your company budget. If it appears a credit card processor or wireless unit will tax your operating budget, you may be able to take out a low-interest loan to fund the initial start-up expenses. Discuss this option and any other questions you might have with the bank representative who manages applications for high volume merchant accounts.

About the author:
Shane Penrod is the founder of Merchant-Acount-Quotes.com Specializing in allowing merchants the ability to shop and compare multiple quotes from national merchant account providers. For free quotes on merchant account rates and fees, please go to http://www.merchant-account-quotes.com

Get A Credit Card Merchant Account

by: Dane Collins
A card merchant account can put your business on the road to financial success. If your company is not yet accepting credit card payments, you are missing out on the powerful potential of this income stream. Many business owners who started taking credit card payments claim that their income has doubled while overhead costs have diminished. When you become eligible to receive credit card payments, you are likely to experience an increase in sales volume and chase fewer dud checks. To facilitate credit card payment, however, you will need to apply for a merchant account.

Start by finding a lender you can trust. This may be a bank you already work with, one that perhaps got your business started or helped it to grow to where it is today. If so, there is a good chance that the lender will continue working with you in this key operative. But if you do not have such a lender or if the one you do have does not seem eager or suitable for underwriting your merchant account, you will have to find another reputable bank, credit union, or other financial institution to facilitate this account.

Your card merchant account can make or break your company, so it is wise to spend time finding the best possible lender for this purpose. Don’t just grab the first deal to come along. Take time to shop the many available offers and compare terms before making a decision. All too often a new or small business owner will be dazzled by the array of benefits that suddenly become available through a merchant services card. Then, after implementing this account, expenses mount while income remains stable or falls and the company can experience a shortfall. Approximately 80% of small companies close their doors within two years. Don’t become a casualty of this predictor. If you are approved for a merchant account, use it according to your business plan or company budget. Avoid investing large amounts into questionable activities. Start small by purchasing or leasing a basic credit card processor for your physical location. Or get a wireless unit for deliveries or remote destinations. You don’t have to spend thousands of dollars to get started. Go it one step at a time until you see how your customers respond and what your potential growth is shaping up to be. At that point you can always add more services, like an e-check processor or a pager, if you find they are truly needed for continued growth.

After getting approval for your card merchant account, you usually can start accepting credit payments immediately. Make sure you understand the terms of your account, which often boils down to a per-transaction rate of perhaps 20 to 25 cents. Or you may be able to opt for a low-interest monthly fee that may or may not impose certain minimums. In other words, you will be charged a baseline amount for up to perhaps 1,000 credit transactions. If your company does not get that many, you still have to pay the baseline fee, but you will not have to pay more, even if you get 2,000 or 3,000 credit card transactions, although this can vary from one lender to another. Check with local or online lenders for more details on applying for a card merchant account.

About the author:
Dane Collins is with Merchant Digital http://www.merchantdigital.coma nationally recognized merchant account provider. Start accepting credit cards today: http://www.merchantdigital.com