Any online business that has earned over $100,000 per year and takes credit cards almost
definitely has an online merchant account. If you don’t acquire an online merchant account and
your business revenues more than $100,000 per year in credit cards. And this article will provide
you with details on how to get one.
For the smaller businesses that produce less than $100,000 in annual revenue that already take
credit cards online. And they also use an aggregator. With aggregators (like Stripe or Square),
you do not obtain a merchant account in Europe (Albania, Malta, Cyprus, Netherlands,
Italy, etc.). Instead of this, you can also share a merchant account with various online businesses.
You can read more about how to get online merchant accounts to accept credit card payments.
What is an online merchant account?
An online merchant account is a business account that is preferred to transmit funds from your
buyer’s bank account to your business bank account after a buy with a credit card. An online
merchant account is not similar to a bank account. A merchant account is more identical to a line
of credit for your online business. However, an online merchant account is identical to a line of
credit. Because your business requires to go via an authorization and underwriting procedure to
get a merchant account.
Benefits of Accepting Credit Card Payments
Here are just several of the reasons why you should extremely regard accepting credit card
Easy for Buyers
The average ratio of American acquires more than one credit card. And the major reason for
privilege is comfort. Swiping a card is just as simple as paying by using cash. Or quickly if the
customer requires to record various bills and coins.
Enhance Your Cash Flow
As per the SBA, only some of the small businesses exist for a minimum of five years. The
reasons differ, but a deviate 82 percent fail due to the cash flow issues.
Check deposits from buyers usually imply a late of several days before the funds get deposited to
your account. Whereas, invoice transactions can bear 30 – 90 days to clear. Credit card online
payments, on the other side, can settle within one to three business days.
Stimulate Impulsive Purchases
Credit cards boost the urge to purchase more than cash. Cash is real and concrete, and if you use
it, you have less of it. Preferring credit cards, yet, the buyer can buy a product or service now and
confuse about the funds for the following month.
Also, because spending with a credit card is “less aching” than splitting over a dollar bill, buyers
tend to buy more.
Validate Your Online Business
A credit card allowance provides legality to your business. When buyers see you also take credit
card payments, the reliability of the banking organizations they faith affects you. Ensure to show
the logos of the credit cards you receive so that your buyers can see them on your business’s
website, your storefront window, and in the cash record.
Eradicate the Risk of Taking a Bad or Fraud Check
Receiving credit card payments eases the time and financial load associated with taking bad
checks. No more risking your funds on a bounced or fraud check. No more scattering a customer
for funds, either.
Necessary If You’re Operating An Online Business
If you deal in products or services online, you understand that online payment solutions are
vital to acquiring your products or services. Not receiving credit cards is, hence, not an option.
What are the steps to acquire an online merchant account?
Most payment processors that deliver a merchant account have an application form that you
require to complete and submit with both personal and business details. Some people are
confused about providing personal details that comprise their bank account details, SIN (social
insurance number), and financial data of their online business. Yet, since a merchant account is a
line of credit. It is appropriate to perform a credit check on your online business. There will not
be a reputed institution that will underwrite your business requirements without moving through
Some business merchants ask why personal details are required. It reaches down to restrictions.
The government needs all financial organizations to compile information about their consumers.
These are referred to as KYC (Know Your Customer) standards that are created to save against
fraud, corruption, money laundering, and terrorist fake funding. KYC guides the procedure by
which banks and financial organizations are needed by the nation’s government to collect
specifying details of the merchant who wants to open the account, official government photo ID,
address proof, and a Social Insurance Number (SIN).
Another factor of an online credit card merchant account is that in some situations. Then you
may be mandated to sign a personal guarantee contract before the application is authorized. A
personal guarantee is basically utilized as an extra earning to assure liable nature and deter any
The steps and requirements to get a secure online merchant account
- Fill out the application form completely with several easy details. Most payment service
providers will get an application form immediately. And they also get back to you within
24 hours after analyzing it properly.
2. Provide the merchant account application that comprises all your personal and business
details along with the kinds of payment processing products or services you want. Be
ready with a canceled check or bank verification letter for assurance. If you already own
an online payment processing merchant account. Then you have three months of recent
payment processing statements available.
3. The payment processor will transmit that concluded application to their underwriting
team of executives to specify the risk. Relying on the payment processor, authorization
can take anywhere from 15 minutes to around 7 days. Huge and more complicated
businesses generally take numerous days to around a week.
4. You will then receive authorization or refusal information for a merchant account. This
generally occurs via email.
5. When your online business gets approval for a merchant account service. Then you will
get access to your accounts with online reach.
6. You will now be starting to take credit card payments online!
Accept Credit Card Payments Online With An Online Merchant
Account And Boost Your Business
With transformations in technology come altering buyer’s preferences. And businesses that can
easily adapt will see themselves in a beneficial position. Online credit card payments are
effortless and give buyers the facility of buy now and pay later option. Moreover, providing your
sales digits a substantial growth in the procedure.
Contact us now so we can display to you how WebPays payment gateway solution can
facilitate credit card allowance for your online business.
Where can I get an online merchant account?
You can acquire an online merchant account from a payment service provider. A payment
service provider is a full stacked term because you can only obtain an online merchant account
in Europe (Albania, Malta, Cyprus, Netherlands, Italy, etc.) from an acquirer bank or a
payment service provider. Here are the complete details of the difference between an acquirer
and an online payment service provider. Yet in conclusion, our suggestion is that payment
service providers, such as WebPays, are one of the best online merchant account providers
around the world.
A payment service provider, WebPays can function with numerous providers to deliver the best
payment processing solutions. Moreover, they can also make their own value-added software.
And they can have more capability to deliver remarkable customer support experience. We have
also provided blogs on different payment processing services. Read them all and get a complete
knowledge of all. Because it will help you in finalizing the best payment gateway solution for
your online business requirements. So, drop us a mail and get connected with us shortly to fulfill
all your business requirements with the best payment gateway solution.