Applying For Merchant Accounts

Applying For Merchant Accounts

When you have a business idea but don't know where to start, it's natural to turn to the internet for help. A few well-placed Google searches and a couple of guesses about what your target audience might want will take you pretty far. But if you really want to go big, here's some advice that could really make all the difference in the world: merchant accounts.

Merchant accounts are so much more than just a way for online stores to collect money from customers—they're also an important part of any business plan because they provide an enormous number of benefits for entrepreneurs who use them properly. Not only will they let you start a business and give you the tools you need to build your customer base, but they'll also support your business with just about anything else you could need.

Your best bet for finding good merchant accounts is to reach out to a company that specializes in working with small businesses. A merchant account provider can offer a range of services to make sure that opening your store or restaurant goes as smoothly as possible and that it's easy for people to find what they're looking for. One of the best companies out there is Merchant Accounts , which has been in business since 2007. They've worked hard to build up their reputation, and their stellar reviews show just how much customers love them.

It's important to remember that a merchant account means more than simply being able to start accepting payments—it's an essential piece of any business plan that can support your needs in ways you couldn't even have imagined. With the right merchant account, you'll be able to accomplish nearly anything from facilitating online transactions, allowing you to spring for expensive upgrades like marketing tools or loyalty programs, or making sure you can handle transactions for international markets.

When you're ready to apply for a merchant account, follow this guide and prepare yourself for success.

Apply For a Merchant Account

Before you begin, it's important that you understand what a merchant account is and what they do. These are accounts that have been approved by the credit card company to allow retailers or other businesses to accept payments using credit cards. If you want to accept credit cards, then you need to apply for merchant accounts because it's part of the process. However, there are many other businesses, such as e-commerce stores, that can benefit from applying for merchant accounts.

Go to the website of the provider of your choice, and look at the services you can get. Talk with the people there about what you'll be able to accomplish and how much more efficient your business will become as a result. There are a lot of things that accompany the process, too—this is where it pays to have a well-developed business plan and market research. As often as possible, talk to other people who already have merchant accounts. They'll help you understand what's involved in setting up an account for your own business. Either way, this is important because it will help you determine what type of account you need before moving on in the purchase process.

Apply for a Merchant Account

After you've completed your due diligence, it's time to apply! Many businesses will want to talk with you over the phone and will give you the opportunity to ask any questions that come up. Be sure that you speak with someone who has a lot of experience in merchant accounts, as most companies offer this sort of support. When talking with them on the phone, be sure to have all of your paperwork organized and ready for review. If possible, have a copy of your business plan handy in case they want more information about it. Make sure to provide any documentation that might be needed for reviews—the more organized your application is the smoother things will go.

Once your application has been submitted, it's important to follow up with the company. This is especially true if you're working with a company that does not provide merchant services, but rather provides merchant accounts to other companies and lets them handle the process. Expect a 1-2 week wait from this point before the actual account setup begins. When the time comes, be sure that you are ready for it by following up with any additional information or documentation they may require.

Select the Right Pricing Plan

*Note: If you're looking for merchant services, you'll want to get a merchant account provider. A merchant account provider will match up businesses like you with the right company and help you through the setup of your business. If you already have a merchant service provider and are only looking to add credit card processing, then go with them. If it's time to find a new one, check out our reviews here or read this article on how to find the right one here .

Now that your application is submitted and approved time has come to select the right pricing plan that meets all of your needs. Depending on how much you need to process and whether or not you have a brick and mortar business, there are different plans that you can choose from. Here are some of the most common:

Daily Processing : If you're going to be processing no more than 10 transactions per month, then this is probably the best choice for you. It's a great option if you're going to be processing credit cards as well because it will allow your business to accept any type of payment that can be processed with Visa, MasterCard, Discover or American Express. This plan costs less than $2.50 per transaction.

: If you're going to be processing no more than 10 transactions per month, then this is probably the best choice for you. It's a great option if you're going to be processing credit cards as well because it will allow your business to accept any type of payment that can be processed with Visa, MasterCard, Discover or American Express. This plan costs less than $2.50 per transaction. Monthly Plan : If your business is starting out, then this is the plan for you! You can start with this plan and upgrade later if needed. The monthly plans cost between $12 and $25 per month depending on the amount of processing that you need to do on a monthly basis.

: If your business is starting out, then this is the plan for you! You can start with this plan and upgrade later if needed. The monthly plans cost between $12 and $25 per month depending on the amount of processing that you need to do on a monthly basis. Annual Plan : If your business processes more than 10,000 cards each year, then this is the plan for you. This way, you don't have to worry about paying for processing on a monthly basis because at the end of each month, it will be charged to your account as long as it's over $250.

: If your business processes more than 10,000 cards each year, then this is the plan for you.

Conclusion

Getting a merchant account can be one of the most important things you do for your business. It will make life easier, more efficient and give you the opportunity to easily process credit cards. When done correctly, it will also provide peace of mind knowing that your money is coming in on time each month. Even if you are not ready to accept payments right now, it is still highly advisable to apply for a merchant account so that you're ready for when the time comes! To learn more about applying for a merchant account, check out our merchant services reviews or learn more about how to apply in our shopping guides on the top 10 best small business credit card processors and the best high risk merchant accounts .