May 2, 2010
MERCHANT accounts!1?
comingofage03 asked:
In order to provide my customers with multiple payment options do I have to apply for a merchant account from each individual credit card company? i.e. AMEX, MASTERCARD, DISCOVERY, AND VISA?
In order to provide my customers with multiple payment options do I have to apply for a merchant account from each individual credit card company? i.e. AMEX, MASTERCARD, DISCOVERY, AND VISA?
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Comments on MERCHANT accounts!1?
nope – not if you choose a vendor that can proccess multiple cards.
no, just go find yourself a credit card processing company and they have all the service you need for a fee. Topically a discount fee of 1 or 2 percent. Shop around because one company from other can have you saving of hundreds
No. Merchant accounts are not provided by credit card companies. You open merchant accounts with banks or specialized processing companies. Some processors offer you all four cards you listed, some only two or three. Some also offer online payments by check (basically, the customer gives you his/her account number and the bank’s rounting number, and the processor debits the account for you).
All merchant processors offer MasterCard and Visa. MasterCard and Visa are bank cards and integral to the merchant processing system. AMEX and Discover are non-bank cards and are typically billed separately. The good news is that you are able to receive a merchant ID from both of these organizations quite easily once you have been approved to accept bank cards.
If a merchant processor offers AMEX or Discover services to you be sure to check your rates. Quite often, they are much higher than the rates you would receive via a direct relationship with these entities.
If you would like more information about merchant processing, feel free to contact me at… or at (920)993-9433. Wind River is a merchant processor that specializes in offering well supported, competitively priced, custom processing services.