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Pitfalls to Avoid When Getting Your First Merchant Account
Having a merchant account is necessary for people who want to run an e-commerce business.
The thing is that the merchant accounts allow your customers to pay with their credit and debit cards online.
Getting a merchant account is convenient for you and your customers. However, it might be a bit tricky. Here is what you need to know about it:
Time-consuming
If you want to obtain a merchant account as soon as possible, make sure to prepare your business history and personal credit history.
Showing positive reviews from a bank that holds your personal account might help you to get the first merchant account faster.
Also, you can also get an internet merchant account from your bank.
High Fees
All merchant accounts have a variety of fees – rental fees for credit card terminal, application fees, per-transaction fees, and monthly fees.
If you don’t have an exact business plan and you are not sure whether you will be able to pay all the fees, consider alternatives such as PayPal Payments Standards or QuickBooks Payment.
If you want to learn more about third party payments and merchant accounts, check out this infographic below:
