Business Credit Card - Merchant Account Essentials

A business credit card merchant account is one that enables retailers and service providers to accept credit, debit and gift card payments from consumers. This type of account is considered essential for facilitating transactions and ensuring customer convenience.

A business credit card merchant account is generally set up through a bank or a third-party facilitator that will deal directly with credit card companies to obtain payments for its own clients. In order to accept credit card payments, businesses must use a facilitator. However, it is important to selecting the right one in order to keep more money coming in and less going out. There are several things to consider when selecting a facilitator for a business credit card merchant account.

The Reputation of the Facilitator

There are a lot of companies that can serve as third-party facilitators for a business credit card merchant account. Selecting one that will provide secure service and ease of transactions is important. To find the best, it is often important to shop based on the reputation of the facilitator. Many businesses rely on their own banking institutions because of the trust factor, but there are third-party companies out there that do offer topnotch service. Check with other merchants and look for consumer reports on third-party facilitators before making a final decision.

The Speed of Transactions

In some businesses, having fast access to sales earnings is important. With this in mind, it is wise to shop for a business credit card merchant account facilitator that provides quick processing of charges and offers rapid deposits of earnings. The best will typically transfer funds within one to three days. Some facilitators may take longer, but might provide other benefits that can make the wait worthwhile.

The Processing Rates Charged

It is a simple fact of doing business that processing credit card transactions costs money. Third-party processors and banks charge businesses percentage fees per transaction or per a batch of transactions. These fees are designed to provide the processor income and also to offset the charges the processing agency incurs when dealing with issuing credit card companies.

Shopping around for the best rate on a business credit card merchant account is very important. The typical rate range is between 2 and 3 percent, but some processing companies may charge more. Weigh the rates versus other advantages or disadvantages to make a solid selection of a business credit card merchant account provider.

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