Compare Merchant Accounts And Merchant Services
By Shane Penrod
In this day of continuous technological advances, it is
important to choose the most appropriate services for your
company’s benefit – to compare merchant accounts is part of
that process. You don’t need to purchase every new bell or
whistle that comes along. It is a good idea, however, to stay
abreast of the most significant technological developments that
can specifically improve the way you conduct business to meet
your customer’s needs and increase profit ratios. For these
reasons you should plan to compare merchant accounts along with
their terms, costs, and services, to be sure you get the best
fit for your company.
A merchant account lets you upgrade your business to next
professional level. Instead of operating a small or informal
enterprise, perhaps one you run from your home or a small shop
on a casual basis, you can now opt for advanced services that
will impress clients, stay ahead of the competition, and free
your time for more important things while helping to increase
income while reducing costs. When you compare merchant
accounts, you can feel good about getting the most appropriate
services for your company without necessarily overspending to
buy things you don’t need. Comparison-shopping will inform you
about all the available options for equipment, maintenance and
service agreements, price, and terms. Then when you are ready
to open your account, you will have a better idea of how to
negotiate for the deal you want.
One way to compare merchant accounts is to shop online via the
Internet. Simply do a Google search or use another search
engine that you prefer. Type in “merchant account” and see what
comes up. Moving from one site to the next, you can check out
all the possible combinations of products and services to see
what is currently on the market. Compare the varied facets of
your merchant account to see how you can get the best price and
most suitable equipment. Keep in mind your customer’s needs,
since, after all, they are the ones who are most likely to be
affected. Ask some of your longstanding customers for their
opinion, or conduct an informal written survey.
Another way to compare merchant accounts is to talk with those
who have been using them for some time. You can ask online
merchant account providers for references, or make casual
inquiries among your business peers at civic groups or industry
events. You may want to check out a merchant account provider by
contacting the Better Business Bureau to find out if the company
checks out okay or if there are unresolved conflicts with other
customers. This will give you an idea of the companies to avoid
when you are ready to open a merchant account.
Your company is too valuable to gamble on a merchant account
provider who may disappear overnight or fail to stand behind
recommended products or services. Get a good sense of what each
company is able to provide and what other customers think of
them before you sign a contract. Don’t let anyone talk you into
something you don’t want or need, for no one understands your
company and your customers better than you do. Plan ahead for
this important decision when you compare merchant accounts.
About the Author: Shane Penrod is the founder of
Merchant-Account-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
Source: http://www.isnare.com
Monday, April 30, 2007
Saturday, April 28, 2007
Merchant Services
How To Accept Credit Cards Without A Merchant Account
By Stephen Pope
To increase sales on your website, you must accept credit
cards. To process credit cards, you could apply for a merchant
account through your bank or other financial institution.
Sometimes, though, you would be further ahead to use the
services of a credit card processor. This is especially true
when you are first starting out and have more limited
resources. In this way, you may process credit card
transactions without the high front-end costs and requirements
of a merchant account.
Here, then, are just a few ways of accepting credit cards
without a merchant account. I personally use all of these
vendors and can recommend them wholeheartedly.
1. Clickbank
If your product is downloadable (such as electronic books or
software), you might consider ClickBank.com . For a $49.95
initial fee, you can process credit cards and on-line cheques
for $1.00 per transaction plus 7.5% of sales.
You receive additional exposure through free listing on their
website and through the search facilities of other websites,
such as CBMall.com.
As an added bonus, you have your own built-in affiliate
program. You decide what commission (from 1% to 75%) you would
like to pay your affiliates.
2. PayPal
PayPal.com has no initial fees. For just 2.9% of sales and $
.30 per transaction (and sometimes less), you can receive money
from anyone.
Also, you can pay others by credit card or chequing account
without supplying your personal credit information to the
payee. PayPal can be used to collect money from your auctions,
website sales, or even from friends or clients.
3. PaySystems
In the original edition of this article, I recommended
PaySystems.com (also known as MyPaySystems.com). This is what I
wrote about them:
"PaySystems.com can handle either intangible (downloadable) or
tangible (shippable) products. For an initial fee of $49.00,
you can accept all major credit cards as well as online checks.
Fees are just 3.95% of sales and $1.00 per transaction.
Alternatively, you may pay 5.5% of sales and $ .35 per
transaction."
"For this, you receive shopping cart, integration with
third-party affiliate programs (such as ClixGalore.com), fraud
screening, multi-currency transactions, toll-free support,
marketing tools, and more."
Unfortunately, PaySystems.com has discontinued their "Internet
Billing Account" for those outside the United States.
4. 2CheckOut
2CheckOut.com can handle both intangible and tangible products.
For an initial fee of $49.00, you can accept all major credit
cards as well as online checks. Fees are just 5.5% of sales and
$0.45 per transaction.
For this, you receive shopping cart, fraud detection,
integration with third-party affiliate programs, multi-currency
transactions, free on-line support, and more.
Incidentally, 2CheckOut.com has the same policy as
ClickBank.com does with regard to sales taxes. Both companies
take the position that you are selling your product to them and
that they resell it to the final consumer. Thus, they claim that
you are not subject to sales taxes on those sales.
About the Author: J. Stephen Pope, President of Pope Consulting
Inc., has been helping clients to earn maximum business profits
for over twenty-five years. To learn more about accepting
credit cards and other profitable Work at Home Small Business
Ideas, visit http://www.yenommarketinginc.com/creditcards.html
Source: http://www.isnare.com
By Stephen Pope
To increase sales on your website, you must accept credit
cards. To process credit cards, you could apply for a merchant
account through your bank or other financial institution.
Sometimes, though, you would be further ahead to use the
services of a credit card processor. This is especially true
when you are first starting out and have more limited
resources. In this way, you may process credit card
transactions without the high front-end costs and requirements
of a merchant account.
Here, then, are just a few ways of accepting credit cards
without a merchant account. I personally use all of these
vendors and can recommend them wholeheartedly.
1. Clickbank
If your product is downloadable (such as electronic books or
software), you might consider ClickBank.com . For a $49.95
initial fee, you can process credit cards and on-line cheques
for $1.00 per transaction plus 7.5% of sales.
You receive additional exposure through free listing on their
website and through the search facilities of other websites,
such as CBMall.com.
As an added bonus, you have your own built-in affiliate
program. You decide what commission (from 1% to 75%) you would
like to pay your affiliates.
2. PayPal
PayPal.com has no initial fees. For just 2.9% of sales and $
.30 per transaction (and sometimes less), you can receive money
from anyone.
Also, you can pay others by credit card or chequing account
without supplying your personal credit information to the
payee. PayPal can be used to collect money from your auctions,
website sales, or even from friends or clients.
3. PaySystems
In the original edition of this article, I recommended
PaySystems.com (also known as MyPaySystems.com). This is what I
wrote about them:
"PaySystems.com can handle either intangible (downloadable) or
tangible (shippable) products. For an initial fee of $49.00,
you can accept all major credit cards as well as online checks.
Fees are just 3.95% of sales and $1.00 per transaction.
Alternatively, you may pay 5.5% of sales and $ .35 per
transaction."
"For this, you receive shopping cart, integration with
third-party affiliate programs (such as ClixGalore.com), fraud
screening, multi-currency transactions, toll-free support,
marketing tools, and more."
Unfortunately, PaySystems.com has discontinued their "Internet
Billing Account" for those outside the United States.
4. 2CheckOut
2CheckOut.com can handle both intangible and tangible products.
For an initial fee of $49.00, you can accept all major credit
cards as well as online checks. Fees are just 5.5% of sales and
$0.45 per transaction.
For this, you receive shopping cart, fraud detection,
integration with third-party affiliate programs, multi-currency
transactions, free on-line support, and more.
Incidentally, 2CheckOut.com has the same policy as
ClickBank.com does with regard to sales taxes. Both companies
take the position that you are selling your product to them and
that they resell it to the final consumer. Thus, they claim that
you are not subject to sales taxes on those sales.
About the Author: J. Stephen Pope, President of Pope Consulting
Inc., has been helping clients to earn maximum business profits
for over twenty-five years. To learn more about accepting
credit cards and other profitable Work at Home Small Business
Ideas, visit http://www.yenommarketinginc.com/creditcards.html
Source: http://www.isnare.com
Friday, April 27, 2007
Merchant Services
Offshore Merchant Account Services
By Steve Valentino
Is your domestic bank failing to give you the right assistance in making your business reach maximum potential? Is credit card processing through your domestic bank becoming a hassle? You can surely benefit from offshore merchant account services. Such an account practices in similar fashion to any other domestic merchant account would. However, the policies and customer treatment is much different. They give you more scope and flexibility in processing your online orders taken on credit cards.
Credit card processing is vital in today’s scenario when click and brick companies are fast taking over the brick and mortar companies. Offshore merchant account services give you the ability of prompt multi-currency processing. You can accept orders from more than just a few types of credit cards. Moreover, the volume of order processing is not restricted as is the case in many of the merchant accounts with domestic banks. The offshore market is very competitive. The banks need your business. Therefore they are ready to give you offshore merchant account services on your terms and ready to welcome your business account - even if it is a high-risk business such as online gambling, online pharmacy, adult entertainment, gaming, etc.
Business legislations in most of the markets outside USA are quite lenient and flexible. This makes it easier for you to open an offshore merchant account and business becomes easier. The right kind of offshore merchant account service can help you invest your profits offshore in lucrative markets without having to face the black books of the revenue department. Offshore merchant accounts usually attract high tax benefits that add to their attraction.
The offshore merchant account service providers usually charge high processing fees but it sounds minimal when you compare it with low charge backs, no deposits and other benefits. Moreover, they are ready to bear the high risk that may be associated with your business type. Offshore merchant account services include the highest-level security, encryption and fraud protection systems. If you think of expanding your business by leaps and bounds over time, you must consider getting an offshore merchant account.
Offshore Merchant Accounts provides detailed information on Benefits of Offshore Merchant Accounts, Free Offshore Merchant Accounts, Offshore Bank Accounts, Offshore Credit Card Processing and more. Offshore Merchant Accounts is affiliated with Online Merchant Account Application.
Article Source: http://EzineArticles.com/?expert=Steve_Valentino
http://EzineArticles.com/?Offshore-Merchant-Account-Services&id=227385
By Steve Valentino
Is your domestic bank failing to give you the right assistance in making your business reach maximum potential? Is credit card processing through your domestic bank becoming a hassle? You can surely benefit from offshore merchant account services. Such an account practices in similar fashion to any other domestic merchant account would. However, the policies and customer treatment is much different. They give you more scope and flexibility in processing your online orders taken on credit cards.
Credit card processing is vital in today’s scenario when click and brick companies are fast taking over the brick and mortar companies. Offshore merchant account services give you the ability of prompt multi-currency processing. You can accept orders from more than just a few types of credit cards. Moreover, the volume of order processing is not restricted as is the case in many of the merchant accounts with domestic banks. The offshore market is very competitive. The banks need your business. Therefore they are ready to give you offshore merchant account services on your terms and ready to welcome your business account - even if it is a high-risk business such as online gambling, online pharmacy, adult entertainment, gaming, etc.
Business legislations in most of the markets outside USA are quite lenient and flexible. This makes it easier for you to open an offshore merchant account and business becomes easier. The right kind of offshore merchant account service can help you invest your profits offshore in lucrative markets without having to face the black books of the revenue department. Offshore merchant accounts usually attract high tax benefits that add to their attraction.
The offshore merchant account service providers usually charge high processing fees but it sounds minimal when you compare it with low charge backs, no deposits and other benefits. Moreover, they are ready to bear the high risk that may be associated with your business type. Offshore merchant account services include the highest-level security, encryption and fraud protection systems. If you think of expanding your business by leaps and bounds over time, you must consider getting an offshore merchant account.
Offshore Merchant Accounts provides detailed information on Benefits of Offshore Merchant Accounts, Free Offshore Merchant Accounts, Offshore Bank Accounts, Offshore Credit Card Processing and more. Offshore Merchant Accounts is affiliated with Online Merchant Account Application.
Article Source: http://EzineArticles.com/?expert=Steve_Valentino
http://EzineArticles.com/?Offshore-Merchant-Account-Services&id=227385
Wednesday, April 25, 2007
Merchant Services
Anatomy of Merchant Service Fees
By Natalie Aranda
A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
There are a number of Merchant Service fees that must be paid by the business owner. These fees vary greatly between Merchant Service providers and they must be carefully understood and compared when selecting the one for your business. The fees include a straight transaction fee that is charged each time the credit card is used. This fee is usually small, but can add up with frequent small transactions. The Authorization fee is the most troublesome and unfair one in the view of most business owners. It charges a fee every time a transaction is processed regardless if the charge is accepted or rejected.
Most Merchant Services have a minimum monthly fee as well. If your business volume does not exceed this figure, you will be charged the difference. The Merchant Service provider also charges for their monthly statement. They will often impose a hefty termination fee should you close your account before the agreed time span has elapsed. The business owner is responsible for any “free” equipment give to him for processing credit cards and will have to cover the cost of any loss or damage to them.
The largest and most important fee is the discount rate. This is basically the cut taken by the Merchant Service provider of every transaction. Since the discount rate is a percentage of the total sale, this fee will rise and fall along with your sales figures. The discount fee is the most important starting point for evaluating a Merchant Service provider. The good news is that this field has become highly competitive also. The financial institutions vie for your business and a reduced rate is their best bargaining chip. Even Offshore Merchant Accounts are beginning to show more competitive fervor in their discount rates as the marketplace becomes more and more global in nature. It is vital to understand the complete fee structure when considering your Merchant Service provider. You have to sacrifice some of your profit in order to benefit from the ability to accept credit cards, but how much of a sacrifice you must make can be controlled by careful shopping and knowledge of fees.
Natalie Aranda writes about technology, ecommerce and finance. A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
Article Source: http://EzineArticles.com/?expert=Natalie_Aranda
http://EzineArticles.com/?Anatomy-of-Merchant-Service-Fees&id=490644
By Natalie Aranda
A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
There are a number of Merchant Service fees that must be paid by the business owner. These fees vary greatly between Merchant Service providers and they must be carefully understood and compared when selecting the one for your business. The fees include a straight transaction fee that is charged each time the credit card is used. This fee is usually small, but can add up with frequent small transactions. The Authorization fee is the most troublesome and unfair one in the view of most business owners. It charges a fee every time a transaction is processed regardless if the charge is accepted or rejected.
Most Merchant Services have a minimum monthly fee as well. If your business volume does not exceed this figure, you will be charged the difference. The Merchant Service provider also charges for their monthly statement. They will often impose a hefty termination fee should you close your account before the agreed time span has elapsed. The business owner is responsible for any “free” equipment give to him for processing credit cards and will have to cover the cost of any loss or damage to them.
The largest and most important fee is the discount rate. This is basically the cut taken by the Merchant Service provider of every transaction. Since the discount rate is a percentage of the total sale, this fee will rise and fall along with your sales figures. The discount fee is the most important starting point for evaluating a Merchant Service provider. The good news is that this field has become highly competitive also. The financial institutions vie for your business and a reduced rate is their best bargaining chip. Even Offshore Merchant Accounts are beginning to show more competitive fervor in their discount rates as the marketplace becomes more and more global in nature. It is vital to understand the complete fee structure when considering your Merchant Service provider. You have to sacrifice some of your profit in order to benefit from the ability to accept credit cards, but how much of a sacrifice you must make can be controlled by careful shopping and knowledge of fees.
Natalie Aranda writes about technology, ecommerce and finance. A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
Article Source: http://EzineArticles.com/?expert=Natalie_Aranda
http://EzineArticles.com/?Anatomy-of-Merchant-Service-Fees&id=490644
Tuesday, April 17, 2007
Merchant Services
Compare Merchant Accounts And Merchant Services
By Shane Penrod
In this day of continuous technological advances, it is
important to choose the most appropriate services for your
company’s benefit – to compare merchant accounts is part of
that process. You don’t need to purchase every new bell or
whistle that comes along. It is a good idea, however, to stay
abreast of the most significant technological developments that
can specifically improve the way you conduct business to meet
your customer’s needs and increase profit ratios. For these
reasons you should plan to compare merchant accounts along with
their terms, costs, and services, to be sure you get the best
fit for your company.
A merchant account lets you upgrade your business to next
professional level. Instead of operating a small or informal
enterprise, perhaps one you run from your home or a small shop
on a casual basis, you can now opt for advanced services that
will impress clients, stay ahead of the competition, and free
your time for more important things while helping to increase
income while reducing costs. When you compare merchant
accounts, you can feel good about getting the most appropriate
services for your company without necessarily overspending to
buy things you don’t need. Comparison-shopping will inform you
about all the available options for equipment, maintenance and
service agreements, price, and terms. Then when you are ready
to open your account, you will have a better idea of how to
negotiate for the deal you want.
One way to compare merchant accounts is to shop online via the
Internet. Simply do a Google search or use another search
engine that you prefer. Type in “merchant account” and see what
comes up. Moving from one site to the next, you can check out
all the possible combinations of products and services to see
what is currently on the market. Compare the varied facets of
your merchant account to see how you can get the best price and
most suitable equipment. Keep in mind your customer’s needs,
since, after all, they are the ones who are most likely to be
affected. Ask some of your longstanding customers for their
opinion, or conduct an informal written survey.
Another way to compare merchant accounts is to talk with those
who have been using them for some time. You can ask online
merchant account providers for references, or make casual
inquiries among your business peers at civic groups or industry
events. You may want to check out a merchant account provider by
contacting the Better Business Bureau to find out if the company
checks out okay or if there are unresolved conflicts with other
customers. This will give you an idea of the companies to avoid
when you are ready to open a merchant account.
Your company is too valuable to gamble on a merchant account
provider who may disappear overnight or fail to stand behind
recommended products or services. Get a good sense of what each
company is able to provide and what other customers think of
them before you sign a contract. Don’t let anyone talk you into
something you don’t want or need, for no one understands your
company and your customers better than you do. Plan ahead for
this important decision when you compare merchant accounts.
About the Author: Shane Penrod is the founder of
Merchant-Account-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
Source: http://www.isnare.com
By Shane Penrod
In this day of continuous technological advances, it is
important to choose the most appropriate services for your
company’s benefit – to compare merchant accounts is part of
that process. You don’t need to purchase every new bell or
whistle that comes along. It is a good idea, however, to stay
abreast of the most significant technological developments that
can specifically improve the way you conduct business to meet
your customer’s needs and increase profit ratios. For these
reasons you should plan to compare merchant accounts along with
their terms, costs, and services, to be sure you get the best
fit for your company.
A merchant account lets you upgrade your business to next
professional level. Instead of operating a small or informal
enterprise, perhaps one you run from your home or a small shop
on a casual basis, you can now opt for advanced services that
will impress clients, stay ahead of the competition, and free
your time for more important things while helping to increase
income while reducing costs. When you compare merchant
accounts, you can feel good about getting the most appropriate
services for your company without necessarily overspending to
buy things you don’t need. Comparison-shopping will inform you
about all the available options for equipment, maintenance and
service agreements, price, and terms. Then when you are ready
to open your account, you will have a better idea of how to
negotiate for the deal you want.
One way to compare merchant accounts is to shop online via the
Internet. Simply do a Google search or use another search
engine that you prefer. Type in “merchant account” and see what
comes up. Moving from one site to the next, you can check out
all the possible combinations of products and services to see
what is currently on the market. Compare the varied facets of
your merchant account to see how you can get the best price and
most suitable equipment. Keep in mind your customer’s needs,
since, after all, they are the ones who are most likely to be
affected. Ask some of your longstanding customers for their
opinion, or conduct an informal written survey.
Another way to compare merchant accounts is to talk with those
who have been using them for some time. You can ask online
merchant account providers for references, or make casual
inquiries among your business peers at civic groups or industry
events. You may want to check out a merchant account provider by
contacting the Better Business Bureau to find out if the company
checks out okay or if there are unresolved conflicts with other
customers. This will give you an idea of the companies to avoid
when you are ready to open a merchant account.
Your company is too valuable to gamble on a merchant account
provider who may disappear overnight or fail to stand behind
recommended products or services. Get a good sense of what each
company is able to provide and what other customers think of
them before you sign a contract. Don’t let anyone talk you into
something you don’t want or need, for no one understands your
company and your customers better than you do. Plan ahead for
this important decision when you compare merchant accounts.
About the Author: Shane Penrod is the founder of
Merchant-Account-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
Source: http://www.isnare.com
Monday, April 16, 2007
Merchant Services
Are Online Merchant Services Worth The Hefty Price Tag?
By Jim Saka
An online merchant service is a service that enables you to make payments or accept payments online for your business. While it can be extremely beneficial to your business to work with a merchant service, the total bill can be pricey to set one up. It is critical that you do extensive research to determine the exact price for getting an online merchant service, because many times there are hidden costs.
Online merchant services work through merchant accounts online, which are provided through a bank. In turn, it is the bank that allows you to make or receive credit card payments via internet. As you may have guessed, this is beneficial to your business if you have a merchant account because it allows your visitors and customers to easily make a payment.
On top of that, it is convenient for you because you receive the payment much quicker. A merchant service can also set up quick thank you responses and related products that they can shop from after making their purpose. The main benefit to having an online merchant service is that you have complete control over the system for processing the payment.
You have to realize that we still live in a world where there are online thefts and identity fraud occurring more than you would like to think. Because of this, this is one downside to setting up a merchant service. Many people are still not willing to give their credit card over the internet for the fear of identity theft. While it won't change everyone's minds, it can be helpful to post a note stating that your site is 100% safe from identity theft.
A disadvantage for you to consider for merchant services is the costs incurred to have an online merchant service. There are various merchant services that charge fees from each provider that assists you in your development of the account. You also have to take into consideration other charges that will pile up on you such as application fees, set-up fees and yearly membership charges.
Sounds like a lot, right? What is troubling is that there are even more charges that you potentially could deal with. Other charges you may encounter include monthly statement charges and gateway access fees. So is it even worth it to pay for all these fees just to make it the payment process more convenient for your customers?
That is for you to decide. It can be expensive, but the convenience and the ability to accept a multitude of different credit cards welcome diversity and allow you to be flexible. This in turn has the potential to generate a higher traffic volume and create more follow-up sells. At the end of the day it's your call, do you want to pay and hope it will pay off, or settle and keep things the way they are?
Copyright (c) 2007 Jim Saka
For more information about Jim Saka or to find out how your business can can benefit from accepting credit cards online or at a place of business visit United Bank Card's merchant account services websites.
Article Source: http://EzineArticles.com/?expert=Jim_Saka
http://EzineArticles.com/?Are-Online-Merchant-Services-Worth-The-Hefty-Price-Tag?&id=488030
By Jim Saka
An online merchant service is a service that enables you to make payments or accept payments online for your business. While it can be extremely beneficial to your business to work with a merchant service, the total bill can be pricey to set one up. It is critical that you do extensive research to determine the exact price for getting an online merchant service, because many times there are hidden costs.
Online merchant services work through merchant accounts online, which are provided through a bank. In turn, it is the bank that allows you to make or receive credit card payments via internet. As you may have guessed, this is beneficial to your business if you have a merchant account because it allows your visitors and customers to easily make a payment.
On top of that, it is convenient for you because you receive the payment much quicker. A merchant service can also set up quick thank you responses and related products that they can shop from after making their purpose. The main benefit to having an online merchant service is that you have complete control over the system for processing the payment.
You have to realize that we still live in a world where there are online thefts and identity fraud occurring more than you would like to think. Because of this, this is one downside to setting up a merchant service. Many people are still not willing to give their credit card over the internet for the fear of identity theft. While it won't change everyone's minds, it can be helpful to post a note stating that your site is 100% safe from identity theft.
A disadvantage for you to consider for merchant services is the costs incurred to have an online merchant service. There are various merchant services that charge fees from each provider that assists you in your development of the account. You also have to take into consideration other charges that will pile up on you such as application fees, set-up fees and yearly membership charges.
Sounds like a lot, right? What is troubling is that there are even more charges that you potentially could deal with. Other charges you may encounter include monthly statement charges and gateway access fees. So is it even worth it to pay for all these fees just to make it the payment process more convenient for your customers?
That is for you to decide. It can be expensive, but the convenience and the ability to accept a multitude of different credit cards welcome diversity and allow you to be flexible. This in turn has the potential to generate a higher traffic volume and create more follow-up sells. At the end of the day it's your call, do you want to pay and hope it will pay off, or settle and keep things the way they are?
Copyright (c) 2007 Jim Saka
For more information about Jim Saka or to find out how your business can can benefit from accepting credit cards online or at a place of business visit United Bank Card's merchant account services websites.
Article Source: http://EzineArticles.com/?expert=Jim_Saka
http://EzineArticles.com/?Are-Online-Merchant-Services-Worth-The-Hefty-Price-Tag?&id=488030
Saturday, April 14, 2007
Merchant Services
Anatomy of Merchant Service Fees
By Natalie Aranda
A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
There are a number of Merchant Service fees that must be paid by the business owner. These fees vary greatly between Merchant Service providers and they must be carefully understood and compared when selecting the one for your business. The fees include a straight transaction fee that is charged each time the credit card is used. This fee is usually small, but can add up with frequent small transactions. The Authorization fee is the most troublesome and unfair one in the view of most business owners. It charges a fee every time a transaction is processed regardless if the charge is accepted or rejected.
Most Merchant Services have a minimum monthly fee as well. If your business volume does not exceed this figure, you will be charged the difference. The Merchant Service provider also charges for their monthly statement. They will often impose a hefty termination fee should you close your account before the agreed time span has elapsed. The business owner is responsible for any “free” equipment give to him for processing credit cards and will have to cover the cost of any loss or damage to them.
The largest and most important fee is the discount rate. This is basically the cut taken by the Merchant Service provider of every transaction. Since the discount rate is a percentage of the total sale, this fee will rise and fall along with your sales figures. The discount fee is the most important starting point for evaluating a Merchant Service provider. The good news is that this field has become highly competitive also. The financial institutions vie for your business and a reduced rate is their best bargaining chip. Even Offshore Merchant Accounts are beginning to show more competitive fervor in their discount rates as the marketplace becomes more and more global in nature. It is vital to understand the complete fee structure when considering your Merchant Service provider. You have to sacrifice some of your profit in order to benefit from the ability to accept credit cards, but how much of a sacrifice you must make can be controlled by careful shopping and knowledge of fees.
Natalie Aranda writes about technology, ecommerce and finance. A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
Article Source: http://EzineArticles.com/?expert=Natalie_Aranda
http://EzineArticles.com/?Anatomy-of-Merchant-Service-Fees&id=490644
By Natalie Aranda
A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
There are a number of Merchant Service fees that must be paid by the business owner. These fees vary greatly between Merchant Service providers and they must be carefully understood and compared when selecting the one for your business. The fees include a straight transaction fee that is charged each time the credit card is used. This fee is usually small, but can add up with frequent small transactions. The Authorization fee is the most troublesome and unfair one in the view of most business owners. It charges a fee every time a transaction is processed regardless if the charge is accepted or rejected.
Most Merchant Services have a minimum monthly fee as well. If your business volume does not exceed this figure, you will be charged the difference. The Merchant Service provider also charges for their monthly statement. They will often impose a hefty termination fee should you close your account before the agreed time span has elapsed. The business owner is responsible for any “free” equipment give to him for processing credit cards and will have to cover the cost of any loss or damage to them.
The largest and most important fee is the discount rate. This is basically the cut taken by the Merchant Service provider of every transaction. Since the discount rate is a percentage of the total sale, this fee will rise and fall along with your sales figures. The discount fee is the most important starting point for evaluating a Merchant Service provider. The good news is that this field has become highly competitive also. The financial institutions vie for your business and a reduced rate is their best bargaining chip. Even Offshore Merchant Accounts are beginning to show more competitive fervor in their discount rates as the marketplace becomes more and more global in nature. It is vital to understand the complete fee structure when considering your Merchant Service provider. You have to sacrifice some of your profit in order to benefit from the ability to accept credit cards, but how much of a sacrifice you must make can be controlled by careful shopping and knowledge of fees.
Natalie Aranda writes about technology, ecommerce and finance. A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
Article Source: http://EzineArticles.com/?expert=Natalie_Aranda
http://EzineArticles.com/?Anatomy-of-Merchant-Service-Fees&id=490644
Friday, April 13, 2007
Merchant Services
Accept Credit Cards Online Without a Merchant Account
By Joe Duchesne
There are two major ways to accept credit cards on your website. The first and most expensive is to have your own merchant account. Not only is this option expensive, it also requires extensive credit checks, lots of paperwork, and usually takes days or weeks before you get approved. Fortunately, there is an alternative.
Third party payment processors who will accept credit card payments on your behalf exist in growing numbers. These third party processors will take a percentage of your sale for their troubles, then pass on the rest to you. Rates vary greatly from one payment provider to another so doing your homework is important in order to get the right fit for you. Some payment providers will accept all kinds of goods and services while others specialize in only digital products, or hard goods, or services.
General Purpose Payment Providers include:
Paypal – Owned by Ebay, Paypal offers one of the lowest rates of any third party payment processor. At the time of this writing, their standard rates were 2.9% plus $0.30 US per transaction. Paypal offers excellent support and great documentation to get you up and running in no time at all. www.paypal.com
2checkout.com – Has a $49 US one time setup fee. Their rates at the time of this writing were $0.45 US plus 5.5% transaction fee. Discount rates are middle of the pack, service is very good and through them, you can accept most major credit cards. www.2checkout.com
Digital Information Payment Providers include:
Clickbank – You pay a one time $49.95 US activation fee. They then pay you the retail price of your product minus $1 and a 7.5% fee. Clickbank also has an easy to use affiliate program so that you can make money when others sell your product. www.clickbank.com
Digibuy – An electronic commerce solution for publishers of software, shareware, electronic art, information, and data. They charge a rate of 13.9% per transaction with a $3 US minimum order. They provide you with many features including brandable order forms, invoicing and test orders. www.digibuy.com
All but Clickbank give you the ability to have brandable shopping carts. This allows you to customize your order forms so that the customer doesn't feel like they are leaving your site thereby building trust. All of the third party payment processors above provide you with help to get started.
Accepting credit cards online doesn't have to cost you a lot of money. Most times it doesn't even have to include a credit check. Most of these services will even make regular deposits directly into your bank account for ultimate convenience.
When you need to accept credit cards quickly and inexpensively, one of the payment providers mentioned above just might fit the bill.
Joe Duchesne is the webmaster for turbomerchant.com which specializes in offering information to people looking to sell online via a merchant account and accept credit cards online. Reprint freely as long as the keyword rich link in this resource box stays live and with this article.
Article Source: http://EzineArticles.com/?expert=Joe_Duchesne
http://EzineArticles.com/?Accept-Credit-Cards-Online-Without-a-Merchant-Account&id=9567
By Joe Duchesne
There are two major ways to accept credit cards on your website. The first and most expensive is to have your own merchant account. Not only is this option expensive, it also requires extensive credit checks, lots of paperwork, and usually takes days or weeks before you get approved. Fortunately, there is an alternative.
Third party payment processors who will accept credit card payments on your behalf exist in growing numbers. These third party processors will take a percentage of your sale for their troubles, then pass on the rest to you. Rates vary greatly from one payment provider to another so doing your homework is important in order to get the right fit for you. Some payment providers will accept all kinds of goods and services while others specialize in only digital products, or hard goods, or services.
General Purpose Payment Providers include:
Paypal – Owned by Ebay, Paypal offers one of the lowest rates of any third party payment processor. At the time of this writing, their standard rates were 2.9% plus $0.30 US per transaction. Paypal offers excellent support and great documentation to get you up and running in no time at all. www.paypal.com
2checkout.com – Has a $49 US one time setup fee. Their rates at the time of this writing were $0.45 US plus 5.5% transaction fee. Discount rates are middle of the pack, service is very good and through them, you can accept most major credit cards. www.2checkout.com
Digital Information Payment Providers include:
Clickbank – You pay a one time $49.95 US activation fee. They then pay you the retail price of your product minus $1 and a 7.5% fee. Clickbank also has an easy to use affiliate program so that you can make money when others sell your product. www.clickbank.com
Digibuy – An electronic commerce solution for publishers of software, shareware, electronic art, information, and data. They charge a rate of 13.9% per transaction with a $3 US minimum order. They provide you with many features including brandable order forms, invoicing and test orders. www.digibuy.com
All but Clickbank give you the ability to have brandable shopping carts. This allows you to customize your order forms so that the customer doesn't feel like they are leaving your site thereby building trust. All of the third party payment processors above provide you with help to get started.
Accepting credit cards online doesn't have to cost you a lot of money. Most times it doesn't even have to include a credit check. Most of these services will even make regular deposits directly into your bank account for ultimate convenience.
When you need to accept credit cards quickly and inexpensively, one of the payment providers mentioned above just might fit the bill.
Joe Duchesne is the webmaster for turbomerchant.com which specializes in offering information to people looking to sell online via a merchant account and accept credit cards online. Reprint freely as long as the keyword rich link in this resource box stays live and with this article.
Article Source: http://EzineArticles.com/?expert=Joe_Duchesne
http://EzineArticles.com/?Accept-Credit-Cards-Online-Without-a-Merchant-Account&id=9567
Thursday, April 12, 2007
Merchant Services
Simple Money Machines - The Review
By Ephigenie Akayo
Have you been trying to start or grow your Online Business but are frustrated about all the hype that are out there? How do the pros make all their money online? Simple, really! The pros spend 10% on technology and 90% of their time sending traffic to their website. Most of them start with affiliate programs, which is the easiest way to start your home business. They then establish a list of satisfied customers, potential clients and qualified leads.
In the past, you needed products or services in order to make money through the Internet. Today however, you can make money through the Internet by using affiliate programs. This program will allow you to make a substantial amount of income out of your website and is a very good home business that you would want to get into first.
Let’s define what affiliate programs is and how it works in order to fully understand how you can make some money out of it. An affiliate programs is basically selling third party products and you get a commission every time you make a sale. In short, it’s like a join venture. You partner with another website that have already developed a product or service that they‘re already selling online. Then your job is to send targeted traffic or visitors of your website to your merchant’s site. (A merchant is any individual or company that sells products or services online).
Most of the time, the company you become affiliated with provides all the necessary tools that you need in order to start the affiliate programs. However in order to fully succeed as an affiliate marketer you need more software to help you manage your programs. And of course the more software you need, the more money you spend on them and the more time you must put in to learn how to use them. Remember, like they say in America – Time is Money!
After researching, testing, tracking, making mistakes, I know what the crucial tools for your online affiliate programs are; and Simple Money Machines has all the tools you will need to succeed as an internet affiliate marketer.
Introducing the Simple Money Machines! It’s all the technology you need to make money online, rolled into one, simple, easy-to-use, hosted application. There is no need to hire the expensive webmaster or go through the long process of learning HTML, or FTP, or purchasing and learning multiple software packages, and then try to make all of them work together. It’s written in plain language and requires only simple skills. If you can point and click, then you’re already ahead of the online business money making game. Note: if you’re a technology nerd, then Simple Money Machines might not be for you.
The Simple Money Machines is the new platform technology that allows a totally non-technical person to setup a complete online business. There is no hosting accounts to setup and manage, no back ups to worry about and no software to update. You just login into your Simple Money Machines account and run your online business in no time.
The Simple Money Machines solves the problem and it includes accurate testing before going live on the Internet.
Here is just a little bit of what the Simple Money Machines includes:
•Auto-responder so you can capture email address, build your own list and send promotions. This is very important. Bear in mind that the money is in the “list”. It follows a set sequence of mailings, developed by you to ensure time promotion for your different marketing campaigns.
•Headline generator to create effective headlines
•Web page video to deeply increase conversions
•Webpage audio to increase site conversion
•Split-testing: allows you to track conversion
•Opt-In Page also known as a Squeeze Page. It’s a very great way to develop an email list.
•Traffic tracking software that lets you analyze the source and costs of different traffic options
•Credit card processing and tracking
•Dashboards to track and report visitors, conversions and financial results
I am not here to hide anything from you and I truly want you to have all the tools you need to start building a real home-based online business. Running affiliate programs is not rocket science. However without the right software in place to help you run your internet business effectively, you struggle and fight because of all the technology needed to help you keep things in more manageable way.
Go ahead and check out Simple Money Machines. It costs you less than a cup of coffee a day to give it a try. It comes with 3 or 10 machines that you can put to work right away and start making money in less than 30 days.
“Finally, a simple Internet Marketing Business in a-Box (Simple Money Machines) is available to show you Step-By-Step How to Make your first 50,000 thousand dollars online – 100% guaranteed. I have been using the Simple Money Machines for few months now and I am loving it. Find out more here:
http://instant-website.smmsite.com/1158
Article Source: http://EzineArticles.com/?expert=Ephigenie_Akayo
http://EzineArticles.com/?Simple-Money-Machines---The-Review&id=506283
By Ephigenie Akayo
Have you been trying to start or grow your Online Business but are frustrated about all the hype that are out there? How do the pros make all their money online? Simple, really! The pros spend 10% on technology and 90% of their time sending traffic to their website. Most of them start with affiliate programs, which is the easiest way to start your home business. They then establish a list of satisfied customers, potential clients and qualified leads.
In the past, you needed products or services in order to make money through the Internet. Today however, you can make money through the Internet by using affiliate programs. This program will allow you to make a substantial amount of income out of your website and is a very good home business that you would want to get into first.
Let’s define what affiliate programs is and how it works in order to fully understand how you can make some money out of it. An affiliate programs is basically selling third party products and you get a commission every time you make a sale. In short, it’s like a join venture. You partner with another website that have already developed a product or service that they‘re already selling online. Then your job is to send targeted traffic or visitors of your website to your merchant’s site. (A merchant is any individual or company that sells products or services online).
Most of the time, the company you become affiliated with provides all the necessary tools that you need in order to start the affiliate programs. However in order to fully succeed as an affiliate marketer you need more software to help you manage your programs. And of course the more software you need, the more money you spend on them and the more time you must put in to learn how to use them. Remember, like they say in America – Time is Money!
After researching, testing, tracking, making mistakes, I know what the crucial tools for your online affiliate programs are; and Simple Money Machines has all the tools you will need to succeed as an internet affiliate marketer.
Introducing the Simple Money Machines! It’s all the technology you need to make money online, rolled into one, simple, easy-to-use, hosted application. There is no need to hire the expensive webmaster or go through the long process of learning HTML, or FTP, or purchasing and learning multiple software packages, and then try to make all of them work together. It’s written in plain language and requires only simple skills. If you can point and click, then you’re already ahead of the online business money making game. Note: if you’re a technology nerd, then Simple Money Machines might not be for you.
The Simple Money Machines is the new platform technology that allows a totally non-technical person to setup a complete online business. There is no hosting accounts to setup and manage, no back ups to worry about and no software to update. You just login into your Simple Money Machines account and run your online business in no time.
The Simple Money Machines solves the problem and it includes accurate testing before going live on the Internet.
Here is just a little bit of what the Simple Money Machines includes:
•Auto-responder so you can capture email address, build your own list and send promotions. This is very important. Bear in mind that the money is in the “list”. It follows a set sequence of mailings, developed by you to ensure time promotion for your different marketing campaigns.
•Headline generator to create effective headlines
•Web page video to deeply increase conversions
•Webpage audio to increase site conversion
•Split-testing: allows you to track conversion
•Opt-In Page also known as a Squeeze Page. It’s a very great way to develop an email list.
•Traffic tracking software that lets you analyze the source and costs of different traffic options
•Credit card processing and tracking
•Dashboards to track and report visitors, conversions and financial results
I am not here to hide anything from you and I truly want you to have all the tools you need to start building a real home-based online business. Running affiliate programs is not rocket science. However without the right software in place to help you run your internet business effectively, you struggle and fight because of all the technology needed to help you keep things in more manageable way.
Go ahead and check out Simple Money Machines. It costs you less than a cup of coffee a day to give it a try. It comes with 3 or 10 machines that you can put to work right away and start making money in less than 30 days.
“Finally, a simple Internet Marketing Business in a-Box (Simple Money Machines) is available to show you Step-By-Step How to Make your first 50,000 thousand dollars online – 100% guaranteed. I have been using the Simple Money Machines for few months now and I am loving it. Find out more here:
http://instant-website.smmsite.com/1158
Article Source: http://EzineArticles.com/?expert=Ephigenie_Akayo
http://EzineArticles.com/?Simple-Money-Machines---The-Review&id=506283
Wednesday, April 11, 2007
Merchant Services
Payroll Cards Improve Direct Deposit Participation
By James Sayers
It has been estimated that 50 percent to 60 percent of employees paid in the United States participate in a direct deposit service offered by their employers for payroll funds. This is a growing trend as there are many benefits to employers and employees alike. Direct deposit involves a series of steps that culminates in the employee receiving wages electronically into their bank account, whether they are paid on an hourly basis or salaried.
For the staffing industry in particular, this trend poses a significant potential for savings as the volume of payroll checks for external staff is far greater than that of internal staff. For example, a staffing firm with 20 staff members may employ as many as 500 to 1,000 temporary employees per pay period. The costs associated with paying this many employees is on par with much larger organizations outside the staffing industry who, like you, strive to provide superior service at a minimal cost. By providing direct deposit to your employees, you will experience dramatic savings as well as improve relations with your employees by providing this valuable benefit.
Background on the Market
Over the past eight to ten years, we have all had experiences with either pre-paid telephone cards, gift cards or the omnipresent debit cards. These are all convenient ways to store money that can be utilized either by a specific individual or by the person possessing the card. More recently, the concept of payroll cards has been introduced as an alternative way to provide payroll funds to individuals. These cards are a fairly basic concept that may sound familiar. Load an employee's payroll funds onto a card that can then either be withdrawn from an automated teller machine (ATM) or used to purchase goods and/or services up to the amount associated with the card, just like a debit card. The card, once all funds have been used, can either be re-loaded with funds or discarded. Therefore, instead of an employee receiving a paycheck they receive payroll funds in an account via direct deposit and they are able to retrieve their funds through their payroll card.
The issuance of payroll cards to employees is not completely new. The U.S. government, for example, maintains several contracts among the four branches of the military to provide an efficient, electronic means of distributing funds to service men and women. This is particularly helpful when those employees are overseas or aboard ships where access to banks is limited or non-existent. By providing an electronic means of distributing funds, this eliminates the need for currency, coins, vouchers, money orders, etc.
In addition to the convenience of use, payroll cards offer an added level of security. Typically, the cards use a multilayered integrated chip, which controls access to the funds. The chip is programmed with a user key or personal identification number (PIN). Funds cannot be distributed without the use of the PIN, which only the cardholder knows.
From a much larger perspective, there are about 50 to 60 million people within the U.S. who do not have a traditional bank account. Many of these same individuals do not have credit cards either. We live in a culture that revolves around transactions; transactions that are, by design, quick and convenient. Individuals without a traditional bank account are unable to participate in a large amount of transactions such as general eCommerce, point-of-sale transactions, electronic payment to creditors, etc. Basically, anything where cash is not either accepted or a viable option is simply not available to these individuals. More importantly, individuals who do not possess a bank account are unable to participate in traditional direct deposit offerings.
According to the Federal Reserve Bank of New York, there are approximately 20 million users of these types of cards and that number is expected to increase to more that 49 million by 2008. Obviously, the trend towards a greater level of acceptance is growing. In 2003, these types of cards were used to make $42 billion in transactions. By 2006, more than $72 billion worth of transactions are expected. Experts have indicated that the industry is in the introductory stage of its life cycle, which suggests that there is still substantial growth potential in the near future.
Problems and Solutions
Currently, you may be offering a direct deposit solution for your employees. Direct deposit is a method of payment to your employees which electronically credits their checking or savings account or possibly both. This is a service that you may provide as a benefit to your employees who have been with you for a defined period of time. Even though it may be a benefit to your employees, it also provides a tremendous benefit to your organization. The benefits of such an offering include decreased processing time for payroll, increased security as the funds go directly into an account, reduced fees for stop payment of checks, no lost checks, decreased employee payroll issues, etc. According to the American Payroll Association (APA), these savings equate to approximately $2.00 per contingent employee per pay period.
Many firms have the desire to move towards a greater level of employee participation in direct deposit since the efficiencies are proven and dramatic. The reasons for both employee and employer to find value are obvious. But sometimes just encouraging the idea with your employees is simply not good enough. In many cases, it needs to be a policy of education and commitment to increase participation. However, this is assuming that all of your employees can participate in direct deposit. That may not be the case; take those employees who do not have a checking or savings account, regardless of education or policy, these employees cannot participate.
One new solution for firms desiring to increase employee participation in direct deposit is what is commonly referred to as Payroll cards. A Payroll Card is, in essence, just like direct deposit as funds are electronically deposited into an account that the employee can access. The major differentiator is that payroll cards can accommodate those employees who do not have bank accounts.
Major Benefits of Payroll Cards
For Employees:
Funds are immediately available in account
No approval needed; everyone is qualified
No check cashing fees
No waiting in lines to cash checks
PIN protected; which provides added security
Purchasing power through POS vendors
No lost checks
ATM withdrawal
No need to carry cash on hand
Funds are FDIC insured
Transfer funds
Pay bills online
For Staffing Company Employers:
Decrease cost of distribution of checks
Fills gap in direct deposit participation
Increases efficiency of payroll
Decreases potential check fraud and lost checks
Eliminates stop payment fees for lost or stolen checks
Timely payroll even when employees are away
Provides major benefit at minimal cost
Improves employee loyalty
Challenges for the 'un-banked' provide opportunities for better service
There are not many categories that you can split your employees into easily; however, one thing is true…either your employees have a bank account or they do not. Those employees that have a bank account are commonly referred to as 'banked' and those that do not have a bank account are referred to as 'un-banked' or 'self-banked.' For banked employees, in most cases, their bank will accept direct deposit of funds. It saves their financial institution money just as it saves your organization money.
Un-banked employees face many obstacles in managing their payroll checks. Simply cashing their checks may induce charges such as check cashing fees from the bank issuing the check or check cashing services. Many banks are now charging a $5 per check cashing fee to non-customers in an effort to decrease their operating costs and minimize teller transactions. The other option is to use a check cashing service, which may charge from two percent to seven percent or more. That translates to $5 to $17 a week for a $250 check. Both of these options are drawing significant fees just for the purpose of turning electronic funds into cash.
While for some this may be something worth paying for, it may be a major penalty to others who desire a different way of managing their money other than carrying cash around. On the employer side of the equation, there are significant costs as well. The cost can be associated with several aspects of administrative duties, including processing time of payroll, lost checks and their associated costs, etc. From the perspective of the employer's potential savings, there was a study conducted in 1999 by the National Automated Clearing House Association (NACHA), which indicated that an employer would save an average of $48 per year per employee by eliminating the process of generating paper paychecks.
From another perspective, there are many individuals that may have a bank account but may not have a credit card or, if they do possess a credit card it may be so close to the limit that making a transaction is not possible. Among individuals in the U.S. with credit cards, more than 40 percent are within five percent of their credit limit. That means that the credit provided by the card for a transaction has been basically exhausted. The credit card is then working like a debit card since the user must pay down the limit on the card in order to make a transaction. Making larger purchases requires a good credit score. Simply possessing a bank account does not necessarily improve a credit rating.
The credit-challenged need the opportunity to improve their credit scores. Tom Miezejeski, Vice President of Research for The PELORUS Group has indicated, "due to this situation, a possibility exists for a major shift from credit to debit cards. The potential intensifies when one takes into account the recent settlement by Visa® and MasterCard® with regard to processing debit card transactions, which could encourage retailers to promote debit cards at the expense of credit cards, thereby actually eroding the number of credit cards issued annually."
Understanding Payroll Card Options: SVC's or Bank Cards
In order for employees to participate in our growing, non-cash, transaction-based society and for employers to capitalize on these trends, there needs to be an option that will allow them to leverage the flexibility of electronic fund distribution. Payroll cards address this need head-on for both employees and employers.
There are a couple of offerings from vendors when it comes to payroll cards. The two main offerings can be categorized as either stored value cards (SVCs) or bank cards.
First, let's explore a stored value card. Just as it sounds, it holds a stored value of funds that has been associated with the card. Once loaded, or associated with a pre-determined dollar value, the card can be used to make withdrawals from ATMs. To better understand this option, let's look at the setup. The employer sets up one major account with the bank and each employee has access to what is referred to as a sub-account under that one major account.
With SVCs, the employer directs funds through the major account and each sub-account, and then maintains the balance for each individual employee. The employee does not actually own the sub-account; they only withdraw funds from that account. The employee is not able to participate in point-of-sale or retail transactions as one would with a true debit card or bankcard. Although the major account is FDIC insured, the sub-accounts are not individually insured. For example, the Federal Deposit Insurance Corporation (FDIC) insures deposits up to $100,000.00. That means that if there are 100 sub-accounts for the one major account, each one is only insured for $1,000.00. The employee does not have much protection in the event the issuing or sponsoring bank fails. Also, most SVCs do not provide protections under Regulation E, which provides provisions for fund replacement in the event of lost or stolen cards. VISA branded cards, i.e. bank cards, and offer zero-liability policies.
Bank cards are similar to SVCs in that each is loaded with a pre-determined dollar value and can be used for withdrawals from ATMs. There are, however, dramatic differences between these two types of cards. First, with a bank card the employee is able to participate in any point-of-sale or retail transaction as one would with a true debit card or bank card. Second, the employer sets up an actual account with the bank for each employee who then has access to the account itself whereas with a SVC, the employee is accessing a sub-account under a major account. The employer is responsible for directing funds to the individual account. Third, the employee actually owns the account and is able to build a credit history based on their use of the account which may lead to a greater level of financial independence. Finally, the individual account deposit is FDIC insured up to $100,000.00 and the employee can enjoy the protections issued under Regulation E.
Conclusion: Better participation equals better service at lower cost.
If your organization would like to increase employees' participation in direct deposit, the employees that do not have a bank account have traditionally not been able to participate. The un-banked employees now have an offering that will enable them to leverage the benefits of direct deposit. By providing a payroll card offering, these employees will be able to help your organization increase the percentage of participation in direct deposit. If you wish to encourage your employees (banked and un-banked) to participate in direct deposit, it is a matter of educating them on how to accomplish this and explaining the benefits in a way they can appreciate and understand.
For more information regarding VCG, or our WebPAS and StaffSuite products, visit http://www.vcgsoftware.com or call 800-318-4983.
About VCG, Inc.
Our focus is your success. Since 1976 staffing firms have counted on VCG, Inc. for staffing software solutions that help them improve the productivity and profitability of their operations. Founded by staffing professionals and technologists intimately familiar with the business of staffing, VCG is the staffing industry's largest and most experienced dedicated staffing software development firm. VCG solutions today power hundreds of successful staffing companies and 12,000-plus staffing professionals throughout the U.S., Canada, Europe, Southeast Asia, and Australia. VCG, C-PAS, StaffSuite, TempWare-V, WebPAS, StaffSuite WorldLink, and WebPAS WorldLink are registered trademarks of VCG Inc.
VCG Staffing Software
James V. Sayers is a Business Analyst with VCG Inc, the leading vendor of staffing software solutions. He has been with the firm for five years and has broad experience in staffing business operations.
Article Source: http://EzineArticles.com/?expert=James_Sayers
http://EzineArticles.com/?Payroll-Cards-Improve-Direct-Deposit-Participation&id=35699
By James Sayers
It has been estimated that 50 percent to 60 percent of employees paid in the United States participate in a direct deposit service offered by their employers for payroll funds. This is a growing trend as there are many benefits to employers and employees alike. Direct deposit involves a series of steps that culminates in the employee receiving wages electronically into their bank account, whether they are paid on an hourly basis or salaried.
For the staffing industry in particular, this trend poses a significant potential for savings as the volume of payroll checks for external staff is far greater than that of internal staff. For example, a staffing firm with 20 staff members may employ as many as 500 to 1,000 temporary employees per pay period. The costs associated with paying this many employees is on par with much larger organizations outside the staffing industry who, like you, strive to provide superior service at a minimal cost. By providing direct deposit to your employees, you will experience dramatic savings as well as improve relations with your employees by providing this valuable benefit.
Background on the Market
Over the past eight to ten years, we have all had experiences with either pre-paid telephone cards, gift cards or the omnipresent debit cards. These are all convenient ways to store money that can be utilized either by a specific individual or by the person possessing the card. More recently, the concept of payroll cards has been introduced as an alternative way to provide payroll funds to individuals. These cards are a fairly basic concept that may sound familiar. Load an employee's payroll funds onto a card that can then either be withdrawn from an automated teller machine (ATM) or used to purchase goods and/or services up to the amount associated with the card, just like a debit card. The card, once all funds have been used, can either be re-loaded with funds or discarded. Therefore, instead of an employee receiving a paycheck they receive payroll funds in an account via direct deposit and they are able to retrieve their funds through their payroll card.
The issuance of payroll cards to employees is not completely new. The U.S. government, for example, maintains several contracts among the four branches of the military to provide an efficient, electronic means of distributing funds to service men and women. This is particularly helpful when those employees are overseas or aboard ships where access to banks is limited or non-existent. By providing an electronic means of distributing funds, this eliminates the need for currency, coins, vouchers, money orders, etc.
In addition to the convenience of use, payroll cards offer an added level of security. Typically, the cards use a multilayered integrated chip, which controls access to the funds. The chip is programmed with a user key or personal identification number (PIN). Funds cannot be distributed without the use of the PIN, which only the cardholder knows.
From a much larger perspective, there are about 50 to 60 million people within the U.S. who do not have a traditional bank account. Many of these same individuals do not have credit cards either. We live in a culture that revolves around transactions; transactions that are, by design, quick and convenient. Individuals without a traditional bank account are unable to participate in a large amount of transactions such as general eCommerce, point-of-sale transactions, electronic payment to creditors, etc. Basically, anything where cash is not either accepted or a viable option is simply not available to these individuals. More importantly, individuals who do not possess a bank account are unable to participate in traditional direct deposit offerings.
According to the Federal Reserve Bank of New York, there are approximately 20 million users of these types of cards and that number is expected to increase to more that 49 million by 2008. Obviously, the trend towards a greater level of acceptance is growing. In 2003, these types of cards were used to make $42 billion in transactions. By 2006, more than $72 billion worth of transactions are expected. Experts have indicated that the industry is in the introductory stage of its life cycle, which suggests that there is still substantial growth potential in the near future.
Problems and Solutions
Currently, you may be offering a direct deposit solution for your employees. Direct deposit is a method of payment to your employees which electronically credits their checking or savings account or possibly both. This is a service that you may provide as a benefit to your employees who have been with you for a defined period of time. Even though it may be a benefit to your employees, it also provides a tremendous benefit to your organization. The benefits of such an offering include decreased processing time for payroll, increased security as the funds go directly into an account, reduced fees for stop payment of checks, no lost checks, decreased employee payroll issues, etc. According to the American Payroll Association (APA), these savings equate to approximately $2.00 per contingent employee per pay period.
Many firms have the desire to move towards a greater level of employee participation in direct deposit since the efficiencies are proven and dramatic. The reasons for both employee and employer to find value are obvious. But sometimes just encouraging the idea with your employees is simply not good enough. In many cases, it needs to be a policy of education and commitment to increase participation. However, this is assuming that all of your employees can participate in direct deposit. That may not be the case; take those employees who do not have a checking or savings account, regardless of education or policy, these employees cannot participate.
One new solution for firms desiring to increase employee participation in direct deposit is what is commonly referred to as Payroll cards. A Payroll Card is, in essence, just like direct deposit as funds are electronically deposited into an account that the employee can access. The major differentiator is that payroll cards can accommodate those employees who do not have bank accounts.
Major Benefits of Payroll Cards
For Employees:
Funds are immediately available in account
No approval needed; everyone is qualified
No check cashing fees
No waiting in lines to cash checks
PIN protected; which provides added security
Purchasing power through POS vendors
No lost checks
ATM withdrawal
No need to carry cash on hand
Funds are FDIC insured
Transfer funds
Pay bills online
For Staffing Company Employers:
Decrease cost of distribution of checks
Fills gap in direct deposit participation
Increases efficiency of payroll
Decreases potential check fraud and lost checks
Eliminates stop payment fees for lost or stolen checks
Timely payroll even when employees are away
Provides major benefit at minimal cost
Improves employee loyalty
Challenges for the 'un-banked' provide opportunities for better service
There are not many categories that you can split your employees into easily; however, one thing is true…either your employees have a bank account or they do not. Those employees that have a bank account are commonly referred to as 'banked' and those that do not have a bank account are referred to as 'un-banked' or 'self-banked.' For banked employees, in most cases, their bank will accept direct deposit of funds. It saves their financial institution money just as it saves your organization money.
Un-banked employees face many obstacles in managing their payroll checks. Simply cashing their checks may induce charges such as check cashing fees from the bank issuing the check or check cashing services. Many banks are now charging a $5 per check cashing fee to non-customers in an effort to decrease their operating costs and minimize teller transactions. The other option is to use a check cashing service, which may charge from two percent to seven percent or more. That translates to $5 to $17 a week for a $250 check. Both of these options are drawing significant fees just for the purpose of turning electronic funds into cash.
While for some this may be something worth paying for, it may be a major penalty to others who desire a different way of managing their money other than carrying cash around. On the employer side of the equation, there are significant costs as well. The cost can be associated with several aspects of administrative duties, including processing time of payroll, lost checks and their associated costs, etc. From the perspective of the employer's potential savings, there was a study conducted in 1999 by the National Automated Clearing House Association (NACHA), which indicated that an employer would save an average of $48 per year per employee by eliminating the process of generating paper paychecks.
From another perspective, there are many individuals that may have a bank account but may not have a credit card or, if they do possess a credit card it may be so close to the limit that making a transaction is not possible. Among individuals in the U.S. with credit cards, more than 40 percent are within five percent of their credit limit. That means that the credit provided by the card for a transaction has been basically exhausted. The credit card is then working like a debit card since the user must pay down the limit on the card in order to make a transaction. Making larger purchases requires a good credit score. Simply possessing a bank account does not necessarily improve a credit rating.
The credit-challenged need the opportunity to improve their credit scores. Tom Miezejeski, Vice President of Research for The PELORUS Group has indicated, "due to this situation, a possibility exists for a major shift from credit to debit cards. The potential intensifies when one takes into account the recent settlement by Visa® and MasterCard® with regard to processing debit card transactions, which could encourage retailers to promote debit cards at the expense of credit cards, thereby actually eroding the number of credit cards issued annually."
Understanding Payroll Card Options: SVC's or Bank Cards
In order for employees to participate in our growing, non-cash, transaction-based society and for employers to capitalize on these trends, there needs to be an option that will allow them to leverage the flexibility of electronic fund distribution. Payroll cards address this need head-on for both employees and employers.
There are a couple of offerings from vendors when it comes to payroll cards. The two main offerings can be categorized as either stored value cards (SVCs) or bank cards.
First, let's explore a stored value card. Just as it sounds, it holds a stored value of funds that has been associated with the card. Once loaded, or associated with a pre-determined dollar value, the card can be used to make withdrawals from ATMs. To better understand this option, let's look at the setup. The employer sets up one major account with the bank and each employee has access to what is referred to as a sub-account under that one major account.
With SVCs, the employer directs funds through the major account and each sub-account, and then maintains the balance for each individual employee. The employee does not actually own the sub-account; they only withdraw funds from that account. The employee is not able to participate in point-of-sale or retail transactions as one would with a true debit card or bankcard. Although the major account is FDIC insured, the sub-accounts are not individually insured. For example, the Federal Deposit Insurance Corporation (FDIC) insures deposits up to $100,000.00. That means that if there are 100 sub-accounts for the one major account, each one is only insured for $1,000.00. The employee does not have much protection in the event the issuing or sponsoring bank fails. Also, most SVCs do not provide protections under Regulation E, which provides provisions for fund replacement in the event of lost or stolen cards. VISA branded cards, i.e. bank cards, and offer zero-liability policies.
Bank cards are similar to SVCs in that each is loaded with a pre-determined dollar value and can be used for withdrawals from ATMs. There are, however, dramatic differences between these two types of cards. First, with a bank card the employee is able to participate in any point-of-sale or retail transaction as one would with a true debit card or bank card. Second, the employer sets up an actual account with the bank for each employee who then has access to the account itself whereas with a SVC, the employee is accessing a sub-account under a major account. The employer is responsible for directing funds to the individual account. Third, the employee actually owns the account and is able to build a credit history based on their use of the account which may lead to a greater level of financial independence. Finally, the individual account deposit is FDIC insured up to $100,000.00 and the employee can enjoy the protections issued under Regulation E.
Conclusion: Better participation equals better service at lower cost.
If your organization would like to increase employees' participation in direct deposit, the employees that do not have a bank account have traditionally not been able to participate. The un-banked employees now have an offering that will enable them to leverage the benefits of direct deposit. By providing a payroll card offering, these employees will be able to help your organization increase the percentage of participation in direct deposit. If you wish to encourage your employees (banked and un-banked) to participate in direct deposit, it is a matter of educating them on how to accomplish this and explaining the benefits in a way they can appreciate and understand.
For more information regarding VCG, or our WebPAS and StaffSuite products, visit http://www.vcgsoftware.com or call 800-318-4983.
About VCG, Inc.
Our focus is your success. Since 1976 staffing firms have counted on VCG, Inc. for staffing software solutions that help them improve the productivity and profitability of their operations. Founded by staffing professionals and technologists intimately familiar with the business of staffing, VCG is the staffing industry's largest and most experienced dedicated staffing software development firm. VCG solutions today power hundreds of successful staffing companies and 12,000-plus staffing professionals throughout the U.S., Canada, Europe, Southeast Asia, and Australia. VCG, C-PAS, StaffSuite, TempWare-V, WebPAS, StaffSuite WorldLink, and WebPAS WorldLink are registered trademarks of VCG Inc.
VCG Staffing Software
James V. Sayers is a Business Analyst with VCG Inc, the leading vendor of staffing software solutions. He has been with the firm for five years and has broad experience in staffing business operations.
Article Source: http://EzineArticles.com/?expert=James_Sayers
http://EzineArticles.com/?Payroll-Cards-Improve-Direct-Deposit-Participation&id=35699
Tuesday, April 10, 2007
Merchant Services
The Easy Way to Acquire a Merchant Account for an Adult Business
By Jessica Gables
There are two surefire ways to make money off the Internet. First, find something (product, service, etc) that could arouse the interest of your target audience. If this is a niche product -- something that you and a handful of other adult merchants specialize in -- much better. It would only mean you have less competition and a bigger probability to succeed. As this article deals with something more towards the adult industry, let's take a look at that in particular. Focusing on general adult entertainment can be too broad and tiring to maintain. Try to shift your focus onto more specific fields (ie adult toys, dating service, live webcam feeds, blogs and real life stories and so much more).
Second and more important of the two, get a merchant account service provider that would enable you to accept payments online. Unless you're running an adult entertainment business purely as a hobby, you would want to collect money off your patrons. All your hard work would be a great waste if your website is not equipped as an e-commerce site. Being able to accept major credit cards whether for recurring subscriptions or one-time purchases is the key to running a successful online adult business.
For the first problem, there's an easy solution. After all, you wouldn't be in this business if you didn't already have materials in the first place, right? So you can either ride on your creativity (for blogs, stories and photography), buy available content online (videos and photos), hire talents (live webcam feeds) or have good sourcing (for toys and other adult paraphernalia). That shouldn't be a big problem then.
The second one, as previously mentioned, is more important, and even more difficult to acquire. Any financial institution, whether banks or other alternative channels, will go through its clients with utmost care and consideration. Lending money or processing it for other people is a big responsibility; as such you might have to go through the strictest standards to get a merchant account.
One very important thing you have to understand though, adult businesses are considered high-risk businesses. This means that while merchant account providers might be tough on regular online merchants, expect them to deal with you with an iron fist. This may mean a lot of things, including more paperwork to present, longer approval time, even outright denial. Also part of the problems that adult merchants might encounter would be the higher fees. If you bear all these in mind when looking for an account, you should be able to get through the process much easier.
Now, off to the more important questions. As you go thorough your list of possible merchant account service providers, you should also begin to prepare a second list. This one should detail what each payment processor asks from you. If you find that some of the requirements are common across all payment processing service providers, then by all mean, jot them down. Then, proactively prepare a package with all the things they require. This would lessen your work of compiling each and every document every time you send out an application form. Here are samples of the kind of information that you should anticipate the merchant account provider would ask for:
1.Pertinent details about the company (ie, name of corporation, full address of where you conduct business, contact details of the company representative and much more)
2.Website information (including URL, years online, current traffic, etc.)
3.A general description of the types of products and services sold on your website
4.Information about your existing payment processor (name of the current merchant account provider, how long you were with them, the kind of relationship you had, the service they were able to provide, etc.)
5.Sales volume
6.Average number of sale transactions (per month)
7.Chargeback volume ratio
8.Refund ratio by volume
In terms of paperwork, different merchant account providers require different things. In any case, you should be prepared to provide:
Completed application form (issued by the merchant account provider)
Statements from your current processor (if you have one)
Articles of Incorporation (or Certificate of Incorporation)
Annual / Quarterly financial report from the company's public accountant
Letters of reference (in most cases, from other financial institutions)
Information about the corporation's board of directors
Proper identification for members of the board
PCI (AIS/SDP) compliance certification
To protect its assets, the merchant account provider may also ask you questions about the company's practices. This may include questions about your customer support ability, shipping fees and estimated delivery time, return policy, cancellation policy, existing fraud scrubbing methods and other such matters. Bear with them as they try to assess your business. Keep in mind that not all merchant account service providers cater to the adult business, so they really need to find out about all these. There are some businesses out there that already understand the adult industry. You can also try a number or other service providers out there. Use a reliable search engine to come up with a list. Try keywords like “adult merchant account” or “adult payment processor” to generate a fairly long list.
Knowing all these will not guarantee an approval but the information can prepare you for the challenge of looking for a merchant account for your adult business. Requirements differ between payment processors, but there is one thing they have in common: they want to help you. This may mean knowing everything about you and your adult business and if you can also help them fulfill a long-lasting and mutually beneficial relationship.
Jess Gables is a traveling journalist and author of numerous articles published in travel and hotel service sites, television programs and print materials. She is also a large contributor of articles to various online resource sites, garnering the reputation of being a trusted author on various topics. Gables is a content producer for various resource websites, such as AdultMerchantPay (http://www.adultmerchantpay.com). She has a background in photography, videography, pre and post production and online affiliate marketing.
Article Source: http://EzineArticles.com/?expert=Jessica_Gables
http://EzineArticles.com/?The-Easy-Way-to-Acquire-a-Merchant-Account-for-an-Adult-Business&id=494025
By Jessica Gables
There are two surefire ways to make money off the Internet. First, find something (product, service, etc) that could arouse the interest of your target audience. If this is a niche product -- something that you and a handful of other adult merchants specialize in -- much better. It would only mean you have less competition and a bigger probability to succeed. As this article deals with something more towards the adult industry, let's take a look at that in particular. Focusing on general adult entertainment can be too broad and tiring to maintain. Try to shift your focus onto more specific fields (ie adult toys, dating service, live webcam feeds, blogs and real life stories and so much more).
Second and more important of the two, get a merchant account service provider that would enable you to accept payments online. Unless you're running an adult entertainment business purely as a hobby, you would want to collect money off your patrons. All your hard work would be a great waste if your website is not equipped as an e-commerce site. Being able to accept major credit cards whether for recurring subscriptions or one-time purchases is the key to running a successful online adult business.
For the first problem, there's an easy solution. After all, you wouldn't be in this business if you didn't already have materials in the first place, right? So you can either ride on your creativity (for blogs, stories and photography), buy available content online (videos and photos), hire talents (live webcam feeds) or have good sourcing (for toys and other adult paraphernalia). That shouldn't be a big problem then.
The second one, as previously mentioned, is more important, and even more difficult to acquire. Any financial institution, whether banks or other alternative channels, will go through its clients with utmost care and consideration. Lending money or processing it for other people is a big responsibility; as such you might have to go through the strictest standards to get a merchant account.
One very important thing you have to understand though, adult businesses are considered high-risk businesses. This means that while merchant account providers might be tough on regular online merchants, expect them to deal with you with an iron fist. This may mean a lot of things, including more paperwork to present, longer approval time, even outright denial. Also part of the problems that adult merchants might encounter would be the higher fees. If you bear all these in mind when looking for an account, you should be able to get through the process much easier.
Now, off to the more important questions. As you go thorough your list of possible merchant account service providers, you should also begin to prepare a second list. This one should detail what each payment processor asks from you. If you find that some of the requirements are common across all payment processing service providers, then by all mean, jot them down. Then, proactively prepare a package with all the things they require. This would lessen your work of compiling each and every document every time you send out an application form. Here are samples of the kind of information that you should anticipate the merchant account provider would ask for:
1.Pertinent details about the company (ie, name of corporation, full address of where you conduct business, contact details of the company representative and much more)
2.Website information (including URL, years online, current traffic, etc.)
3.A general description of the types of products and services sold on your website
4.Information about your existing payment processor (name of the current merchant account provider, how long you were with them, the kind of relationship you had, the service they were able to provide, etc.)
5.Sales volume
6.Average number of sale transactions (per month)
7.Chargeback volume ratio
8.Refund ratio by volume
In terms of paperwork, different merchant account providers require different things. In any case, you should be prepared to provide:
Completed application form (issued by the merchant account provider)
Statements from your current processor (if you have one)
Articles of Incorporation (or Certificate of Incorporation)
Annual / Quarterly financial report from the company's public accountant
Letters of reference (in most cases, from other financial institutions)
Information about the corporation's board of directors
Proper identification for members of the board
PCI (AIS/SDP) compliance certification
To protect its assets, the merchant account provider may also ask you questions about the company's practices. This may include questions about your customer support ability, shipping fees and estimated delivery time, return policy, cancellation policy, existing fraud scrubbing methods and other such matters. Bear with them as they try to assess your business. Keep in mind that not all merchant account service providers cater to the adult business, so they really need to find out about all these. There are some businesses out there that already understand the adult industry. You can also try a number or other service providers out there. Use a reliable search engine to come up with a list. Try keywords like “adult merchant account” or “adult payment processor” to generate a fairly long list.
Knowing all these will not guarantee an approval but the information can prepare you for the challenge of looking for a merchant account for your adult business. Requirements differ between payment processors, but there is one thing they have in common: they want to help you. This may mean knowing everything about you and your adult business and if you can also help them fulfill a long-lasting and mutually beneficial relationship.
Jess Gables is a traveling journalist and author of numerous articles published in travel and hotel service sites, television programs and print materials. She is also a large contributor of articles to various online resource sites, garnering the reputation of being a trusted author on various topics. Gables is a content producer for various resource websites, such as AdultMerchantPay (http://www.adultmerchantpay.com). She has a background in photography, videography, pre and post production and online affiliate marketing.
Article Source: http://EzineArticles.com/?expert=Jessica_Gables
http://EzineArticles.com/?The-Easy-Way-to-Acquire-a-Merchant-Account-for-an-Adult-Business&id=494025
Monday, April 9, 2007
Merchant Services
Is An E-Commerce Merchant Service Required To Begin Payment Processing Online?
By Jim Saka
All over the internet you will hear that it is essential to get an e-commerce merchant service if you want to accept credit cards, debit cards and e-checks online for your business. To many people's surprise, there are alternative methods to receiving payment processing online. The reason e-commerce merchant service's get boasted up so highly is because of their convenience and high success rate.
Before we talk about alternatives to an e-commerce merchant service, let's talk about what you need to begin payment processing online. The first thing you need is a secure server with certification. This will allow your server to prevent data interception and ensure you that no unauthorized decoding occurs. The next two aspects are obvious in that you need an order form and a gateway to allow for authorization and processing.
The next thing you need is some form of shopping cart software. This will make life a lot less stressful during the payment processing online because it will automatically calculate purchases, taxes, and shipping and much more for you. Finally, you need an e-commerce merchant service, so let's take a look at some options now.
If you are looking for alternatives to begin payment processing online, one option is to contract with companies providing the processing on your behalf. The downside to this option is that it is more expensive than using a merchant account. The reason the prices will be higher is because the company will take a larger percentage of the ticket price off of each credit card payment you receive.
Another problem with using third parties is that you won't be able to collect your funds near as often as going through your own e-commerce merchant service. By using a third party you have to put your order form on the payment processing site, where you will probably only receive your funds two or three times a month. By using your own merchant service, you can expect to see the funds in two or three days.
If you try out third parties and just aren't satisfied, another option to begin payment processing online aside from merchant services is deferred processing. Deferred processing is when the customer inputs all data and you receive the data manually.
The advantage to using this is that you have the ability to manually look over every order form put in and correct any errors to ensure that your customer gets the right product and you truly get the payment. The downside is that it is extremely time consuming to look over every order that comes in.
As you can see, there are alternatives to using an e-commerce merchant service, but it comes with disadvantages and risks. This is not to say that you 100% positively will have failure with a different option, but the safe bet is to pay for a merchant service and begin your payment processing online on the right foot.
Copyright (c) 2007 Jim Saka
For more information about Jim Saka or to find out how your business can can benefit from accepting credit cards online or at a place of business visit United Bank Card's e-commerce merchant services websites.
Article Source: http://EzineArticles.com/?expert=Jim_Saka
http://EzineArticles.com/?Is-An-E-Commerce-Merchant-Service-Required-To-Begin-Payment-Processing-Online?&id=495246
By Jim Saka
All over the internet you will hear that it is essential to get an e-commerce merchant service if you want to accept credit cards, debit cards and e-checks online for your business. To many people's surprise, there are alternative methods to receiving payment processing online. The reason e-commerce merchant service's get boasted up so highly is because of their convenience and high success rate.
Before we talk about alternatives to an e-commerce merchant service, let's talk about what you need to begin payment processing online. The first thing you need is a secure server with certification. This will allow your server to prevent data interception and ensure you that no unauthorized decoding occurs. The next two aspects are obvious in that you need an order form and a gateway to allow for authorization and processing.
The next thing you need is some form of shopping cart software. This will make life a lot less stressful during the payment processing online because it will automatically calculate purchases, taxes, and shipping and much more for you. Finally, you need an e-commerce merchant service, so let's take a look at some options now.
If you are looking for alternatives to begin payment processing online, one option is to contract with companies providing the processing on your behalf. The downside to this option is that it is more expensive than using a merchant account. The reason the prices will be higher is because the company will take a larger percentage of the ticket price off of each credit card payment you receive.
Another problem with using third parties is that you won't be able to collect your funds near as often as going through your own e-commerce merchant service. By using a third party you have to put your order form on the payment processing site, where you will probably only receive your funds two or three times a month. By using your own merchant service, you can expect to see the funds in two or three days.
If you try out third parties and just aren't satisfied, another option to begin payment processing online aside from merchant services is deferred processing. Deferred processing is when the customer inputs all data and you receive the data manually.
The advantage to using this is that you have the ability to manually look over every order form put in and correct any errors to ensure that your customer gets the right product and you truly get the payment. The downside is that it is extremely time consuming to look over every order that comes in.
As you can see, there are alternatives to using an e-commerce merchant service, but it comes with disadvantages and risks. This is not to say that you 100% positively will have failure with a different option, but the safe bet is to pay for a merchant service and begin your payment processing online on the right foot.
Copyright (c) 2007 Jim Saka
For more information about Jim Saka or to find out how your business can can benefit from accepting credit cards online or at a place of business visit United Bank Card's e-commerce merchant services websites.
Article Source: http://EzineArticles.com/?expert=Jim_Saka
http://EzineArticles.com/?Is-An-E-Commerce-Merchant-Service-Required-To-Begin-Payment-Processing-Online?&id=495246
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