Best credit card merchant account
The merchant account is a bank account intended for the business entrepreneurs. The merchant account is designed to accept the payments either through credit or debit cards. The credit & debit cards are provided either by the merchant account providers or other financial institutions. The credit card merchant account is that category of merchant account which accepts payments through credit cards. The financial institutions generally charges merchant fees from the business entrepreneurs who uses the merchant accounts. The merchant fees are of three types i.e., discounted merchant fees, merchant account transaction fees and monthly merchant account fees. The best credit card merchant account is the merchant account which is cost & time efficient i.e., the merchant account provider which accepts payments through credit cards in less time and deducts low transaction fees.
Types:
The credit card merchant accounts can be classified into two types:
a) Traditional credit card merchant account:
The traditional credit card merchant account is like any bank account (Savings or current) which accepts payments from the clients of the particular account holder. The merchant account provider accepts payments through credit cards of the clients of the business entrepreneur and deposit the amount after deducting transaction fee into the account of the business entrepreneur.
b) Internet credit card merchant account:
The internet credit card merchant accounts is suitable for the business entrepreneurs who Runs their businesses either online or by phone. The internet merchant account enables the business entrepreneurs to accept online payments through credit cards of the customers. However, for processing each type of credit card, the business entrepreneurs
Needs to purchase separate credit card merchant account of the merchant account provider. Therefore, it is not suitable for the online business entrepreneur whose clients uses different types of credit cards for payments. Also the transaction fee of the internet merchant account is comparatively higher than that of the traditional merchant account.
We can categorize the merchant accounts transaction into four categories:
1. Retail transaction:
The retail merchant account transaction is transaction of credit card amounts by the
Swiped machine at the retail outlets or shops. Many shop owners and establishments
Installs credit card machines or swiped machine in their shops or establishments. The customers who purchases goods or services from that shops can make payments through Credit card by physically swiping the credit cards into the credit card machines. However, customer signatures are taken for future reference.
2. Cordless transaction:
This transaction is also a type of retail transaction. The wireless transaction is frequently made in big showrooms, hotels and restaurants. The credit card is swiped into the cordless-point-of sales machines which sends and receives data through cordless signals.
3. E-commerce transation:
This is also called online transaction. Customers can make online purchases by visiting the websites of the online stores or shops. There is payment page on the website of each online store. Customers after adding the purchased items into the carts enter the details such as name, address, zip code, credit card details and expiry date and click it. After some seconds, a message appears that your payment has been accepted or denied.
4. Keyed transaction:
The keyed transaction is manually entering the credit card information of the customers into the online credit card terminals or softwares for accepting the payments. In keyed transaction, customers' presence at the shops or establishments is not mandatory. Customers can make online purchases of the goods or services from the store or send their family members or others for purchases. The sales representative of the shops or establishments collects the credit cards of the persons, deducts the amount of purchase and after that returns the credit cards to the respective card holders. The keyed transaction is not 100% safe and secure and merchant account provider usually deducts higher transaction fees from the amount of the merchant account holder.
Merchant account companies:
Rchant account compaines:
A. Ecommerce exchange:
Ecommerce Exchange is 100% subsidiary company of the iPayment Inc., USA. The Ecommerce Exchange operates in all the 50 provinces of USA and is a leading merchant account provider in USA. The company accepts payments through all types of Credit/debit cards like Visa, Master Card, Eurocard, American Express, discover etc.
The contact information of the company is:
Email: service@ecenow.com
Phone: 1-800-477-5763
a) E-commerce merchant account:
The company offers internet merchant accounts to the Small and medium business entrepreneurs.
The main features of the online or ecommerce credit card merchant account of the company are:
1. High approval rate of the account applications which is approximately 95%,
2. Fast opening of new merchant account (1-3 days),
3. Keyed merchant transaction,
4. 24/7 hours customer service,
5. Daily or monthly merchant account statements &
6. Online access of the merchant account for viewing the transactions in the account.
b) Us merchant account
The main features of the US merchant account are:
1. High approval rate i.e., 95% of the new account applications,
2. Applicant must have a valid US business address,
3. Applicant also should have a US checking account, US social security number or
Canadian social security number &
4. All transactions through credit cards into this account is done in dollars.
c) International merchant account:
The main features of the international merchant account of the company are:
1. Account can be opened by any business entrepreneur located anywhere in the world,
2. Fast opening of the account i.e., in 2-3 days,
3. Merchant transactions in almost all leading currencies like dollars, pounds,
4. Indian rupees, Euros, Canadian dollars, Yen etc.,
5. No fee for currency conversion,
6. All types of merchants transactions i.e., keyed, wireless, retail & e-commerce are applicable &
7. Online access of the merchant account for payment details.
B.Advanced merchant services:
This is also a merchant account provider of USA. The contact address of the company is:
Advanced merchant services
60 Avon Meadow Lane-Avon, CT 06001
Phone: 800-613-1413(Toll Free),
Fax: 860-673-8338
a) Ams merchant account:
The main features of the AMS merchant account are:
1. Fast approval of the applications i.e., within 24 hours,
2. Low transaction fees and no fee for cancellation of the merchant account,
3.24/7 hours customer support,
4. All kinds of merchant transaction i.e., keyed, e-commerce, wireless and retail,
5. Monthly account statements,
6. Low processing fees i.e., $25 per month,
7. Accepts payments from all types of credit cards i.e., Master Card, Euro Card, Visa, Discover etc.,
8.Option of closing the merchant account within 90 days with no fines &
9.Online access of the merchant account.
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