Merchant Account Requirements

Agreed that an online business is the “in thing” now, but the effort required to set up a successful business enterprise is certainly not a matter of joke. A lot of time and effort goes into setting up an online business enterprise. Research, time and money all are integral part of setting up the business and making it a success story. There are various parameters involved in an E business, one such important criteria is selecting a reliable and efficient Merchant Account provider. It might sound simple but this is indeed the most difficult step of setting up your venture. Agreed that there are many aspects of a business venture that need your attention, but a seamless financial gateway has the ability to make or break your venture. Hence, the same needs to be chosen with utmost care and precision. Statistics point out, that as many as 85% of your online consumers purchase services or goods using their credit card. The rise in the use of these credit cards gives birth to the importance of merchant account providers. After all, 85% of your deals and consumer base are depended on them. It would be fair to say that without a seamless and fast merchant account your venture will not succeed. Now, the trick is to find a provider that not only matches your requirements but also your consumers’ satisfaction and requirements.

Here are the important things that one should look for in a merchant services provider:

Merchant Account Set Up:

The importance of a merchant account for an online venture has already been established by us. The first thing to see is how simple and time consuming is the whole process of account set up. Now, every bank has a different requirement in terms of eligibility criteria, form fill up, confirmation details and supporting documents. Some may take only a few weeks to get the set up running, while others may need months to do the same. As the owner of a business venture, try and find out a bank that actually requires the least documentation and works on the set up at a speedy pace. Please keep this in mind, that most of the banks are known to extend this facility to only those who have a good credit score and history.

Look for one who offers a Shopping Cart:

Remember, that your website interface needs to be interesting, easy to navigate and user friendly. While designing this keep the customers interest and criteria in mind. Similarly, there are many merchant account providers that are known to offer Shopping Carts as an additional feature. In case, if you are into selling goods online this might actually prove to be the most useful feature. It is like an online shopping bag that allows the customers to browse through your products and choose the one’s that they like at their own pace. They need not pay for each one individually, rather wait till their shopping is done and then pay for all the goods chosen by them together and at the end of their shopping experience. Most customers find this convenient as they do not have to bill each item individually. This feature allows them to select, review and make one bill at the end. The idea is to look for a merchant account provider who provides this extra feature.

Look for one with Maximum payment Options:

The idea is to look for the most competitive merchant account provider who ensures that the payment options offered by them are vast and varied. Like a merchant account provider might accept credit card payments, but you need to look for one that accepts all kinds of credit cards like Visa, Master card and so on. Remember, your consumers may own any one of these cards and it is essential that your payment gateway accepts all these varied credit cards. Also, you need to ensure that the checkout counters are swift and fast. Consumers do not like to wait for long time n an online queue. After all, to evade long waiting time, they are opting for online shopping.

Secured mode:

This is extremely crucial, your consumers will only buy your goods and services if the payment mode offered by you is reputed and secured. Look for banks where the chances of online fraud are comparatively less.

The above points are extremely critical for the growth of your business and making it a success. Suggest you keep all the above points in mind while choosing the merchant account provider.

[box_light]Mark Sands is an avid blogger. He also owns several online business units that use Merchant accounts services extensively. This gives him enough experience to guide new players. He is of the belief that only those who have the desired knowledge about the industry and other aspects of business can succeed in the industry.[/box_light]