A merchant account is a special kind of bank account for businesses that allows your company to accept credit card payments. This is useful if you want to give your customers another way to pay for their purchase, or you run an online store where accepting credit cards is practically a requirement. Having a merchant account can also be helpful if you need a loan in the future.
Why Accept Credit Cards?
An increasing number of people are using credit cards to make almost all of their purchases. This is due in part to credit cards offering a number of protections that other forms of payment do not. For example, booking a car with a credit card could provide you with rental insurance without having to get it from the rental car company. Often times, customers are not liable to pay for any fraudulent purchases made with a credit card.
Are Merchant Accounts Hard to Get?
Merchant accounts are easier to get for companies that have a track record of consistent sales. However, it may be difficult to acquire such an account if you have a criminal record or a poor credit score. When you apply for the account, the account provider will look at your record to determine if you and your company are worth taking a risk on.
What Is a Merchant Account Loan?
A merchant account loan allows your company to get an advance on its credit card receipts. As long as your company makes a certain amount in credit card receipts per month, the loan will be granted at a low interest rate. Flexible payment options and plans make it easier to pay back a merchant account advance as opposed to repaying a personal line of credit or a personal loan from a bank.
Obtaining a merchant account can be a great way to attract new customers or help your online business grow. Those who want a merchant account should contact a merchant account provider immediately to attempt to get an account for your own company.
About the Author:
This post was written by Charge.com Payment Solutions, Inc., a trusted provider of credit card processing solutions for businesses. To set up internet merchant accounts for your business visit the company website.