What To Think About Before You Get A Merchant Account

If you are in business chances are you are considering accepting credit cards.  Even if you are an established business, there are certain things you need to keep in mind when deciding to remain with your current provider, or choosing a new one.

The most important thing for you to know is your business.  That's right, but most business owners start out knowing very little about how sales work in their niche.  If you don't know how your industry  works, or how your customers behave, you will not now how to service them with regard to payment.

Not every industry works the same.  For example, accepting credit cards in a restaurant is a lot different than accepting credit cards at the cable company.  Restaurants don't need recurring billing options, so why pay for it in your plan.

There are literally hundreds of scenarios to consider before getting involved in any type of merchant services agreement so working with a competent provider with knowledgable staff is important.

To read more about the process visit: http://www.merchantexpress.com/blog/merchant-accounts-and-you-consider-this

Accept Credit Cards with a Virtual Merchant Account

Small business owners can take their business to the next level with credit card processing services.  Businesses that accept credit cards tend to increase their sales and profits. It not only helps the merchant, but the buyer as well.

Most people are online these days. A website to showcase your products or services is a great start for ant small business. You can promote and build your brand 24 hours a day. But, you can still run a successful business, and accept credit card payments online— with or without a website.

If you run a cash only business, the following steps can help you on your way to accepting credit cards.

First, find a merchant account provider that will create a payment processing solution to fit your business’ needs. A virtual merchant account for online credit card processing can expand your business and ease the process.

Below are ways to accept credit card payments without adding a credit card machine.

• Virtual Terminal – Authorize, capture and settle orders with your personal computer, Internet connection and USB card reader. No need to purchase special credit card machines or processing software. 
• Payment Gateway – Merchant uses an Internet connection to log in to a secure remotely-hosted (browser based) website app and process transactions 24/7 in real time.  
• E-commerce Shopping Cart – An integrated payment gateway to process the transaction. The shopping cart on your website allows your visitors to browse your inventory, select items and then connect to the payment gateway to complete the transaction at check out time. This is where billing and shipping information is entered along with credit card information to complete the transaction.

Risks of credit card fraud and identity theft is an ongoing concern. All merchants who handle credit card data must maintain a secure transaction environment. PCI compliance is cost effective, and although it may seem daunting , it does not require much effort at all. Your merchant services provider can answer all of your questions about secure processing.

Compliance is the first line of defense when it comes to secure processing and its value is worth the small price.

PCI compliance helps protect your business and your cardholding customers from security breaches. A merchant account provider that offers a Data Breach Security Program can help to protect your business from losses associated with a suspected or actual breach.

If you want an e-commerce merchant account or virtual merchant account so you can start accepting credit cards, look for a Better Business Bureau Accredited merchant account provider. Always associate your business with merchant services you can trust.

Doctors Need Merchant Accounts Too

Guess what Doc? Your patients want you to accept credit cards, but do you have the right type of merchant account?

A good merchant account provider knows that your practice is unique.  Merchantaccount.com, powered by Transfirst, is endorsed by national, state and regional healthcare associations to work all types of healthcare specialists.

Merchant Account supports health care by providing specialized payment options and technical support.

Their experience in the industry helps practitioners understand all of their potential needs. 

The provide custom online and point-of-sale payment solutions to serve you better. In turn,  Merchant Account allows you  to accept credit cards from patients and serve them better too.

Here is what you get for your healthcare practice from MerchantAccount.com

• IP-based and dial-up solutions
• Web services API for simple integration to existing systems ( including access to automatic and manual recurring billing features)
• Ability to accept all types of major payment cards ( including HSA/FSA and private label)
• ACH and check processing
• 24/7 U.S.-based healthcare-trained customer support
• Streamlined application, underwriting and risk assessment process
• Proprietary and third-party payment gateway support

Why is a Merchant Account so important?

Because Doctors have a notoriously hard time getting patients to pay on time.  Offering many different payment options will get you paid faster.  You will be perceived as having a higher level of customer service because you are providing several options that may work best for individual patients.

There is no extra work for your office because each feature is part of the software.  No additional equipment is needed and your office's particulars are integrated into your set up.

MerchantAccount.com has a dedicated sales staff, support and online reporting available 24/7.  

Call 877.305.4943 to speak to a Merchant Account representative today. 

Merchant Account, by Transfirst

Merchant Account,by Transfirst is full service merchant services provider. Get a customized merchant account to accept credit cards today.

Are Fees Killing Your Business?

Please Pay Cash At The Pump

Are merchant account fees actually killing your business?  You may not be the only one and the problem is more common than you think.

The credit crunch of 2008 unfortunately has made the problem much more easy to define because consumers use less cash in several niche industries.  Let's take a closer look at Gas stations for our example.

Most of the profit for gas stations and convenient stores is made away from the pump.  Margins on fuel are very slim so business owners rely on convenience items, sundries and impulse buys for their livelihood.

The U.S Energy Information Administration release statistics every year.  The 2011 report shows that there was a 2% decline in fuel sales from 2010.  This amounted to a nearly 5% drop in foot traffic inside the stores themselves.


The decline is being blamed on higher gas prices which force consumers to cut back on usage but more importantly for our example, cuts the amount of their discretionary income.  The impulse buy suffers because the "impulse" is now governed by thought.

This issue also clearly exposes another problem that business owners tend to overlook in more robust times.  That is that when facing hardships of any kind, consumers spend less cash and resort to credit cards. While any type of spending is good for a merchant, accepting credit cards cuts into profits because of the merchant account fees charged by the merchant services provider.

So know we can see the double impact on business.  People are spending less on convenience items and buying fuel on credit while the merchant account fees are wiping out the slim margins on gas.

Let's look a little deeper so we can understand why this entire niche is being killed by fees.

A gas station on average earns only $.12 a gallon on gas.  Please understand that when fuel prices rise, their profit never does.  Most people believe that gas stations make money when the price goes up when in fact they lose it.

Here's How Merchant Account Fees Can Wipe Out A Business

Merchant Account Providers average about 3% in fees on a credit card transactions.  If you factor in the average of 12cents a gallon a gas, that would be a fee of 9cents a gallon when the price is $3.00 a gallon.  This leaves only 3cents a gallon profit for the gas station.

Now what about at $4 a gallon?  At $4 a gallon the gas station in our example pays 12cents a gallon and makes nothing.  Anything over $4 a gallon actually costs the Merchant money if the the consumer uses a credit card.  When people are buying other items inside the store, the gas simply serves as a loss leader.  When they are not buying the gas serves as the lifeblood of the business.  When your products cost you money to sell, then you go out of business.

The margins on gas are so small that over the last few years we have seen big fuel companies sell off their retail outlets and focus on the wholesale market. Exxon has dumped most of their corporate owned stores and Chevron has dumped more than 1100 stores in their inventory.  The companies that can afford the losses are getting out of the game by choice while the franchise owners may be getting forced out.

The answer for many merchants is to offer cash discounts as in the old days but competition for fuel sales is fierce among retailers so even this squeezes their margins.  As long as consumers are spending less inside the stores, the business owners are in trouble.

These cycles are a part of doing business and the outlook is a bit brighter this week as fuel prices dropped to a national average on $3.90 but there is no guarantee that consumers will regain any or all of their discretionary income.

My advice for gas station owners feeling squeezed by their merchant account fees is to contact their merchant services provider and negotiate a better rate.  There are some great merchant account offerings because this industry is also highly competitive.