| Simply explained, a merchant account is the way | | | | or savings account, usually by days end. Fees do |
| to accept credit cards as a form of payment for | | | | apply to all services including a low percentage |
| products and/or services on your website, online | | | | rate and nominal fee per credit card accepted by |
| store (like Ebay), or brick and mortar retail | | | | your business. Discover and American Express |
| establishment. That's it; so any stressing over the | | | | fees are higher than Visa and MasterCard. |
| need for credit card services for your | | | | If you're an online retailer as well as a brick and |
| ecommerce or other business has just come to a | | | | mortar one, you'll need a different type of |
| screeching halt. Long gone are the days of major | | | | account for each. Ecommerce accounts are used |
| corporations and retailers being the only ones who | | | | for Internet website processing and Card Swipe |
| could set up such accounts, so there are no | | | | for the physical store. The primary difference lies |
| excuses. All you and your business require now is | | | | in the 3 or 4 digit code on the card that is needed |
| a gateway to get you set up with the right type | | | | when the physical card isn't present to check the |
| of service for your needs. | | | | signature. This security feature is for the benefit |
| If you're setting up a website that will benefit | | | | of your customers as well as the protection of |
| from credit card processing, you might need a | | | | you and your business. |
| shopping cart if your website offers such | | | | After choosing the right service for you and your |
| products and services. Most companies who offer | | | | business, you'll need to submit an online application. |
| merchant accounts don't have the necessary | | | | When received, your service will send you a |
| software to place a shopping cart on your site, | | | | Cardholder Electronic Data Storage compliance |
| but the better services will set you in the right | | | | form that you will need to initial/sign before faxing |
| direction by having links to websites with such the | | | | or sending in and a page with your schedule of |
| necessary products to get you up and running. | | | | fees, Merchant ID Number and the directions for |
| Other than that, you'll just need to know a few | | | | proceeding. You will also need to send in a voided |
| things about a merchant account. | | | | check or deposit slip to the account you wish to |
| First, just about every merchant account service | | | | have your funds deposited into. If you process |
| grants you the ability to accept both Visa and | | | | transactions before your service receives your |
| MasterCard, with the option to take Discover and | | | | voided check/deposit slip, any accumulated funds |
| or American Express. All monies accepted will be | | | | will be held until the necessary paperwork has |
| deposited into your personal or business checking | | | | been received. |