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Merchant
Accounts
©2006 by Linda Caroll
You hear it all the time. You need to take credit cards.
Whether or not that's true depends on what you sell and the
risk factor in accepting payment by credit card. If you sell
a book or download for less than $20, you absolutely do need
to accept credit cards. If you sell $5,000 custom built
cabinets, you may not want to, especially if your merchant
account provider requires you to confirm shipment before the
customer's card is billed.
If you do a search on Google for "internet merchant
account,"you'll find that there are about 197,000 sites
listed. Those include many, many companies offering Internet
merchant accounts, as well as many resellers of those
services.
There are Two Types of Merchant Accounts;
Merchant Billing Accounts: When you obtain merchant billing
ability, the company assisting you in the setup will acquire
merchant status for you. Billing will be done in your name,
directly with the issuing bank or credit organization.
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Richard's General Info |
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Richard
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Third Party Billing Accounts: With a third party billing
account, a third party is doing the billing, generally
for a fee. These types of accounts are often used by
small businesses, businesses in which the owner does not
have sufficient credit or otherwise does not meet the
requirements for merchant status, or for Internet
merchants whose business does not have an offline
presence.
Many local banks do not provide internet merchant
account capability, which is why many, many website
owners opt for third party billing accounts. The main
reason why many banks do not provide online merchant
accounts is because transactions over the Internet do
not allow the card to be swiped, or the bill to be
signed with the card holder's signature. They feel that
this increases the risk of credit card fraud.
The Cost of A Merchant Account;
There are different fees that a merchant account
provider can and may charge you. Be sure you ask about
all the potential charges so you don't end up paying
more than you bargained for.
Merchant Account Application Fees; Some internet
merchant accounts include an up front application fee.
This fee is to cover their costs for filing your
application, doing any credit check, etc. Be sure to ask
if your application fee is refundable if you are denied
a merchant account. Better yet, look for a merchant
account provider with no application fee.
Merchant Account Monthly Fee; Most all internet merchant
providers charge a monthly fee or statement fee. Be sure
you know how much this fee is. Also, be sure you know if
there is a minimum time contract; ie; that you commit to
paying that fee for 12, 15, 36 months, etc. Look for a
merchant provider whose package you can cancel anytime
if you need to.
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Merchant Account Monthly Minimum; Do ask if they have a
monthly minimum. That means if you fail to sell over a
certain dollar value, you have to pay a penalty fee. Often
times, merchant account providers will offer a low monthly
fee (ie; $10) and then whack you with another $15 - $25 if
you fail to meet a sales objective.
Merchant Discount Rate; The discount rate is the percentage
the provider charges on each sale. For example, if the
discount rate offered is 5%, and you receive a sale over
your web site for $100, you will owe $5 to your merchant
account provider.
Transaction Fee; Some merchant account providers add a fixed
fee for each transaction. This fee does not change according
to the price of your product. For example, if you have a
fixed transaction fee of 50 cents, it does not matter if
your product is $10 or $100 -- the fixed amount remains the
same.
Refund Fee; Some merchant account providers charge a fee if
a customer asks for a refund. This is because they have to
do "the paperwork" on the transaction again to reverse it.
Chargeback Penalty: Most merchant account providers charge a
heavy penalty if a customer files a chargeback request
against your account. Chargeback fees are something you want
to avoid, so do attend to all refund requests in a timely
fashion to prevent a customer from going to their bank to
process a chargeback.
Merchant Account Termination Fee; Some merchant account
providers include a snippet in the small print stating that
a termination fee can apply if you cancel your merchant
account in less than a predetermined period of time. With
some merchant account providers, that time period can be up
to 3 years.
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Other fees; Be sure to ask about each of the above listed
fees. Also ask if there are any other fees or hidden fees
that are not in the list of fees you asked about. That way,
you cannot find any surprises later because you have
specifically asked about "any other" fees.
When to head for the hills;
If a merchant account provider tells you that you have to
use "their" proprietary shopping cart, and that the cart
costs "x" dollars per month, I suggest that you hold on to
your credit card and run the other way as quickly as
possible.
There are many merchant account providers that are able to
connect with a wide variety of shopping carts and ecommerce
systems so that you can choose one within your budget. There
are many, many, that work with free shopping carts or simple
html forms. There are merchant account providers that
provide you with a shopping cart and/or forms for processing
your orders at no charge.
There are third party merchant providers that provide you
with a complimentary shopping cart.
Any merchant account provider that charges you monthly fees,
transaction fees, discount rate, and all the other
associated charges -- and wants to charge you for a cart,
too, is only going to nickel and dime your website to death.
That's my opinion, but I base it on what I have seen in the
years from 1995 to now.
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