Anyone??
2007-03-09 10:17:52 · 4 answers · asked by romajoygift 1 in Business & Finance ➔ Small Business
You can accept credit card payments only if you have what is called a MERCHANT ACCOUNT. Business bank account is different from a merchant account
Banks typically offer the best rates (but not all the time - Bank of America for example has steep rates), however they are also tougher to get. Some banks will even require you to submit a business plan before they approve your merchant account application. They are also very strict with the number of chargebacks that you are allowed in a month, and can terminate your account easily.
Places like Costco offer good merchant account rates - their current rate is 1.64% plus 20¢ for Retail Classified Transactions (it will be higher for card not present transactions such as online selling or catalog selling where the credit card is presented to you when the item was purchased) http://www.costco.com/Browse/Productgroup.aspx?Prodid=11105019&Ne=4000000&N=4018296&Mo=0&cm_re=1-_-Top_Right_Nav2-_-Top_services&No=0&Nr=P_CatalogName:BC&cat=55487&Ns=P_Price|1||P_SignDesc1&Sp=C
When choosing for your merchant account vendor, ask them the following questions:
How much does the transaction cost - merchant account transaction costs, and the discount rate?
Any exclusivity clause?
Contractual period?
Statement Fees?
Monthly Fees?
Yearly Fees?
2007-03-09 10:21:42 · answer #1 · answered by imisidro 7 · 1⤊ 0⤋
You will need what the banks call a merchant account. You will only get one if they are happy that you are not going to run up large chargebacks. And if you want to accept card payments over the internet, you will need an IMA (internet merchant account). Again they will be very careful since you will not know the person who is buying from you ('person not present transactions'). Good luck!
2007-03-09 10:27:00 · answer #2 · answered by Me 2 · 0⤊ 0⤋
No. For this you will need to apply to your banks business section for a PDQ machine. This will allow you to process credit / debit cards yourself.
There are charges attached to this so be careful. Possible look at accepting cards via Paypal?
2007-03-09 10:21:33 · answer #3 · answered by The Wandering Blade 4 · 1⤊ 0⤋
you need to become a merchant for credit card payments. your bank will help.
2007-03-10 03:12:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋