Category Archives:Merchant Account
High Risk & Low Risk Merchat Services

Residents targeted by credit card scammers

Residents targeted by credit card scammers
When the wife contacted Ipayment to inquire about the account, she was told that a business account was opened under Timberwood Construction in September. The woman told the deputy that although the account was opened using the correct address, …
Read more on Coeur d’Alene Press

KKR third-quarter earnings beat expectations amid surge in cash
Its economic net income (ENI), a metric of profitability that takes into account the mark-to-market valuation of the portfolio, was $ 419 million on a post-tax basis, down from $ 571 million a year ago. This translated into … KKR's divestments in the …
Read more on Reuters

Lans Holdings Update

Lans Holdings Update
2. by striving to become well known in the card processing space to merchant account providers, which will be receptive to alliances and partnerships in the future; and. 3. by attracting talent that has deep roots in the payment processing space. In …
Read more on Baystreet.ca

Sensex rallies over 400 points; Nifty hits 8850 as ECB unveils QE
NEW DELHI: The S&P BSE Sensex rallied as much as 402 points in trade on Friday to hit its fresh lifetime high of 29408.73, as sentiment in global markets turned bullish after the European Central Bank announced it will buy bonds worth 60 billion euros …
Read more on Economic Times

Merchants' Choice Payment Solutions Partners With CardFlight for Customized

Merchants' Choice Payment Solutions Partners With CardFlight for Customized
CardFlight is a leading provider of mobile POS technology and tools that makes it easy for anyone to accept swiped card-present payments in any mobile app with virtually any merchant account. They offer both turnkey mobile applications and robust …
Read more on PR Newswire (press release)

Coin, Wocket, Plastc: The all-in-one cards trying to sprint ahead of Apple Pay
In most cases, credit card information is just being transferred to the merchant's terminal like it would be through a traditional magnetic stripe card. The difference is that Coin, Wocket, and Plastc have all integrated security features that are …
Read more on Ars Technica

MiFID II, MiFIR, Block Trade Washes, AlphaMetrix, Charges for Cash, Bitcoin
No intermediated clearing through a futures commission merchant will be permitted. Before any order of a participant is effectuated, the participant must have all necessary funds in an approved depository account or collateral in the form of the …
Read more on The National Law Review

Best Credit Card Offers for Retirees: Which Should You Choose?

Best Credit Card Offers for Retirees: Which Should You Choose?
There's also a killer signup bonus: Earn 40,000 bonus miles when you spend $ 3,000 or more on purchases in the first 90 days from account opening. … Please note that NerdWallet has financial relationships with some of the merchants mentioned here.
Read more on NerdWallet (blog)

Are 'Pull' Credit Card Transactions Making You Overly Vulnerable?
… trust all the parties involved? When you swipe your credit card at a retailer, potentially hundreds, if not thousands, of people could be involved in that transaction. How is that possible? Isn't money moving directly from your account to the …
Read more on CryptoCoinsNews

how to set up a merchant account?

Question by Ashvin 217: how to set up a merchant account?
I would like to know the exact procedures for setting up my own merchant account on my e-commerce website without passing through a third party merchant account provider.

I know I have to open a merchant account with a bank. But how to I integrate it on my website??

Thank you

Best answer:

Answer by stymiee73
There are lots of merchant account account providers out there so shop around and get several quotes before choosing a provider. You’ll save yourself a lot of money that way. My first link below is a comparison worksheet to make organizing their rates easier. I also link to a calculator that does the comparison for you so you can see who is the cheapest in the long run.

When applying for a merchant account you’ll need the following items:

1) Verification of a US business checking account (a voided check works just fine)

2) Verification your business is legal (any document from the local, state, or Federal government works just fine. This includes Articles of Incorporation, LLC paperwork, Federal Tax ID, Occupancy License, State Tax ID, Fictitious Name Certificate)

3) A signed contract (provided by your merchant account provider)

Additional documentation is usually only required if your merchandise or account is considered high risk (e.g. there is a high risk for chargebacks). But this is rare. Personal financial documents should never be asked for, even for new businesses, as they are unnecessary.

You do not need to be a US based business but your business does need to have a legal US address and a US checking account. Otherwise it may be based on foreign soil.

Being approved will be based on the overall risk of your account. The higher the risk, the less likely it will be approved. Conversely, the less risk you present to the bank, the more likely you will be approved.

Risk is determined by several factors including:

1) Environment: The Internet is the highest risk and retail stores are the lowest risk.

2) Product sold: High stereo equipment is high risk, coffee mugs are low risk.

3) Personal credit: The better your credit the better your chances of opening a merchant account.

They balance the risk associated will all three areas and determine if it is worth it for them to take on your account.

Establishing a merchant account can be anywhere from a smooth and easy process to a nightmare. Where it falls is both the product of the merchant account provider and the merchant themselves. The better the communication between the two the smoother and faster the process is.

An account can be opened in as little as four hours or as long as a few days depending on when the application is submitted and the underwriting guidelines of the processing bank. The application process should never take longer then that without a clear and legitimate reason. If your application is taking two weeks to be approved and you’ve had little to no communication with your sales agent, something is wrong and you should consider canceling your application.

All merchant account providers require that every business sign a contract when establishing their merchant account. At the very least this contract will specify what the merchant’s responsibilities are as well as those of the merchant account provider. The entire contract should be made available to you before you sign it.

To integrate your merchant account into your website you will need to use a payment gateway. A payment gateway basically acts like a credit card terminal for your website. It’s software that runs on someone else’s server and they have an API for connecting to it. All shopping carts have built in support for at least one payment gateway and usually have the ability to support more so you don’t have to do any work to make the gateway work.

I recommend the Authorize.Net payment gateway as they are the most popular, best priced, and easiest to use. Plus they are enabled in every shopping cart by default so you don’t have to go find plug ins or anything for it to work. And if you want to integrate into your website yourself their API is extremely easy to work with. I linked to some free code with a tutorial that should help you along.

Give your answer to this question below!

Rough Week in Retail as JCPenney, Macy's Close Stores – as do Gators, Seals

Rough Week in Retail as JCPenney, Macy's Close Stores – as do Gators, Seals
Together, the 14 stores being closed account for approximately $ 130 million in annual sales, some of which is expected to be retained in nearby stores and with online/mobile sales. In addition, Macy's and Bloomingdale's will be adjusting certain …
Read more on CoStar Group

Cubits Launch Aims to Accelerate Bitcoin Buying in Europe
The first products based on the new platform are a consumer-focused wallet and a merchant payment system called Cubits Pay, which have been in beta since October last year. The company … If the account is already funded, the exchange is instantaneous.
Read more on CoinDesk

Just Got Engaged? Credit Card Offers You Should Consider
Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet's official account are not reviewed or …
Read more on NerdWallet (blog)

Lastest Merchant Account News

5 Cornerstones of Managing Your High-Risk Business – By Heather Petersen
A merchant services provider that specializes in high-risk accounts will stay proactive in notifying you of protective measures, fraud prevention programs, and the condition of your merchant account. This partnership can benefit your company immensely. 3.
Read more on FeedFront Magazine

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