Tag Archives:Merchant
High Risk & Low Risk Merchat Services

What is the difference between Merchant Account and Payment Gateway?

Question by M Shadows: What is the difference between Merchant Account and Payment Gateway?
Online Shopping

Best answer:

Answer by imisidro
Merchant account is a bank authorized account which allows you to accept major credit cards, electronic checks, etc. Note though that rates banks will charge you are higher if you are operating an online store because the “card is not present”

Payment Gateway is a software which actually processes customer order information, address, credit card number, etc. The data is sent to a credit card authorization network which verifies that the credit card is valid and verifies that the shipping address matches the billing address. Example of payment gateway is Authorize.net http://www.authorize.net

If you have only a few items, you can operate without a payment gateway and only with a merchant account — as long as you can manually assess the order and identify signs of fraud. All you need is a merchant account and a terminal where you can manually key in the credit card information

With a payment gateway, the order and credit card information is directly sent to your merchant account. So if the customer pressed the BUY NOW button twice, their card can be charged twice, as against when you manually key in the number, you can ignore the duplicate order

Add your own answer in the comments!

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.

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Lastest Merchant Account News

Baidu World: Focus On Offline-to-Online E-Commerce
Upon typing in a mobile search query (by inputting “@merchant name”), users will be redirected to the merchant's Zhida Account page and can book/purchase services through the account page, with payment and social sharing enabled. As such, Zhida …
Read more on Barron’s (blog)

State of extremes
Or a merchant's description of Virginia City as "the greatest aggregation of toughs and criminals that ever got together in the west." Strahn begins with an autobiography of William Clark's slave York, and … We learn about "hurdy-gurdy houses" in …
Read more on Missoula Independent

MyECheck to Provide Mobile Payment Services to Sionic Mobile
… fraud prevention and mobile account services. Atlanta-based Sionic Mobile is a mCommerce company utilizing mobile devices and cloud technology to connect merchants with nearby, ready-to-spend consumers. The company is the maker and provider of …
Read more on KSWT-TV

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What is Merchant Account?

Question by jeo_onn: What is Merchant Account?

Best answer:

Answer by Monsta’
A Merchant Account is simply a relationship between a retailer, a merchant bank and payment processor for the settlement of credit card transactions. Any retailer who wants to take credit card orders must establish a merchant account.

What do you think? Answer below!

Lastest High Risk Merchant Account News

Aida Greenbury: Leading the line
Greenbury takes this leadership seriously and is calling on other companies to follow its lead and the industry as a whole, including printers and paper merchants, to examine their whole supply chain and reject any supplier that relies even slightly on …
Read more on ProPrint

Optimal Payments shares jump on acquisitions
The two deals combined will increase Optimal Payments' handling of merchant transaction and reduce the company's reliance on online gambling. The majority of the company's Ebitda in the past year comes from the NETELLER online gambling product.
Read more on Telegraph.co.uk

Why being an Australian startup sucks
I've wanted to write this piece for a while now, after bootstrapping in Australia for over five years we're finally getting traction. It's been a long hard slog, we've failed at almost 8 ideas and taken absolutely no funding. Maybe that's another story …
Read more on StartupSmart

TransFirst Named Eighth Best Merchant Service by topcreditcardprocessors.com

TransFirst Named Eighth Best Merchant Service by topcreditcardprocessors.com
The recommendations are updated monthly to account for the latest developments within the industry. In order to obtain a more in-depth outlook of the service, the topcreditcardprocessors.com research team also communicates with customer references.
Read more on Digital Journal

Samsung Sees Role as Third Player in the Credit Card War
“One less thing to carry is one less thing to worry about or lose,” Graylin writes. “They want to use the cards they already have, at their favorite merchants, on the devices they own. Their wallet account is personal. It should belong to them, and not …
Read more on Tech.pinions

Lastest High Risk Merchant Account News

Finding Out Whom to Trust When You Do Business Together
But he didn't warn me about the risks I might face in driving a 22-year old car with 144,000 miles on it to a very hot location during the summer, though I knew of a few other people who had driven cars over 200,000 miles. But the … Then the …
Read more on Huffington Post

Investors Turn More Positive on the Outlook for Global Equities Markets
TOKYO, PLANTATION, Fla. and HONG KONG, Oct. 7, 2014 (GLOBE NEWSWIRE) — TradeStation, a Monex Group company (Monex Group, Inc. is listed on the first section of the Tokyo Stock Exchange, code: 8698), today announced results of the "Monex …
Read more on GlobeNewswire (press release)

Why Breached Retailers Get Hit Again
"Anyone in a franchised environment, which SuperValu is, cannot be totally sure that all the risk has been squeezed out of the system, as if that is even possible," says Gray Taylor, executive director of Conexxus, a technology consortium dedicated to …
Read more on BankInfoSecurity.com

Lastest Merchant Account News

UBS On Apple Pay: Drinking The Merchant Kool-Aid
The “additional value” of mobile payments is to consumers, who can get electronic receipts, and real-time insight into spending habits and account balances. Both retailers and banks are in a position to provide that kind of value. That's what a “mobile …
Read more on The Financial Brand

Payments Business Will Bypass Banks, Says Adyen Boss
In essence, Adyen takes over the role banks play in handling payments for merchants. It offers tools and services to accept and process payments and transfers the funds from the consumer's account to the merchant's accounts at Adyen. The company, which …
Read more on Wall Street Journal (blog)

Tampa man who cheated Apple gets prison time, ordered to give back money
Parrish had at least three Chase debit cards and one SunTrust debit card — all associated with closed accounts — that he used to buy expensive electronics, to rent cars and to stay at hotels. When the canceled debit cards were declined by a merchant, …
Read more on Tampa Bay Business Journal

Q&A: Do i need to apply for a high risk merchant account offshore when selling my online games (consoles, titles)?

high risk merchant account
by lisby1

Question by Drew H: Do i need to apply for a high risk merchant account offshore when selling my online games (consoles, titles)?

Best answer:

Answer by Phoenix
You don’t need to if you don’t intend to increase the monthly volume of your sales. Many gaming vendors feel the need to apply for a high risk merchant account because they transact high volume sales as their businesses grow. Also, due to the nature of the business, they find it difficult to get accepted in the local banks’ merchant services. If you find that an offshore provider works to your advantage then you should apply for one.

Know better? Leave your own answer in the comments!

Lastest Merchant Account News

Pros and cons of the top mobile payment systems
With Apple Pay, the phone unlocks automatically when you hold it near the NFC (near-field communication) reader on the merchant's payment system. You're then … Pros: You can make payments through your bank account, not just cards. You can also send …
Read more on Philly.com

KARE 11 Investigates: How thieves can easily steal your ID and credit
If Rob Olson hadn't gotten suspicious, the crook could have set up a business account that would let him ring up hundreds of phony credit card charges on his merchant account and pocket the stolen money. "And they'll do this until the wheels fall off …
Read more on KARE