JM Financial Services - шаблон joomla Создание сайтов

Why Do You Need Merchant Account?

Merchant accounts provide you with the ability to accept credit or debit card payments from customers for goods and services. A merchant account establishes a relationship between your business, a bank and a credit card processor, such that funds generated from sales where you were paid by credit cards are deposited into your bank account on a regular basis, less merchant account fees.

 

Without a merchant account, your customers will not be able to pay you using their credit cards. Given that credit card payments are still the dominant form of payment on the Internet this would place you at a competitive advantage in a highly competitive business environment.

 The Merchant Bank assigns you a unique number called a Merchant ID Number or MID. This unique number is attached to each credit card transaction that originates from your Web site. The Merchant ID number is also associated with your business checking (current) account. This allows funds captured from your customer's credit card payments to be automatically deposited into the proper business checking account. To qualify for a merchant account, you must meet the bank's requirements.


What Are the Different Types of Merchant Accounts?

There are two primary kinds of merchant accounts that are issued, depending upon your method of capturing the credit card information at the time a payment is made. 

The first type of merchant account is called a “card present”, “signature-based” or “retail” merchant account. This type of account is issued to merchants whose customers will be physically present at the time of payment. In such a case, you would be able to inspect the card and the signature on the reverse of the card, and would also be able to match the sales receipt signature against that on the back of the card. Typically, these types of payments are captured by using either a card imprinter (using credit card slips) or a “card swipe” (Point of Sale) terminal.

The second type of merchant account is called a “card not present”, “non-signature-based”, or “MOTO” (Mail Order/Telephone Order) merchant account. This type of merchant account is issued to merchants whose customers are not physically present when they make a payment. This is typical of most Internet payments, where customers key their payment information into an online payment form; and phone-in payments, where operators key the payment information into some type of payment application. The type of a merchant account you require will be a key factor in determining your fees, since banks typically view card not present payments as higher risk (i.e. a higher risk of fraud) than card present payments.


Requirements for Setting up a Merchant Account.

  • Here's what you may or may not (depending on the provider) need in order to obtain your merchant account:Corporate bank account
  • Set of your corporate documents, such as Certificate of Incorporation, Articles of Incorporation, business license, by-laws, etc. The purpose of this is to prove you are a legitimate business.
  • Having a web site
  • Details of your refund policy information
  • Provide trade or bank references
  • Photocopy of recent tax returns (may or may not be needed depending on monthly sales volume you expect through your merchant account)
  • A photocopy of your identity, like passport, identity card, etc.

For more detailed information please contact us and our experts will be glad to help you in any question you may have. Our telephone number is + 357 22 680602 and e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it..