Ecommerce Tutorial Merchant Accounts

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Ecommerce Tutorial Merchant Accounts

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Ecommerce Tutorial Merchant Accounts

An ecommerce merchant account is the service which allows you to accept credit card payments online.

The service includes a virtual terminal and secure processing gateway that allows the customer to enter their credit card information and send it to the bank for processing. The bank in turn checks with their credit card company and retrieves an authorization code or decline notice. This service protects both the customer and your business. Either way, you and the customer are informed of the success or failure of the credit card transaction.

Additionally, the processing bank of the merchant account will provide tracking of all orders through a virtual terminal and a monthly hard copy of your history called a bank statement.

In truth, there are only about 7 banks that conduct the actual transaction. Chase, First data, NPC, Provident, are the top providers. However, there are literally thousands of agents representing one or more of these banks. Who choose to establish an ecommerce merchant account through is up to you.

When choosing an ecommerce merchant account provider you should expect pay in the range of 2.29% per transaction, $.35 per transaction, $10-$15 dollar bank statement, and approximately $20 a month for the virtual terminal and gateway combined. This is far market value and these rates should assure quality customer service.

Some other variables to keep in mind are set up fees, programming fees, monthly minimums and annual fees. However, these are mostly negotiable and can be avoided.

Who ever you choose, be conscious of the fact you are giving the processor your business. They will make money from every transaction you make. They should be willing to negotiate , within reason. If they are not, then we would say greed is their core motivation, and you can be sure to pay for it the long run. Conversely, if you choose the lowest rates available, you can be sure to pay for it in bad customer service. And, you will need good customer service, especially in the start up phase of your ecommerce store.

If you are not sure which processor to choose, please feel free to call us at the toll free number listed above or use our ecommerce consultant services. Ecommerce Consultants.

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