Trying to Choose Your Internet Merchant Account

By Anthony Carter

If you have a business that sells a product or a service, before you can accept credit card payments you must have a merchant account set up. Without such an account you will not be able to get paid for your products or services.

If you have a business that sells a product or a service, before you can accept credit card payments you must have a merchant account set up. Without such an account you will not be able to get paid for your products or services.

When you first look into all the options on offer for accepting credit card payments, you may be very surprised at the sheer number of merchant accounts that are available today. Obviously, with this number of merchants, the services, fees and different features that each will offer will differ drastically from one end of the spectrum to the other. Therefore, before making any decision at all on what merchant account to go with, you will have to make a comparison of the different services available so that you can make sure you will be getting the very best one for your particular requirements.

To begin with, you should select around ten different merchant account services so you can compare them, and begin by looking through the various customer reviews for each individual one. These customer reviews will obviously have been written by business people like yourself and as such will give a great insight about the services offered. Merchant account reviews can easily be found on the internet by using a search engine. If a particular company has received many reviews that are not up to scratch, then you can safely remove these from your list.

Whilst you are online, you can find out a whole lot of information about each particular company and the services they offer. Check the website of each one and read through the available information very carefully. Note the different fees quoted as well as any information that each company would require from you to get an account with them. Make sure the terms of Service for each company is read through thoroughly, no matter how tedious this may be, or how small the writing is.

Try to find out things like what particular equipment may be needed to use with an account. Whereas some companies, for example, can work with a good range of equipment, others may specify you have to use theirs as part of your agreement, and this is equipment you will most probably have to buy yourself, or the very least lease from them. At the end of the day it is always a wiser decision to go with those merchant accounts that allow you to utilize your own equipment. This way if you ever feel it’s time to move on from this company, there will be no issues regarding the equipment and you will not need to purchase any more.

For those business owners that feel they are not qualified to choose a merchant account t properly, or do not have the time to go through the vetting procedure, services have sprung up all over the places that can help you select a merchant account based on your own specific criteria. They can connect you to a range of reputable companies, cutting out any hard work you have to do.

About The Author

If you are searching for advice on different aspects of credit card processing, visit our site at cardaccept.com for all the information you need.

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Credit Card Transaction Charges

By Alter Sage

Understanding credit card transaction charges will lower your bills and enable you to take advantage of free transactions and interest-free credit.

There are a number of fees and charges associated with using a credit card, and being aware of these will help you to minimise them as much as possible. The good news for consumers is that competition within the financial industry has provided more advantages to cardholders in recent years, including free transactions and reduced banking costs.

Nonetheless, there will always be credit card charges attached to using plastic. These fees are dependent upon the type of credit card you have, its features and benefits, and the particular rates charged by your bank. In this article we’ve unpacked credit card transaction charges and taken a look at free credit card transactions.

Cost of credit card transactions

• Free credit card transactions:
Credit card holders do not pay to swipe their cards – in other words, they pay no point of sale (POS) fees. This expense is carried by the merchant. It’s one of the major differences between using credit cards and using other types of non-cash payment methods, such as debit and cheque cards, for which swiping fees are usually incurred.

• Pay As You Use transaction costs
There are a number of “pay as you use” costs associated with credit card usage. These credit card transaction costs differ from bank to bank, and the specific figures are available on the banks’ websites, or in informational pamphlets available from the branch.

Cardholders will pay credit card transaction fees when, among other things, they:

• Withdraw money at an ATM or branch
• Request balance enquiries at an ATM
• Make branch deposits of cash or cheques into the account
• Incur penalties for payment transgressions, such as dishonoured payments

Credit card holders will also be charged interest on their purchases, unless they enjoy an interest-free credit period, and settle their outstanding balances in full before the interest-free period is over. The interest-free period offered by banks is usually around 55 days. Annual card fees and once-off initiation fees are also applicable to some credit cards.

How can I avoid paying credit card transaction charges?
Credit cards are highly efficient money management tools, and by using them correctly, you can reap significant benefits without incurring excessive transaction fees. Try to use your credit card only for swiping purposes. If you need to withdraw cash from the bank, use a different account. Many cheque accounts, for example, offer a number of free withdrawals per month. Take advantage of these types of benefits.

Moreover, always try to settle your credit card debt within the interest-free period. This way, you’ll enjoy a continuous interest-free credit loop. Being a responsible credit user will ensure that you don’t incur any penalties for dishonoured payments and other such transgressions, which will also help you to avoid unnecessary fees.

Apply for a credit card today

Applying for a credit card is quick and confidential, thanks to online credit card application facilities. Simply follow the steps for submitting your application, and you’ll soon know whether you qualify for a leading South African credit card.

About The Author

Plastiq offers a range of leading South African credit cards that feature interest-free credit and competitive transactions fees. Explore the range of personal credit cards and American Express credit cards, as well as Nedbank Business credit cards.

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