What Makes a Business in Need of a Merchant Account?
Basically, any business owner that wants to accept credit cards as a form of payment - whether that be at a brick and mortar location or via an eCommerce store will need a secure merchant account and merchant account gateway.
Learn More About Your Merchant Account
How do you know if you have the right merchant account for your business? Not understanding the difference or the importance could have a detrimental impact on your business and the overall longevity of your merchant account.
Due diligence on a merchant account gateway providers and doing comparison ratings with reputable companies, like Merchant Account Gateway, who offer reliable payment processing solutions, merchant accounts, and merchant account gateways, will ensure you make the right choice when partnering with a credit card payment processing provider. Merchant account providers are payment processing companies that set your business up with the ability to accept credit card payments for your sold goods or services.
How to Get Approved for an eCommerce Merchant Account
A cover letter should include relevant information, such as the industry insight of people involved in the project. Merchants should also discuss anything that makes the business stand out, such as proactive fraud monitoring, for the health, longevity, and financial success of their merchant account.
Address high trading volumes in a cover letter. Trading volumes impact the risk to the processing company that will help to determine what kind of merchant account will be best suited for your eCommerce business. Showing a strong processing history with a great deal of money moving through the business can increase the chance of approval for a merchant account as well.
Finally, a merchant account should have a plan to address long fulfillment duration. Fulfillment duration refers to the amount of time it takes between when payment is collected and when the service or product is delivered. The longer the fulfillment duration, the higher the risk of chargebacks, and thus the riskier the business so work to avoid this. Reducing the fulfillment duration or showing strong reserves makes the merchant a lower risk.