Online Merchant Account: Definition and Costs
February 28th, 2009
What is merchant and online merchant account?
Merchant account is a commercial bank account recognized by a merchant to accept payment by the use of credit cards. It actually requires three parts in order for a business to be able to accept credit card payments. In addition to having a merchant account, one will need a checking account from a local bank. This account will be used for depositing finances. A processing solution like a terminal is also needed to accept credit card payments.
An online merchant account on the other hand, is a merchant account that accepts credit card payments online. It is also known as ecommerce merchant account.
How much is the cost of an online merchant account?
This type of merchant account will surely help you increase your sales. However, the cost of these merchant accounts varies from one provider to another. It usually has a set up rate that ranges from $50-$100. Some providers do not really ask for the set up fee especially when they are on promotion or have a tie up with other services. Other expenses include statement fee, gateway fee, discount rate fees and transaction fees.
If you are new to online business and do not have much resources, you can use the credit card processor services as an alternative. You can have the benefits of processing online credit cards even without the merchant accounts and high expenses usually accompanied by it.
Entry Filed under: Business
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