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Applying for a Free Merchant Account (an Overview)

Applying for a Free Merchant Account (an Overview)

If you want to accept credit cards but you can’t get a merchant account, then a free merchant account is for you. What do you need to know about free merchant accounts? Here are the basics.

First off, a merchant account is an account with a bank that allows you to accept credit card payments. This means you can tell your customers to pay either in cash or use that little plastic card in their wallets. There are two kinds of merchant accounts for the two different kinds of transactions:

Card present transactions

Card present transactions means at the point of sale(POS), the credit card can be swiped on a physical terminal. Think Borders bookstore along El Paseo.

Card not present transactions

Card not present transactions means a credit card cannot be physically seen as well as swiped. Mail Order/Telephone(MOTO) merchants & Internet merchants fall under this category. There is no physical storefront or POS. Applicants of a free merchant account usually fall under Card not present transactions.

A free merchant account is obtained through a third party processor. The third party processor allows other merchants to share their own merchant account. Merchants who avail of a free merchant account are usually rejected first by banks or brokers, or are either start up businesses who don’t have enough money to get their own merchant account yet.

Requirements of a free merchant account

Applications can be quick, or drag on for days depending on your responsiveness to the requirements (& how quick your agent can arrange for a merchant account). Here are some items needed to apply for a free merchant account.

Accomplished Merchant Application & Agreement

A business checking account

Articles of Incorporation or Incorporation Documents

Valid Identification Papers ( e.g. Passport, Drivers License)

Business License

Voided Checks

Bank Letter with Beneficiary Name

Web site URL

Statement of your return policy

Fees of a free merchant account

Like banks & brokers, free merchant account providers charge merchant fees.

Discount rate (around 2-4% of transactions)

Transaction fees

Monthly processing fees

Other fees you might incur include one time application fee, AVS(address verification service fee), statement fees, return fees, reserve fees, & charge back fees.

Before you sign up, keep these things in mind

Make sure you’re getting a free merchant account from a reliable company. Scour the Internet for any good or bad reviews for that provider.
Review your options. If it means going through several providers & reading each & every offer sheet, then so be it. Look at the charges & always read the fine print.
Don’t give your go signal (in fact, your signature) if they can’t answer your questions. If they can’t answer your questions now, how can you expect them to answer your questions down the road?

Just like any decision you have to make in life, reviewing your options, doing your homework, & carefully reading the offer sheet of your free merchant account provider can very well be worth all the time spent making that decision.

Benedict Bailey writes for several web companies mostly in the areas of free merchant account services, ecommerce, and credit card processing. After a serious misfortune on his first ever ecommerce site, Benedict started to educate people through his writing on the merits & perils of being an ecommerce merchant.


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A Guide To E-Commerce Shopping Carts

A Guide To E-Commerce Shopping Carts

No another guide. Well that may be but having a lot of background knowledge on a subject is pretty essential don’t you think? Especially if your talking about an investment option that you will have to shell out some money and have decent expectations on ROI. So I present to you my simple guide to shopping carts. A write-up about what your shopping cart solution should be….

Download “A Guide To E-Commerce Shopping Carts” Now!

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Runescape Merchanting Guide

Runescape Merchanting Guide
Runescape Merchanting Guide. Learn the #1 Thing Merch Clan Leaders Don’t Want You To Know! Become one of the richest players! Better than any Gold Guide, earn gold pieces even while you are offline!
Runescape Merchanting Guide

Merchant Account Basics

Having a merchant account to process credit cards onlines is a definite advantage to any person venturing into the world of eCommerce. Be aware, though, that while merchant accounts can provide an avenue to higher conversions, lower processing rates and ease of manageability, having it shut down can be a disaster to your business. Ask the right questions NOW to prevent business disaster later.
Video Rating: 5 / 5

Merchant Account

www.paymentmax.com – The first step to getting set-up to accept Credit Cards with PaymentMax Processing, is to fill out the Merchant Processing Application and Agreement. For More Information www.paymentmax.com
Video Rating: 5 / 5

www.merchanthotline.com – 800-893-9540 – I created this video explaining a few things about ecommerce merchant accounts. I’ve included information on what they are, what types of rates to expect, how long it will take to get setup, a little bit about the approval process, and what options there are for the gateway (Authorize.Net). I hope this helps explain a few things about these accounts. I offer a free no-obligation price quote which you can get to compare my services to all of the others out there. You can get this by calling me 800-893-9540. I look forward to working with you. Thanks. Brian Armstrong
Video Rating: 4 / 5

Grain, Flour, Hay, and Seed Merchants’ Accounts Reviews

Grain, Flour, Hay, and Seed Merchants’ Accounts

This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding o

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Merchant Accounts 101

Merchant Accounts 101

For all of the new webmasters out there that have recently established a business and are looking to accept credit card payments online, here’s a little Merchant Accounts 101 course for you! In understanding how merchant accounts work, you will be better able to operate your online business smoothly and effectively. What’s more, by understanding the ins and outs of merchant accounts, you will be able to avoid the pitfalls many web-based merchants encounter.

First, you must locate a merchant account supplier and find one that meets the needs of your business. An Internet search can help you locate a merchant account supplier in most cases. Actually, by simply entering a search in any search engine, you will be led to a number of links that will direct you to merchant account suppliers.

Once you have located a merchant account supplier, it is imperative that you read all of the terms and conditions set forth by the merchant account supplier, before you sign up for a merchant account. Will you be required to pay a set up fee? Are there other fees that you will be responsible for like discount and annual fees? If you plan to have your web-based business run smoothly, you are far better off if you understand the regulations set forth by your merchant account supplier!

Bear in mind that when you attempt to sign up for a merchant account, you might be required to fulfill a number of obligations before you are accepted for account enrollment. For instance, you might be required to have a checking account and you may be required to provide the merchant account supplier with proof of identification. Finally, you might also be required to show a merchant account your business licenses and certificates.

Additionally, requirements may be demanded by the merchant account supplier. For example, a merchant, if they possess a corporation will require a federal tax identification number, and if the merchant is a sole proprietor, will require a social security number. Also, if a merchant has ever claimed bankruptcy, the claim must be at least 90 days old before a merchant will be accepted for some merchant accounts. Finally, any and all merchants must be at least eighteen years of age.

If you are getting a merchant account for an online business, you will want to get a credit card processing solution that is suitable for handling web-based transactions. For instance, a terminal solution is for a physical store where a card can be swipe through a terminal by a clerk, while a real-time processing solution is the best solution for web-based businesses. With a real-time processing solution, all sales are done automatically through the computer and the merchant solution company, and a web-based business owner should see the funds appear in their business account within a few days from the initial transaction.

Most merchant accounts allow merchants to accept various credit cards; such credit cards usually include MasterCard, Visa, Discover, and Diners Club. On the other hand, if a merchant wants to accept American Express Credit Cards, then they will be required to fill out a separate application with American Express.

Once you get a merchants account, you might be required to work with various software applications, depending upon the merchant supplier. Such software applications are used in conjunction with a merchant’s already existing website and come with instructions for their use. What’s more, many merchant account suppliers offer live technical support, so if a merchant runs into any difficulties with installation or in creating the proper links necessary to utilize their merchant account someone is always ready and willing to assist the merchant.

Dwayne Garrett is the Author of what is being called “The eBay PowerSellers Guide” eBook and many others as well. He also offers a FREE Internet Blog that will help you to make sense of doing business on the Internet over at http://www.dwaynegarrett.com


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