Merchant account providers usually require a significant amount of data before setting up an account for your business, and this may last up to a month; therefore, you should have this in mind when planning to set up an ecommerce account for yourbusiness.
The type of data any provider will ask for depends on the period over which your business has been operational; sometimes it may include your volume of transactions as well as the value of your dealings- also the provider will look into the flow of cash in your business.
Providers often use this info to calculate the operational fees for your business account. For businesses that run online and offline transactions, you will require a merchant account for every form of payment.
Set up costs
Every merchant account supplier has a unique fee structure; therefore, it is important to do your calculations before picking theone that suits your business needs. Some providers will charge a small fee- for set up or for monthly charges.
For an eCommerce merchant account, the major costs you will have to sort out are the transaction charges. If you intend to use a debit card, you will be required to pay a small fixed amount for every transaction. For credit card transactions, you will have to pay a small percentage of the transaction value. This percentage is determined; the number and value of transactions your business makes. Usually, this rate should not exceed 3% of the total value of your dealings.
PayPal is an ideal alternative to most account providers. It has a worldwide reputation for comfortable and secure processing of payments. Although charges are higher for a large number of transactions, merchants who sell less often, find it an easy and cheaper option. PayPal only allows Mastercard, VISA and AMEX, but can integrate with a good number of shopping carts making it a simple alternative to other traditional merchant account providers.
2Checkout is an account provider that supplies eCommerce merchant accounts for over 200 countries worldwide. Accepting payments for over 20 currencies, 2Checkout can cater for Mastercard, AMEX, VISA, Diners and JCB cardholders. Lastly, 2Checkout integrates 24 shopping carts which make it a major contributor to the e-commerce industry.
Now you know where to start and what to do regarding eCommerce accounts, the good news is with some providers, you can have your account ready as early as 24 hours and enjoy round the clock customer services in case you need further assistance.