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Merchant Account Accepting Credit Card
Jimmy Said:How to set up a merchant account to accept credit cards without a personal guarantor?
We Answered:Some merchant account providers will allow you to use alternative forms of guarantees in place of a personal guarantee. These options include:
1) A corporate resolution - your business provides documents (balance sheets, third party prepared financial statements) that shows the business is strong enough to guarantee itself
2) Provide a letter of credit - a letter of credit basically is a loan that your bank promises to give you at a future date. The catch is you don't get to ask for it. The processing bank does, They can only invoke it if you owe them money and they are unable to get those funds from you. It is like an insurance policy.
3) A reserve - the processing bank will hold some of your funds in reserve to cover any exposure for loss they might have. 6 months or so after you close your account they give it all back to you. They may give it back sooner if you have processed for along time and shown to be a low risk merchant.
Keep in mind not all processors offer these alternative although most offer at least one of them.
Monica Said:How can i accept credit card payment online without opening a merchant account?
Sherri Said:Is it possible to open a merchant account to accept credit cards if you have really bad credit?
We Answered:Even that will work with Paypal for an extra $20. charge per month.
Edwin Said:How Do You Choose A Credit Card Merchant Accounts Provider For Your Online Business?
Choosing a credit card processor requires a little bit of research that you can do online for free. I've been there so I know what you are going through.
I started with paypal too but quickly realized that I needed more features. That's when I decided to open a merchant account and accept credit cards through a payment gateway.
During my research, I came across http://www.electronictransferservice.com and was able to learn so much about merchant account and credit card processing. I was even able to call them up and talk to a live person.
Now I'm not recommending you sign up with them, but the information on their site is definitely worth reading over, especially their FAQ page.
For example, one of the biggest things you need to keep in mind when picking a credit card processor are the fees.
You have to watch out as some companies have hidden fees and they can add up pretty quickly.
And that's just one of the things, there are many more details that you'll have to learn about.
I actually went with another company but the information I learned prior to choosing one proved to be very valuable.
Hope that helps point you in the right direction.
Glenda Said:Is it difficult to get a merchant account in order to accept credit card orders for an online business?
We Answered:Paypal offers this type of service
You must have a business paypal account setup
they are much cheaper (in fee's etc) than the normal merchant account providers
ps: I have used them for my online company and have NO PROBLEMS
Lance Said:Do i need a merchant account to accept credit card payments through Pay pal?
We Answered:No. That is what Paypal is all about. They act as your credit card processor. Just be sure and get setup well in advance of your first transaction as it takes a number of days to get setup due to bank verifications for your account for deposits.
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