A merchant account is a bank account which is used to acquire payments from your clients’ debit and credit cards. The charges are taken from your client’s account and sent directly to your merchant account, where the funds are held until they are settled into your nominated bank account.
Having a merchant account for your business will help to support you and your customers with the best security and data protection. They ensure debit and credit card transactions process safely whilst checking that there are sufficient financial funds in the customer’s account prior to authorisation.
At Total Processing we can provision an online merchant account, sometimes referred to as a MiD or merchant identifier, for your business. We have built up strong partnerships with a number of merchant banks and providers, and can help to find the best merchant account and service for your needs.
In order for financial funds to be moved into a merchant account, card transactions must be processed. Today, the majority of transactions are processed electronically. There are three aspects required in order for a merchant to accept payments – a merchant account, a payment gateway and a card terminal or online shopping cart. Opening your new merchant account with Total Processing means that you’ll also be processing payments online via our payment gateway.
Why we’re leading providers of merchant accounts
We can contact multiple bank services and apply for your eCommerce merchant account on your behalf, saving you the hassle of researching different account options and conditions etc, leaving you with more time to get on with running your business. Sourcing the right merchant account with the right bank is critical to the success of your eCommerce business; getting the settlement terms, merchant category code, fraud settings, and various others account settings right is crucial as this will dictate the payment management of your business.
If you’re looking for the cheapest merchant account that caters to the needs of your business, speak to the experts here at Total Processing. Please contact us today and we’ll be happy to discuss your needs and conditions, and help you find a suitable merchant account.
What goes into setting up an online merchant account
Opening an internet merchant account to start accepting payments online is similar to opening a regular bank account, although there are several extra factors and conditions that the bank provider will take into consideration. One of the largest factors which is evaluated during this process is the nature and products offered of the business on the whole; this is the initial risk assessment and your business will be placed into one of two different categories: high risk and low risk.
Providing your business meets the necessary terms and you have provided the applicable details, setting up an online merchant account with us can be a smooth and simple process. However, your account application could be delayed if the acquiring bank perceives your business as high risk.
Know your client application form
Everything you need legally
Deposits, reserve balances, payments
The costs and fees to run the account
How and when your funds get to you