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April 16, 2001
By
Arlene Martell
Website:
http://www.1st-choice-merchant-accounts.com
>
Free merchant accounts advice for online businesses
When setting up hassle free merchant accounts, banks will put you through quite a bit of red tape to ensure credibility. There are a number of different questions you will be required to answer before free merchant accounts processing can begin.
Free merchant accounts advice #1: The banks will have to assess their risk with you and are very selective with whom they offer merchant accounts. They will need to know the types and products being sold, who your market consists of, the method of delivery, the prices of the products, the expected sales volume, your credit history and various other details. Do not disguise the truth in any matters. The answers you give to these questions may affect your monthly fee rate.
Free merchant accounts advice #2: Many banks do not give merchant accounts to online businesses at all. They will only deal with retail outlets. There are other high-risk categories as well. If you are selling software or services, they are intangible and may be unsuitable to the bank. Not everyone is approved for a merchant account. If you do not have two solid business years with the bank and your credit rating is not clear, you will most likely be turned down. The good news is – there are still options for you.
Free merchant accounts advice #3: There are companies available who will process all the credit card orders from your site and pay you less the commission fee. The fees are high and can vary between 10% to 20% for each sale. There is usually a holdback fee to offset the cost of chargebacks. There may also be a monthly fee to use the service. Find out what all the hidden costs are and incorporate them into your budget. Check the rate differences between these companies.
Free merchant accounts advice #4: If you are committed to selling your product or service full-time – go the extra mile to get your own merchant account. If you are just “trying out the marketplace”, hire a company who can do all the processing for you.
For
more information on free merchant accounts - click here!
> About The Author:Arlene Martell is a successful author and the
publisher of http://www.1st-choice-merchant-accounts.com. A source of Info & Tips for the banking industry featuring articles, comparisons & reviews of online banking providers & merchant accounts etc. *Webmasters,
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