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Credit-cards. If you run a small business, you may well be considering moving your products and services online. But many small business owners are not sure how they can accept credit cards online so that their websites look professional but their customers’ personal details are kept safe. But setting up credit card processing online does not need to be difficult, and several options are available when it comes to merchant account services. You can set up merchant accounts that allow you to start trading immediately, with a 100% guarantee of being accepted, or you can choose as account that gives you complete control over the income from your business. One of the most obvious ways of setting up credit card processing for your website is through your bank. Banks offer small businesses merchant account services. You may have even been sent details about this when you opened a business account. But the problem with using your bank for this service is that you may not be approved for a merchant account. Credit card processing online is much more risky than when the card holder is present in person, and so the bank is likely to require business plans, company accounts and evidence of your solvency. You may actually get turned down for credit card processing services if you cannot provide this information, or the rates charged may be high to cover the bank’s risk. You can also apply for merchant account services through an intermediary company who will approach a bank on your behalf. The advantage of doing this is that the intermediary will be more experienced than you at presenting the situation to the bank and getting a yes answer and a good rate. But if you are a new business with no track record, such as an internet start up company, you may have problems setting up credit card processing using both these routes. But there is another option available and you will be pleased to know that you will be guaranteed to be able to start accepting credit cards almost immediately using this method. Third party merchant accounts mean that you set up an account with a third party company with their own merchant account, and you in fact use their account on you website. Because you are using the account of another company, you do not need to convince a bank yourself. The setup process on these accounts is usually very quick. You simply give your details, sometimes pay a small administration fee, and you are ready to go and able to accept credit cards. Third party merchant account services are the quickest way to begin credit card processing on your website, and you are guaranteed to be accepted. You will be quickly provided with the technical information needed to add a simple credit card processing system to your site. But there are some draw-backs to using merchant accounts from third party providers. You will have to pay a fee on every transaction you make on your website, and this can turn out to be quite costly if you make a large volume of sales online.
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DSS Boxes is author of this article on credit card processing. Find more information about credit card processing here.
