To Succeed Online An Internet Merchant Account Is Required

What does it take to succeed with an online business

? Can you make a go of it and be successful without ever opening an Internet merchant account? For small business owners the question is one of financial viability. Without a merchant account options for payment are significantly reduced. Here is a short breakdown of the pros and cons.

The Cons

To process credit cards costs money. You will probably pay all or a combination of the following: per transaction fees, monthly fees, gateway fees, interchange fees and chargeback fees. It can take some time to set up a proper merchant account and if your business is deemed to be high risk the charges will be greater.

The Pros

Signing up for a merchant account allows you to process the most common form of payment online: credit cards. If you choose the right provider you will be able to offer loyalty programs, accept gift cards and have some assurance of speedy payment.

What Other Options Exist?

There are only a few ways to do business online without opening a merchant account. You can choose to auction your products on one of several auction based sites. If you create your own product (for example, you make hand crafts or supplies), you may be able to sell at a specialized site. These types of websites often provide a third party payment option or an electronic check choice.

The crux of the matter is that you can opt to include third party payment or electronic checks alongside your credit card processing. You don't have to restrict yourself to only one form of payment, and in fact, you shouldn't. The more ways a customer can pay for your services or products the more likely they are to find a way to buy.

A good Internet merchant account will do more than just process credit payments; it will help your business grow through assistance in many ways. Make sure you investigate your options thoroughly and shop around for rates before you commit to any contract. Mistakes can be costly, but the benefits far outweigh the risks.

by: Michael Rupkalvis

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