Virtual Merchant Account

What To Consider When Setting Up Your Virtual Merchant Account

A virtual merchant account can be a vital part of the way you do business. The way the world pays for goods and services has changed dramatically in recent years, and card payments have virtually taken over. Any business which relies on the old payment methods is now going to fall by the wayside, as customers now universally expect to be able to pay by card. With the phenomenal growth in Internet commerce, sole traders and part time business are also now able to accept card payments, usually through third party processors.

The option of using third party processors is one you should seriously consider if you are starting up an online business. Whereas applying for a merchant account is both time consuming and difficult, setting up an account with a third party processor can be done in a matter of minutes. In some cases there will be set up fees to pay, in others there will not. It all depends on the individual third party processor. The best known of these, PayPal, charges no fees until transactions occur, making it a risk free option for many setting up a new business.

There is no doubt, though, that having your own merchant account does add to your image of respectability and of being established. This will be especially true if you are selling high-ticket items. Anyone who is used to the Internet will know that PayPal never upholds a dispute started by the buyer of a digital download. If you are selling these downloads at a high price, people will feel more comfortable paying with their credit card.

Getting your own virtual merchant account is not simple, and there are different components which you will need to integrate together. Firstly, you will need the shopping cart software. This will need to integrate with your payment gateway, in order to allow the customer's details to be analyzed. In the interests of avoiding fraud, it is necessary for the customer's address to be checked with the card issuer using the Address Verification System, and any good gateway should need to see the CVV number. These steps play a huge part in cutting levels of credit card fraud.

Applying for a merchant account is easier with a specialist provider than it is with your bank. Banks are worth considering if you have a good relationship and good credit, but even in this case they will tend to charge more than the dedicated providers. If you run an Internet based business, that will be even more so. Some categories of business which are traditionally considered high risk, such as the adult industry and gambling, will need specialist providers. If you cannot qualify for your own account, these providers will be able to offer you a third party solution, until you have enough turnover to qualify for a virtual merchant account.

 

 

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Technorati Tags: Credit Card Processing, Merchant Account, Virtual Merchant Account

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