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Merchant Accounts
The importance of the business practice of accepting plastic money or credit cards is well established. Whether you have a physical store or an online e-store you most likely need to get yourself a merchant account. If you are selling a product online it is an absolute necessity to accept credit card payments. This is where the concept of merchant accounts comes in, since it is the merchant accounts that facilitate the offering and acceptance of credit card payments, a credit card processing company. While you would most likely be required to pay an application and set up fee (both of variable amounts), there are also some free Merchant Accounts services offered by banks. When someone makes a purchase on the net with a credit card using such merchant accounts, what happens is this: the shopper fills in the payment form and clicks the 'Submit' button and a secure link is set up between the shopper's browser and the server and an encryption code is requested and received. This then wraps the order and transaction details and conveys them. The reliable merchant accounts will also offer secure server facilities and other security tools and techniques. These also make the seller’s systems acceptable to the processing bank. Also, an electronic document may be passed between a browser and a server to verify the sender’s identity which is knows as a digital certificate. With online merchant accounts comes the concept of a virtual terminal. This functions in the same way as when you make a purchase in a shop and the salesperson swipes your card thru a terminal. Similarly with a virtual terminal the shopper keys in his credit card number and upon completion of the sale, a notification of it is received by the shopper through email. You as a store owner can buy such a virtual terminal off the internet. You will have to pay a monthly charge for this virtual terminal, or at times this service of virtual terminal may come free with some other service. There is a categorization of merchant accounts and those classified as medium to high risk would be charged a higher fee than the ones with lower risk. |
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