All retailers must meet the bank’s requirements to be approved for a merchant account.
Internet merchants usually have to pay higher fees for their card than a normal retailer. This is because they are more likely to be targets of fraud. To be approved for your banks internet merchant account, you have to be prepared to provide the following details.
A business checking account, a voided check, articles of incorporation or other business certificate, Web site URL, trade references and a statement of your return policy.
All banks and credit card processors require fees from you for accepting credit cards. They may include a discount rate, transaction fees and monthly fees. Additional fees may include an application fee, address verification, monthly minimums, statement fees, chargeback and annual maintenance fees.
Make sure that you read every detail before you sign up for a merchant account. Merchant account may be costly, but most customers prefer to pay by credit card than PayPal. There is more possibility of you being successful as an online merchant by providing your customers more than one payment option.
This is how the process goes:
When a customer goes to your website and pays with their credit card, money comes directly from the customer’s account to your banks checking account and this is done right through your merchant account.