For online order processing, a business website should provide the option of online payment. The most common form of payment is through a merchant credit card.
Marketing studies show that if a credit card is not accepted, it will lose 60-80% of its potential orders. Direct merchant credit card account is one of the best practices of any business to increase sales.
Direct merchant credit card applications are somewhat complex in nature. It’s not like a consumer credit card request. This is completely different from opening a business checking account.
Direct Merchant Credit Card is a special banking account used to handle income from credit card transactions. The merchant account confirms the credit card issuer, processes the transaction, and usually balances your account within 24 to 48 hours.
Generally, there are two ways to apply for a credit card – a paper copy request and an online credit card application. Online application is the easiest and fastest way to get a credit card.
When applying for a credit card online, it is important to check that the website offers a secure means of protecting your personal details.
There are three types of merchant accounts fees. The first one is the initial setup fee that you must approve and set up your account. The second is the percentage fee, which is the ratio of each credit card transaction to your total amount.
This is individually proportional to the volume of sales. The last is a monthly service fee, which covers the cost of any credit card processing equipment, software or service. This fee differs from credit card company to company.