If you are selling products and services in your country or maybe outside your country and you want to expand your sales volume. The only way you can expand your sales volume and take your company to the next level is by offering multiple payment modes to your customers. The more payment modes you offer the better are the chances that your customer will pay.
To get a merchant account there are a couple of factors you should keep in mind. These factors depend a lot on what type of solution you are looking at. Let's discuss the requirements if you are looking forward to getting a point of sales terminal for your Store. Remember the point of sales terminal cannot be used for the card, not present transactions.
If you have a store with a lot of customers wanting to pay by credit or debit card in that case you will use of POS terminal also known as a point of sales terminal. This terminal is an electronic device that sends the Credit Card information to the merchant account acquirer. Once validated by the acquiring Bank or the card brand then the merchant gets the message which says approved.
To get a POS machine you must have a business Bank account or you can also get a POS machine if you are running a sole proprietor business. Whatever type of legal registration you have but keep this thing in mind that you should have a registered organization and a business bank account.
Most of the times the POS terminal providers will visit your store to check your physical presence. They will also ask for copies of your business licenses and your personal id and address proof. In the United States, they may also ask for your taxpayer number or social security number.
Once they have the complete set of documents then you can purchase the point of sales device and start accepting transactions. Based on the terms of an agreement, the processor pays you for the transactions after deducting the transaction rate or any other charges as mentioned in the merchant account agreement.
Let's look at a second scenario where you want to accept orders over the phone or the internet. Accepting credit card transactions over the phone required virtual terminal or Moto. Getting a Moto also known as mail order or telephone order account which is extremely difficult in today's world. The better alternative is an API payment gateway connectivity.
With the API payment gateway connectivity, you can connect your website directly to the payment processors page. The payment processor page is highly secure and follows all the industry compliance and guidelines. Your customers can visit your website, select the product and then check out by putting some basic details. Most of the times, the credit card information will not be asked on your website but will be asked on the payment processors page.
To get American account for your online business, the list of documents is pretty much same as mentioned above regarding POS terminals. The additional element required is the website compliance.
The website compliance requirement is intense and varies from industry to industry. Your website must be SSL protected and you should display all the products and services with precise & detailed information. You should also put pictures of your products so that customers can understand what they are buying before making a purchase. Giving detailed information on the website helps you to reduce chargebacks and refunds.
You can also get a chargeback alert service from any chargeback notification service provider with this alert service you will be able to reduce your returns and fraud percentage.
Alternative payment processing like Echeck or check 22 can easily help you to generate more sales because there are many customers who do not have credit cards. Customers who do not have credit cards can still pay you by using the checking account. All you need to do is collect the account number, routing number and basic billing details.
To get a merchant account there are a couple of factors you should keep in mind. These factors depend a lot on what type of solution you are looking at. Let's discuss the requirements if you are looking forward to getting a point of sales terminal for your Store. Remember the point of sales terminal cannot be used for the card, not present transactions.
If you have a store with a lot of customers wanting to pay by credit or debit card in that case you will use of POS terminal also known as a point of sales terminal. This terminal is an electronic device that sends the Credit Card information to the merchant account acquirer. Once validated by the acquiring Bank or the card brand then the merchant gets the message which says approved.
To get a POS machine you must have a business Bank account or you can also get a POS machine if you are running a sole proprietor business. Whatever type of legal registration you have but keep this thing in mind that you should have a registered organization and a business bank account.
Most of the times the POS terminal providers will visit your store to check your physical presence. They will also ask for copies of your business licenses and your personal id and address proof. In the United States, they may also ask for your taxpayer number or social security number.
Once they have the complete set of documents then you can purchase the point of sales device and start accepting transactions. Based on the terms of an agreement, the processor pays you for the transactions after deducting the transaction rate or any other charges as mentioned in the merchant account agreement.
Let's look at a second scenario where you want to accept orders over the phone or the internet. Accepting credit card transactions over the phone required virtual terminal or Moto. Getting a Moto also known as mail order or telephone order account which is extremely difficult in today's world. The better alternative is an API payment gateway connectivity.
With the API payment gateway connectivity, you can connect your website directly to the payment processors page. The payment processor page is highly secure and follows all the industry compliance and guidelines. Your customers can visit your website, select the product and then check out by putting some basic details. Most of the times, the credit card information will not be asked on your website but will be asked on the payment processors page.
To get American account for your online business, the list of documents is pretty much same as mentioned above regarding POS terminals. The additional element required is the website compliance.
The website compliance requirement is intense and varies from industry to industry. Your website must be SSL protected and you should display all the products and services with precise & detailed information. You should also put pictures of your products so that customers can understand what they are buying before making a purchase. Giving detailed information on the website helps you to reduce chargebacks and refunds.
You can also get a chargeback alert service from any chargeback notification service provider with this alert service you will be able to reduce your returns and fraud percentage.
Alternative payment processing like Echeck or check 22 can easily help you to generate more sales because there are many customers who do not have credit cards. Customers who do not have credit cards can still pay you by using the checking account. All you need to do is collect the account number, routing number and basic billing details.
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