Have you had some difficulties staying afloat as a business during these difficult economic times? Do you lack impressive financial statistics to back you? You might need to open a high risk merchant account.
Before a lending institution will completely trust you, you may have to go through a period of proving yourself. When you open a high risk merchant account, you will have to provide the following documents:
- 3-6 months worth of bank statements
- Business License and Articles of Incorporation
- A voided business check
- Your current profit-loss statement
- Current processing statements if you have them
All of this will usually take about 3-5 business days to complete. Once you are accepted, you will probably be on a probationary basis for awhile, and will have to provide documentation to them once in a while.
Filed under Merchant Account by on Nov 24th, 2011. Comment. 
Back in the olden days, merchants carried their products in a horse-drawn wagon from one location to another. Sometimes they just visited the local stores in a town, and other times they went door to door. They kept track of their own merchant account as they dealt with each customer, either demanding a cash payment, an item in trade, or perhaps letting them “put it on a tab” if times were hard.
It’s really not so different today. Merchants still carry their products from one location to another, but they do it faster than any horse power could have ever provided. They keep track of their own merchant account, but with the assistance of a company who lists each transaction and gives them a total at the end of the month (or daily, if needed.) They still want the cash, but in lieu of actual greenbacks, they let the customer “put it on a credit card” which they can pay to a third party later on.
Filed under Merchant Account by on Nov 19th, 2011. Comment.
There are three really good reasons why you should use wireless terminals for your master card processing.
First of all, it provides you the opportunity to make a sale immediately out on the road, at a trade show, in a customer’s home, or even at a football game. When someone is ready to buy, you can be ready to accept.
Secondly, you do not have to install an expensive land line phone service. Maybe you don’t have an actual store building, or maybe your store is small enough that you prefer to proceed with only your cell phone. A wireless terminal will ensure that you do not miss out on any sales.
Last of all, wireless connects you to your merchant account that provides assistance 24 hours a day and 7 days a week. Sometimes questions arise about customer accounts. Your processor knows that you need the quickest, most dependable service, and they hurry to assist you.
Filed under Merchant Account by on Nov 18th, 2011. Comment.
Did you know that you can receive a free credit card machine? Some companies offer them with a month-to-month contract, so that you can “get your feet wet” so to speak.
There are various kinds of mobile credit card machines available, so this is an excellent way to try them out and see which one works best for you.
If you are still debating whether you even want to accept credit cards, this is a good opportunity also. You can try it out without having to make any financial commitment. See if the statistics are true – that your sales and income will go up because of the convenience and flexibility that it offers to your customer.
Next time you’re at a customer’s home and the sales pitch is over, you really can have them sign on the line.
Filed under Merchant Account by on Nov 16th, 2011. Comment.
The size of your restaurant is going to determine how many credit card terminals you will need to utilize on your merchant account. You may want to only have one check out, but for your customer’s convenience, you can actually consider running the credit card right from his table, or from a wait-station closer to where he is seated. This lessens the amount of time that the customer will have to wait once he is ready to pay the bill and leave.
A happy customer is a customer who will return again soon.
Your merchant account can make the check-out process seamless and efficient. Transactions are done quickly, and there is even an option to add the tips to the bill after the authorization occurs, or to add the bill from the bar to the dinner bill. Once your diner is done, there’s no sense adding a dose of irritation to his dessert and coffee.
Filed under Merchant Account by on Nov 13th, 2011. Comment.
If your business has a merchant account, then it means that they are well-prepared to aid the customers in celebrating the many holidays that occur throughout the year. A month or two before each holiday, items related to the festivities will go on sale. The shoppers with the credit cards will often see them and say, “Oh, I think I’ll get that now while it’s on sale and save the rushing around at the last minute.”
People often joke about how as soon as the Christmas holiday ends, Valentine’s décor goes up, followed by Spring/Passover/Easter. Then comes Mother’s Day and Father’s Day and graduations and don’t forget Memorial Day and Fourth of July. Next thing you know, it’s back to school sales (even though school just ended) and then Halloween is everywhere. One minute after October 31st, if not before, Thanksgiving and Christmas décor are up once again.
Are you prepared with a merchant account?
Filed under Merchant Account by on Nov 12th, 2011. Comment.
“Honey, will you take the kids to the car while I check out at the register? They’re getting a little too cranky.”
“Sure – here’s my credit card.”
“I’m sorry,” said the sales associate. “We are not accepting credit card payments.”
Perhaps you have been the stunned and tired customer in a situation like this. Here you spent your valuable time shopping for something that you needed badly enough that you made your kids and your spouse troop to the store with you – only to find out that you cannot pay with a credit card or even a debit card at the register!
This is a customer who will not return. This is a customer who will tell all of her friends not to bother shopping there because they do not take plastic.
Filed under Merchant Account by on Nov 8th, 2011. Comment.
The College semester starts fresh each fall, winter, spring and summer. It costs quite a lot to attend for those who don’t have scholarships or grants. Oddly enough, the textbooks sometimes cost as much as the actual course! It’s helpful, then, that most college bookstores will accept credit card purchases.
These classes don’t start slowly like some high schools might. You hit the ground running with the professor expecting you to read the first chapter before you attend the first class if possible. Sometimes grant money doesn’t come through that soon if the student didn’t sign up several months in advance.
A credit card can help the student to get what is needed now and then pay for it when the funds come through. This is true for housing needs and transportation and clothing as well.
Filed under Merchant Account by on Nov 3rd, 2011. Comment.
The news media has reported the possibility of legislation which may affect your merchant account. The interchange fees have long been established by the credit card companies themselves. But public outcry regarding the amount that is charged for this as well as for the customer’s percentage rate has led to discussion as to how much of this might be regulated by the government, and how much of it should be left to free enterprise.
After all, no one absolutely has to have a credit card and no one is forcing a business to open up a merchant account either. But the cash-free system works well for so many people or else it wouldn’t be as huge as it is today. If you are interested to know more of what is going on, you might google the subject, or else read through the letters which your credit card processing company will send to you.
Filed under Merchant Account by on Nov 2nd, 2011. Comment.
Did you know that transaction processing time can vary from bank to bank? Your regular customer George might come in on Monday and buy something that costs about $1200. It goes through just fine – George is a dependable customer – and the next day you can go online and see it listed as one of the pending transactions.
But when do you get to see the money actually hit your bank account?
This is one of the subjects that you should discuss when you are choosing a merchant account bank. In general, it will take 3-4 days for the funds to be available in your bank, but it can vary. And, when you are talking about $1200, even minus the interchange fees and so forth, and your electric bill is coming due, that one day might just make a difference.
Filed under Merchant Account by on Nov 1st, 2011. Comment.