PMI Online Business

The experts at Professional Marketing International know that you must have a merchant account to run a successful e-commerce business today. Customers want the convenience of credit card and debit card payments and if you don’t have those capabilities, you’ll miss out on their business. With a merchant account, you will be able to meet the needs of today’s consumer by making your payment process as painless as possible.

A merchant account is an account provided by a bank or other financial institution that enables e-commerce transactions. Setting up a merchant account enables you to accept online payments via credit card, debit card or e-check. Merchant accounts require you to set up a contractual agreement with the bank or financial institution. Your rights and responsibilities under this agreement will be clearly outlined before you need to sign anything. Common prerequisites for the business include proof of address in the U.S., current business checking account, business website and a valid SSN and Federal tax ID for the account holder.

Once your account has been set up, online transactions will be safe and easy for your customers. When a customer makes a purchase, their credit card information will be received either through a web form or over the phone. The information will then be passed to the credit card processor, who will verify the credit card holder’s billing address to prevent fraud. Whether it is approved or denied, the information is delivered to the merchant account provider as well as the customer. Upon validation of the credit card transaction, the amount is held in the merchant account before being transferred to the business account. This can take anywhere from a matter of seconds to 48 hours.

It is important to research your merchant account options and find a financial institution that works for you. Your merchant account will make your business more accessible to your customers, while providing transaction security through reputable providers.