Business
In order for the modern business to survive, it must accept different forms of electronic payment. Partnering with a financial institution and setting up a merchant account allows businesses an easy, inexpensive way to accept many different kinds of electronic payments. Merchant accounts allow business owners to focus on what they do best-provide their unique goods and services and keep their customers happy.

What is a merchant account?
A merchant account provides businesses with many services such as credit and debit card processing along with credit and debit card processing equipment that is compliant with payment card industry standards. Merchant accounts can also provide 24 hour, 7 day a week client and technical support.

Merchant Account Services
Merchant accounts offer many services to keep your business successful and your customers happy. These include:

-> Credit and Debit Card Processing.
-> Check Acceptance, which allows businesses to accept checks just like credit and debit cards.
-> Fleet Card Acceptance: A fleet card is most commonly used for gasoline, diesel and other fuels at gas stations as well as vehicle maintenance.
-> Wireless Payments, which allow businesses to conduct business from home, at the office or on the road.
-> Gift Card Acceptance: By accepting gift cards, businesses can increase their bottom line through promotion and brand awareness. When your customers purchase gift cards at the amount they wish, they give you money up front and then use the card for themselves or give them as gifts, both of which bring you more business.
-> Loyalty Programs: Similar to gift cards, loyalty programs have many benefits, such as generating repeat customers, allowing businesses to track their customers' spending habits and eliminate problems such as fraud.
-> Online Payments, which allow businesses to take payments over the Internet.
-> Mail/Phone Payments: With mail or phone payments, payment processing can occur without ever having to see the credit card.
-> Business Cash Advances, which give businesses an easy alternative to conventional business loans, allowing you to quickly unlock additional funds within your business to meet current operating obligations or other business needs.
-> ATM Services, which provide easy access to revenue at onsite ATM machines.
-> Free processing equipment: Merchant accounts include free equipment, service and support, and lowest processing rates.

How to Set Up a Merchant Account
After carefully selecting a financial institution partner, you simply apply for a account and receive a quote, which is based on your type of business and payment needs. Then, based on your desired payment options, the financial institution will go over the processing rates and fees involved.

Next you'll fill out an application, which will get you set up with the appropriate type of merchant account. Once signed, your application will be considered for approval-and don't worry: many financial institutions have high approval rates. Most applications are processed within 24 hours. Once approved, your business will receive a Merchant ID for processing.

Getting your Merchant ID
Once you get your Merchant ID, your free equipment will be shipped to you and you'll run a series of test transactions. With your newly set up account, you'll work together with a client support team, which provides 24 hour, 7 day a week assistance and who will follow-up on a routine basis to make sure everything is going smoothly and ensure your payment needs are being met.

Merchant Account Support
Once obtaining an account, your business will have access to account and technical support. Account support includes toll free and online access to statements, settlements, account information and reporting. You will also receive easy options to reorder supplies and equipment. Technical support includes quick equipment reference guides, equipment troubleshooting and support and multiple equipment replacement options. Technical support is available 24 hours a day, 7 days a week.

Will a merchant account increase sales?
Yes. Reports from VISA show that businesses that accept credit cards see a jump in sales by 20-30%. Facts are facts. Consumer credit card usage far surpasses the use of cash and personal checks, especially online. Today's consumers desire quick and easy transactions that only the use of a credit card allows.

How Merchant Accounts Give your Business a Competitive Edge
People do not carry paper money the way they once did, thanks in part to the ease and ubiquity of credit cards and debit cards. What's more, most consumers find it much easier and faster to use a card rather than cash not only because of the danger of loss and theft, but because banks provide security in such instances.

There is no such thing as making business too convenient for consumers. By setting up a merchant account, your business won't lose many sales opportunities, but will contrarily increase sales and transaction speed, leaving customers happier than ever.