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Offering your customers secure card payment processing options for paying their bills, can give your business an edge, as there are many different types of customers, with a wide amount of preferences. It may not only help to increase your sales, but it can improve your cash flow, as payments are processed and transferred to your bank account at a much faster rate. The small business owner, who may be operating an online store or web portal, may need a merchant account, software for processing transactions, separate shopping cart software, in addition to an e-commerce site, and a provider that ensures server side security. There may be some solutions that can help business owners with the card payment processing functions while they offer adequate levels of security. In order for the process of card payment processing to be enabled, a merchant account can be provided by a bank. The business owner can also select an independent payment processing service or use the services provided by 3rd party providers such as Google checkout or PayPal. However, merchants should realize that there may be some risks involved. Smaller sized business may opt to use 3rd party provider for card payment processing. The process may be convenient, but the fact that there may be other parties involved increases the possibility that frauds can be committed. There may be a few disadvantages to working with 3rd party providers: • In some cases it may be difficult to integrate the payment on your site, and programming services may be needed to ensure that you provide adequate security. • 3rd Party providers have been known to seize or freeze accounts during disputes. • The logic followed during the payment process may not be easily customized and can be confusing to customers. The choice of payment processor will depend on the type and volume of the business, the country in which your business conducts the most sales, or your credit rating. It may be difficult for start-up or home businesses, or those with bruised credit to obtain merchant account from the major banks. The application for a merchant account at your bank, is much like the application for other financial instruments. The required documents will include tax documentation, letterheads, avoided check, processing statements, and a physical business address, as post office boxes are not accepted. They may also request personal and business financial statements for the last two years. In most cases the decision are received within 5 to 7 business days. The banks themselves, may not supply the merchant services, but may also use 3rd party providers to manage your account. A bank merchant account may be a suitable option for an already established business, with a brick-and mortar-operation, with a large volume of sales and with superior credit. While there may be some disadvantages, the most cost-effective option for card payment processing for smaller or medium sized businesses appears to be the services of an independent processor where the requirements are far less stringent, and applications are sometimes approved within a few hours. Many of the independent processors may sometimes offer free credit card terminals as well as software. Secure card payment processing can be used to grow your business, as customers will likely return to make purchases if they are confident that your card payment processing is hardened and secure. You can just click here for more information.
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