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Setting up a merchant account and signing a credit card processing agreement are the first steps in being able to accept credit cards as payment for your products and services. Finding the right payment processing partner can help you manage your business better and grow your company faster.
For the newbies, a merchant account is a type of bank account that allows your business to accept debit or credit cards. A merchant account establishes an agreement between your business, and a merchant acquiring bank who is responsible for settling your payment card transactions. Behind the scenes, the acquiring back will interact with the card networks (Visa, Mastercard, Discover, etc.) and the issuing banks (those banks that have extended credit to the individual cardholders) to get you your money for the products and services you sell.
In choosing a credit card processor, and there are many to choose from, it is very important to find one that has extensive experience with business like yours, in the same sector, and with a good understanding of the risks that you have as a business. In doing so, you find a partner who essentially is extending credit to your business, who will not be surprised by the inevitable challenges that your business faces as it grows and changes.