Why Do You Need To Set Up an Internet Merchant Account
There are two types of merchant accounts. The first is an internet merchant account. This is the one you need because this is the only way that customers will use to pay you for your products.
It accepts major credit cards so there shouldn’t be any problem when they input their 16 digit credit card number and other details into the computer.
The second type is the offshore account. The reason why it is called offshore is because your account is not inside the US but in a foreign country. You can still accept credit card payments and you will have access to your friends regardless of where you are in the world.
What are the differences between the two? It is easier to open an offshore account compared to a domestic account. This is because banks require you to be in business for at least 2 years and have a minimum of $5,000 when you open your account.
Given that your business is just starting out, you won’t have the money to do that. This hurdle brings us back to the offshore bank account where there are no minimum deposits required and approval takes only a week.
You don’t have to be a millionaire to join this group. You should have the willingness to engage in business with customers all across the globe and be paid in US dollars. This is even if the client pays in their own currency because it will be converted.
Aside from accepting the major credit cards, an offshore merchant account may also honor an online check. So what do you have to give back in return for all of this? You will give your credit a small percentage of the profits.
But are the bank the only facilities that offer merchant accounts? The answer is no because there are private companies that also allow you to operate a website and accept major credit cards.
A very good example of this is Paypal. They don’t charge any set up or sign up fees and the only time they get paid is when you buy or sell an item.
The money that is added to your account can remain there or be transferred to your bank account so you can use it whichever way you wish.
Entrepreneurs who want to do business via the World Wide Web need to open a merchant account. There is no other way around that because this is the only way you can get paid.
How do you open a merchant account? You do this by looking for a reliable merchant account provider online and then following their instructions. Be ready to present any documentation that they may ask for so you don’t have to go back and forth just to submit them.
In time, the money will start coming in to your merchant account. The only thing you have to do now is make sure that you have a sufficient inventory to accommodate demand and new products to offer in the future.
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