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The Merchant Account - What It Is and Why You Need It

For anyone going into business for the first time, the entire process can be daunting. So for the sake of keeping this simple, let's pretend that you consider yourself to be a merchant and you already have your business ready-to-go except for the way in which you will process payments from your customers or clients or for your services. Hmmmm. This one piece of the puzzle is without doubt, the most important part if you intend to pay your bills! A merchant account allows you to process payments from debit cards, credit cards, gift cards and checks. It is a line of credit in that it is a commitment that you, the merchant (retailer, wholesaler or Internet provider) will routinely settle all transactions processed by the merchant bank (your designated bank) along with a payment processor (such as VISA or MasterCard). This means that you are partners in running your business. The good news is that whether you are starting a brand new business or even if you're a seasoned business owner, a merchant account provider can complete a full-scale analysis of your business and then provide a total solution for your specific business needs.

Merchant Account Solutions Include:
Retail (POS point of sale)
Moto (pay-at-the-pump)
Wireless
eCommerce
Online Retailers
Check Processing
ACH (Automated Clearing House)
Phone & Mail Order
Restaurant
Hotel/Lodging
High Volume Processing

So you ask what appears to be a simple question, where can I find someone to help me with setting up a merchant account? It sounds easy but when you go online very few companies actually explain everything, they just want you to buy their system, services and equipment. A friend recently told me how she has two payment processing machines for which she pays $60 each month but cannot use because she changed her processing partner and the new provider can't program her existing machines. Obviously, it's good to know what questions to ask in the beginning to avoid that issue. In addition, you really want to find one provider that can fill all or most of your financial needs. So a few things you want to know are:

How many services do they offer?
Can you get advances on your credit card sales?
If yes, what percentage will they take out of future sales?
Is there also an extra fee for doing that?
What percentage or fee do they take out of each transaction? (Usually when merchant processors refer to discounts they are talking about the money that they take out of each of your sales. It's not a lower processing rate.) Ask them to clarify each and every fee.
Do they charge a transaction fee even when a transaction is not completed?
How much are they charging per month to lease their equipment to you?
Is the equipment proprietary equipment?
If yes, then can it be reprogrammed later if you change your processing company?
Is there a termination or early termination fee?
You may be wise to as them what are all of their fees!

Credit Card Processing Methods

The majority of credit card transactions are processed electronically by merchant processing banks for authorization, capture and deposit. The first one that I remember is the Automated Clearing House (ACH), a nationwide electronic funds transfer (EFT) system that clears credit and debit transactions for financial institutions that are a part of their program.

Credit Card Terminal

A credit card terminal is a stand-alone piece of electronic equipment. The merchant swipes or enters credit card information to process transactions.

ARU

An ARU (voice authorization, capture and deposit) processes credit card authorizations using a cell phone or land line phone. A merchant places a credit card slip with carbon paper or carbon-less paper and the card into the imprinter then slides the handle so the credit card number prints on the paper slip. This creates a receipt and a copy, and it processes the transaction over the telephone. All in one swell swoop!

Payment Gateway

A payment gateway is an eCommerce service that authorizes payments for eBusiness and online retailers. It is a form of the POS (point-of-sale) terminal in retail stores.

How Do I Get A Merchant Account?

Merchant accounts are usually marketed in two ways:
Directly by the processor or sponsoring bank, or by an authorized agent for the bank
Directly registered with Visa and MasterCard as an Independent Selling Organization/Member Service Provider (ISO/MSP)

Today, there are many companies that provide merchant services so you really need to do your homework before you make a decision about your payment processing system. Compare fees, services and customer service...take a big view approach and you will be on your way to setting up your merchant account and processing sales in no time.

With credit and debit cards being the consumer payment of choice and merchant account processors handling billions of transactions and trillions of dollars in sales each year, you owe it to yourself to check out these valuable [http://www.merchantaccount-cashadvances.com]merchant account services.

Article Source: [http://EzineArticles.com/?The-Merchant-Account---What-It-Is-and-Why-You-Need-...] The Merchant Account - What It Is and Why You Need It

PayPal - Get Your Money Deposited Directly Into Your Bank Account by PayPal

With the globalization of a variety of businesses, it's not a necessity to work for a company in your town or a town nearby. Thanks to the internet, people in Nevada can work for someone in Virginia and PayPal can be used as a method of receiving compensation for work. Upon receiving money for the goods and services produced, the receiver has a few choices as to what happens with that money. They can either save it in their PayPal account until they need to use it for something else, request a PayPal debit card for their PayPal account, or they can transfer it directly to their personal savings or checking account.

Typically, all three of those options are done manually through PayPal's website. It is literally just a few clicks of a button to have your entire balance transferred to your bank account. This process takes approximately 2-3 business days as it is done by ACH transfer. The process is very simple, and PayPal's customer service department is fantastic with guiding you through each step should you need help.

It's great to see PayPal's popularity growing. They are certainly pioneers in the field of e-commerce, and acting as a mediator between your bank account and a vendor or employer leaves you less time to worry about getting your money as fast as possible.

The writer contributes to [http://www.sleepersofafurniture.com/]Sleeper Sofa Furniture & [http://www.sleepersofafurniture.com/]Sleeper Sofa Furniture, and reviews and compares a large number of products & supplies.

Article Source: [http://EzineArticles.com/?PayPal---Get-Your-Money-Deposited-Directly-Into-You...] PayPal - Get Your Money Deposited Directly Into Your Bank Account by PayPal

Why Do Foreigners Or Non Residents Look For a US Bank Account?

Most of these people are online and trying to make out a living form the internet. They want to be able to make some earnings online. For most people this is reality. You would earn money online if you put in the required efforts and learn how t works as this is totally different from the offline world.

Now if you are online and making money, there is the challenge on how you eventually get the money in your hands in your home country.

Most of the companies you would be dealing with are in the US. Also most of the people who buy online are in the US - a huge market. So it goes to say that you will be receiving payments from mostly companies and individuals in the US. This comes with an additional burden and cost ad this can become overwhelming.

The solution? Get a US bank account even if you are a non resident or Foreigner.

Now let us look at how it works if you are online and making money either from sales of your own products or you are an Affiliate via any of the affiliate networks like ClickBank and commission Junction.

You sell during the month and at the end of the month or agreed period, your earnings are remitted to you. They are two main ways to do this if you are a Foreigner or non resident of the US. The main problem is that most of the big companies or networks online re based in the US. When you are going to be paid, it will be from the US.

We go further to say that the payment will be from the US financial systems and not from your country's system. This will obviously provide some challenges. You need to be paid fast and how do you do this?

The main way that you would be paid by these companies is by cutting and mailing you a check. This is all circumstances will take an average of 10 weeks from the time the check is cut and mailed to you to the time you actually see the money in you local bank acct in your country. 10 weeks is no mean period by any standard. You need the money to do a whole lot of things and waiting for 10 weeks may be out of the question.

You need therefore a means to be paid very fast and that is where the need for a US bank account comes in. You need a US bank account if you are going to be getting your money very fast and in a timely manner to be able to solve your basic need and function well online.

If you have US bank account, you would be paid by what is termed direct deposits or ACH (automated clearing house) methods. This takes around 2-3 working days to reach your US bank account and you can immediately withdraw via the ATM card issued to you by the US bank or financial institution.

Mostly payments that you receive this way is free of charge thereby saving you big. On average you would spend between $100 - $150 for each check that you receive and clear via the customary approach. This is apart from the time delay of about 10 weeks.

Can you see the difference now? So everyone online who is trying to make money or already making money wants a situation whereby there ca be paid like their US counterparts. Hence the need for a US bank account even if you are not resident there.

Hope you have now seen the reason why foreigners and non residents online are clamoring for US bank account. Unfortunately this is not an easy thing for the uninitiated and neophytes. It takes some special knowledge or experience to over come this in the era of the war on terror by the US government.

Okereke Uma is an Internet wealth Consultant, writer and CEO of [http://www.ewealthsuccess.com/]Ewealthsuccess.com Now that you have known the importance of a US Bank account, why not click below and find out the [http://www.ewealthsuccess.com/us-bank.html]Easy Way to a US Bank Account!

Article Source: [http://EzineArticles.com/?Why-Do-Foreigners-Or-Non-Residents-Look-For-a-US-Ba...?&id=4900313] Why Do Foreigners Or Non Residents Look For a US Bank Account?