Mechant Account
Why Mechant Account?
As you take your business online, you start selling your services and goods online, for the transactions to be done effortlessly and on your site, you must have a merchant account that allows you to accept the transactions from credit card and debit cards.
Some people get confused in merchant account with a regular business account, these both accounts are different. Without having a merchant account you won’t be able to accept any card payments.
Trusted, Top-Notch Merchant Account Services
Merchant service providers make their money from the transaction fees which occur when you accept the transaction from credit card charges, so they make sure before providing their service to you that your business provides them profit and you are fit for them.
We make sure to provide you with the best and trusted merchant services so that you don’t get cheated and taken advantage of by some MSPs.
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Merchant Account Services for High-Risk Industries
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More Things About Merchant Account.
To get approved by the merchant account service providers, you need to have proper documentation of your business and information before applying.
Go through following points to know what information you need before applying to get your merchant account:
Credit history
Valid business license
Type of your business: high risk or low risk
If you have had bankruptcies or general financial standing
Some Frequently Asked Questions
Who needs a high risk merchant account?
The following points will let you know if you need high risk merchant account or not:
- Average monthly sales volume is more than $20,000.
- Average credit card transaction is more than 500.
- Have bad credit history and excessive chargebacks.
- Product offering- tickets, software, seasonal items, auctions etc.
Do merchant account providers charge fees?
Well yes, MSPs charge fees for you merchant accounts depending on type of account High risk account fees comparably more than low risk account fees. All these fees are mentioned in their policy, so make sure you double check before applying.
These MSPs can charge fess other than processing fees as such- initial startup fees, monthly fees, software or hardware startup fees etc.
How merchant account is different from payment gateway?
Merchant account is the banking account for your business whereas payment gateway provides the platform to conduct transactions to and from you merchant account and also helps in authenticating the submitted credit card data.
For whom these merchant accounts are?
Merchant accounts are for the business owners. Merchant account is the central hub for your business transactions between your storefront, online stores, gateway, payment processors and merchant service providers. If you don’t have the merchant account you will be subjected to more risk and higher fees.
What Our Clients Say?
Here are few reviews and comments from our clients.
The Financing Compass worked extensively with me to help me anticipate some of the issues that my business may face. Not many lenders would go to that length. They’ve been extremely supportive and a great resource.
Financing Compass enabled me to take advantage of an incredible opportunity to relocate and expand my business, at a pivotal time. The support I received from Financing Compass staff was priceless.
Working with Financing Compass helped me develop my business plan, ideas, and brand before getting started so that I was prepared to open a successful business when I received my loan.
Are You Looking For Our Services?
If you want a merchant account service to start your business you can contact us. We will provide you with the best service that will benefit your business.