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WORLDPAY EDITORIAL TEAM
July 10, 2019
Are you interested in exploring the possibilities of , such as debit and credit cards, for your small business? Confused about merchant accounts, payment service providers, gateways and the like? Here are some things you should know about merchant payment services for small business before you dive in.
The basics of are simple enough – you sign up with a merchant payment provider so that you can accept credit cards, debit cards and other forms of payment from your customers (and receive payment yourself for all of those payments). The payment processor collects fees from your transactions, and deposits the rest in your business bank account. However, there's more than one road to accepting payments. Below, we outline several that you might consider, each with their own specialty. By choosing the option that best fits your business, you will be able to:
Popular merchant payment services options include:
Merchant accounts can be intimidating to younger businesses because of their fee structures. These accounts use several different types of fees, which are organized based on the particular type of account and the business. Looking at the total amount of fees is important when considering the overall cost of a merchant account but it's not the only factor. Also take into account the additional value-added services that are provided with your merchant account. Common fees include:
A competent will be able to provide details concerning its various fees and how they apply to your unique business situation. However, keep in mind that merchant accounts also depend on your situation. Most account fees are adjusted for risk based on the type and volume of business, your credit history and your experience with merchant accounts in the past. Always ask for more information and compare costs to find out how factors like risk will affect you.
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