What is a Merchant bank account? Card Processing
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What is a merchant account? A guide for small businesses
How does Credit Card Processing work?
Businesses that accept payments from customers will require a card processing provider. Other names for this service include merchant account, payment service provider or a payment aggregator.
Card processing offers a mix of security and simplicity for businesses, taking the stress out of handling payments. Several different payment methods can be accepted depending on what suits your business. Payment is handled and processed for a small fee per transaction, depending on the card processing provider you opt for.
Does my business need a Merchant Account?
If you want to be able to accept electronic payment for your business (particularly via credit cards) then yes. Merchant accounts are linked to your EPOS which include card terminals in-store. You may also have an online store or accept payments over the phone. Customers accept a secure payment method, and having a merchant account is the best way to provide this to them.
Plus, a merchant account will make your accounting more straightforward too.
How do I find the right Card Processing Company for my business?
The first step is to ascertain whether your business is classed as ‘high risk’ or ‘secure’ in the eyes of a card processing company. This will narrow down the type of merchant account that is available to you at the current time.
From there, you will need to consider the types of payment methods offered, how many transactions per second it will process, the support offered etc. Each aspect will come with limitations along with corresponding fees, so you’ll need to align the needs of your business with the specific card processing provider.
Can I get Card Processing online?
Yes! Card processing is carried out electronically anyway, with providers located across the globe. The benefits of the service being online is that you can read customer reviews when choosing your provider. Installation may be required in-person, depending on the EPOS you choose for your business. However, most of the time getting your business up and running with accepting card payments is incredibly straightforward.
How much does Card Processing cost?
The cost of card processing is entirely dependent on the deal your service provider offers you. Typically, the costs are between 0.5% to 3% of the purchase fee, in addition to a small flat fee on top. Other costs are associated, including authorisation fees, card terminal rental, payment gateway, virtual terminal, annual service charges, etc.
The good news is that part of choosing a card processing provider involves comparing such costs with the needs of your business. Rates can also be negotiated over time, especially if the health of your business improves.
4.76/5.00
based on 5,638 reviews
The average rating for Bark Card Processing Services is 4.76, based on 5,638 reviews.
