Do You Really Need A Merchant Account?

Many online businesses find there’s a time when it makes sense to migrate to a merchant account payment system. But, if your existing basic personal or business PayPal account has been serving you well up until now you might wonder if you really “need” a merchant account. Here’s a look at some of the clues that might signify it’s time for this type of move:

• You are losing potential customers because you can’t accept all the major credit cards or specific types of payments

• You’re looking for increased gateway security for payments to give client’s more confidence in safely supplying their credit card / payment information

• You’re having problems managing your existing payments / transaction records and want simplified statements for bookkeeping

• You want to save costs on the transactions and cost of doing business (PayPal fees are quite high)

• You want to use a terminal to process payments offline from call in orders or repeat business

Considerations:

When you set up a merchant account, be sure they offer the services that you need. You’ll want to know:

• Is there a dollar limit?

• What are the fees?

• Are there transaction quantity limits?

• What circumstances could put my funds in limbo (i.e: on hold)

• Is the payment gateway compatible with my website and shopping
cart technology?

• What do others say about the service in testimonials off the merchant’s website?

• How long will it take to set up the account?

• What information is required to get the account set up?

• What tech support is included in my fees?

• Are there any extra maintenance or hidden fees beyond my transaction fee?

• Is my business considered a high risk business that will involve additional fees?

• Are there up front fees involved? Be very wary about this.


A lot of people complain that setting up merchant accounts is a cumbersome process. Because most people are in businesses that are bursting at the seams by the time they take this plunge, they can find some merchants frustrating to deal with. You can look for a company with a reputation for easy account set up and it might be wise to take the time to set up your account in anticipation of growth rather than when your business has already dramatically grown. So, do you really need a merchant account? After carefully weighing your options you might decide that it is worthwhile to plan for this type of service so payments can be simplified and can grow along with your business.

Learn more about merchant accounts.

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