Accepting credit cards through merchant accounts leads to significant increase in sales. The merchant account for every business would depend on their business type and how they make sales. For instance, a brick and mortar businessman needs to have a merchant account that enables the acceptance of point-of-sale credit card payments, in which the card itself is swiped. Similarly mail order transactions will require a MOTO (Mail Order/Telephone Order) merchant account.
You may open these merchant accounts with a bank or with an Independent Sales Organization (ISO). Banks are very secure and reliable and the fact that you already have an account with the bank will hold you in good stead. Banks are very selective about the type of businesses to which they grant merchant accounts; while ISO's are more flexible about offering merchant accounts to high-risk businesses. However, ISO's will usually charge more in return for their leniency.
Whether you choose a bank or an ISO as your merchant account service provider, there are certain requirements that the card processor will insist on. Thus, following are a few features that your website must have to be eligible for a merchant account:-
- Privacy Policy- A privacy policy adds to the credibility of the e-commerce businessman, indicating his commitment to keep customer information confidential.
- Return Policy- A return policy indicates the company's policy about returns of purchases made if the customer is not satisfied. Details about any refund that has to be paid, mode of payment, time period, exchange policy, shipping and handling must all be chalked out.
- Shipping Methods- There are several methods of transporting your product to your buyer. Which one you select depends on the nature of the product, where it's going, how much of the product is in the order, and so on. The website must clearly indicate the method of shipping, the time taken, and any additional shipping and handling costs, if applicable. Shipping for oversized, perishable, damaged or defective items must be separately and clearly mentioned.
- All products must have a clear image and pricing- Any product that you sell on your website must have a price that is in large font and easily readable by all. The picture must be kept as close to the truth as possible. Else, customer dissatisfaction may lead to fraud allegations. Once a chargeback takes place, it would be difficult for you to find another credit card processing and merchant account provider.
- Shopping cart- A website must offer a secure, feature-rich PCI/CISP Validated e-commerce shopping cart solution for multi-channel online sales, featuring integration with leading Accounting, Point of Sale, and Fulfillment systems as well as other online selling venues, such as eBay and comparison shopping portals. Whether you're a small merchant just getting started or a high volume seller looking to streamline and upgrade your online operations, a shopping cart is a must!
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