This even considers the $10 per month fee that is generally charged with merchant accounts. Once you get over $100,000 per year, the high transaction rates, like 2.9% and $0.20 per transaction, becomes higher than the lower rates with a true merchant account. If you are processing below $100,000 per year, they are likely a good option. They are fast to sign up and have no monthly fees. It has additional features, such as setting up autopayments or invoice billing, however, these features appeared complicated to setup and use. These are the accounts you get from great companies like Paypal, Square, and Stripe. Psychologists who use Stripe to process credit cards either in the office (through the use of a credit card processing terminal) or online likely will be satisfied. Things such as using the right merchant category code (MCC) makes a difference in your payment processing cost.Īn aggregator account is basically a shared merchant account. When you get your merchant account set up, make sure you work with a great payment processor that will set up the options that are optimal for your business so you can save. Helcim, Square, Stax, Payline, Payment Depot, Stripe, Dharma and National Processing make the list for small businesses in need of cheap credit card processing. You can use any computer to use the virtual terminal and you don’t need a new device. Their virtual payments system is simple to use and to set up as you only need to sign up for a Square account online to start taking payments. It will save you money by reducing your credit card processing fees. For instance, commercial PayPal processing for standard credit cards is 2.99 plus 49 cents, whereas Venmo transactions are 3.49 plus 49 cents. Square is a payment processing provider who offers services for in-store, online and virtual payments. If you process more that $100,000 per year in credit card payments, it’s time to get a merchant account. When you have your own merchant account, it is customized for your business and considers things like the amount of dollars you process, the average transaction size, and the different types of credit cards you accept. It is an account that is specific for your business. You can either get a dedicated merchant account for your business or you can have a shared merchant account that is used by many businesses at once.Ī merchant account is like a bank account. Virtual terminals can be an easy and inexpensive way to get paid as long as you know which one of the hundreds of options to choose. There two main types of accounts you can have to accept credit cards. Best Virtual Terminal for Credit Card Processing If you own a telemarketing firm or need a better way to handle remote payments, then you’re likely in the market for a new virtual terminal.
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