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Why the Lack of a Merchant Account Could Be the Death of Your Business
From: Brent Crouch
Tuesday, 5:06 p.m.
Hello Friend,
You may not realize this, but the absence of a account can seriously hurt your business. To understand why accounts play such an important role in the achievement of online success, you have to understand what a account is and what it offers.
First, let's talk about what a account is. A account is a "bank account" that provides you with the ability to accept credit cards from your customers. When you have a account, your customer pays you with a credit card, the credit card information is then processed and the funds from successful credit card transactions are deposited into your account. Once the funds from a credit card transaction are in your account, you can transfer them from the account into your checking account.
In today's technology-driven world, fewer and fewer people are paying with cash and the ability to pay with a credit card isn't just preferred by online customers, it's outright expected.As we all know, if you can't offer a customer what they want, they'll go elsewhere to get it. If your customer wants to pay with a credit card and you don't have a account, they won't be happy. If you don't eventually get a account, the question won't be whether or not you'll lose business, it will just be a question of exactly how much business you'll lose.
Once you realize how important a account is, it's not hard to see that you need to get set up with one. However, you need to understand that not all accounts are created equal and need to figure out which one is right for you.
When selling on eBay, the chances of a customer and the customer's credit card being in front of you at the time of the transaction are slim to none. Because of this, you need a "card not present" account. This type of account allows you to accept credit card payments without the actual credit card being present during the transaction.
When you sign up for a account, make sure you deal with a account provider experienced in working with online merchants and "card not present" accounts. This will ensure that you get a account tailored to your business and that you are working with a provider who understands your business's needs.
MY RECOMMENDATION....
First, if you don't have a paypal account, you should get one now. You can't be serious about starting an ebay business and not sign up for paypal. Most ebay buyers will want to use paypal.
Paypal works like a account, but doesn't have all the features of a real account. For instance, you can't process a customer's credit card unless they have a paypal account. Some ebay buyers will refuse to open a paypal account, but will want to pay you with their credit card directly.
For these buyers, you will need a traditional account. This will allow you to take credit cards directly, even if your customer doesn't have a paypal account or refuses to get one. I process over 75% of my transactions on my personal account.
Good Luck with your Business,
Brent Crouch
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