Reserve Funds: if the acquiring bank perceives that your level of risk exceeds their standard guidelines but is not high enough to result in a rejected application, you may be required to set up a reserve account with the bank. This typically consists of a percentage of your sales volume (e.g. 10% of your estimated first six month’s sales). This provides a fund that the merchant account provider can access should you exit the business.
Because of the number of fees involved, we recommend that you prepare a spreadsheet to calculate the total cost of the various merchant account alternatives that you are exploring. This will help you make your final decision. EasyPay123 has a simple online fee calculator available on our website that helps simplify the process of comparing different merchant how to become a registered iso account providers’ fees.
Merchant Account Tips
1. Determine what software you are going to use to process credit card payments before you get a merchant account. This will determine whether you will need a card present or card not present type of merchant account.
2. Be sure to shop around in order to get the best value from your merchant account provider. Remember that price should only be one factor in your selection process. Service, reputation and policies should be evaluated as well.
Importance of Merchant Account to Accept Credit Card Payment
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Importance of Merchant Account to Accept Credit Card Payment
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