Ecommerce Merchant Account Options For Small Businesses
Merchant accounts may have been around for decades, but eCom merchant accounts are a relatively new alternative to the business world. ECommerce (electronic commerce) is a broad term that covers virtually every business transaction you can imagine: online credit card transactions, electronic checks, electronic purchases and sales, online auctions, voice over internet protocol (VoIP), instant messaging and many more. In short, eCommerce are all about selling and buying online, and the eCom merchant account proves useful for any type of eCommerce merchant. An eCom merchant account is an offsite arrangement where the online payment processor acts as a bank on your behalf to receive and securely process payments for your site.
Since eCommerce began, merchant accounts have had to change with the times and keep up with the changes in technology and the ever-changing landscape of online businesses. As an eCommerce site grows in size, so does its needs for an eCom merchant account. As of early 2021, major banks were no longer offering this kind of service because the cost to provide this service increased so significantly that banks' profit margins on eCommerce grew too large to withstand the increased costs.
Major banks like Chase Manhattan, Bank of America and Wells Fargo abruptly ended eCommerce deals and many other financial institutions including Capital One, US banks and PNC Financial Services. Banks that had not yet provided this service included Citibank, Chase Manhattan, Bank of America, Wachovia, Wells Fargo, Sun Trust Bank and Capital One. If you are an eCommerce merchant service, you are probably wondering why some of these banks suddenly no longer offer an eCom merchant account.
ecom merchant account - Easy Pay Direct
Most likely, you will have to rely on merchant services outside of these banks to continue processing credit card payments. These companies may offer a higher percentage of credit card processing fees than the larger banks or credit card processing firms, but they may charge much higher transaction fees. They may also charge much higher rates for debit card transactions. So, how do you decide which eCommerce merchant service is the best for your eCommerce site? The answer depends on the kind of eCommerce site you have and the kind of merchant service you require.
If you have a small eCommerce site with few regular customers and you don't generate many sales, then paying slightly more for an account with a bank that charges a low transaction fee and provides a high percentage of credit card processing is probably a good idea. If you are a web developer or online marketer who generates a lot of sales and you receive a lot of monthly sales, then paying a little bit extra for a merchant account with high credit card processing fees, high gateway fees and high transaction fees is probably a good idea. If you operate an eCommerce site that regularly receives and process a high volume of credit card payments, then a high percentage of your transaction fees is probably a good idea. If you are a web developer who has many different clients, than high percentage rates on each payment sent to you by a customer is probably a good idea. If you have an eCommerce store that sells products from several different countries, then paying a little extra for a bank merchant account with a high credit card processing fee is probably a good idea.
If you operate a site that regularly receives and processes a high volume of monthly sales, then paying slightly more for a bank merchant account with a high percentage of credit card processing fees, high gateway fees and high transaction fees is probably a good idea. If you are a web developer or online marketer who generates a lot of sales, than paying a little bit extra for a bank merchant account with a high credit card processing fee, high gateway fee and high transaction fee is probably a good idea. If you have an eCommerce store that sells products from several different countries, than paying a little bit extra for a bank merchant account with a high credit card processing fee, high gateway fee and high transaction fee is probably a good idea. If you operate an eCommerce site that regularly receives and processes a high volume of monthly sales, then paying a little bit extra for a bank merchant account with a high percentage of credit card processing fees, high gateway fee and high transaction fee is probably a good idea.
Before opening your eCommerce store, consider all of these factors. A high percentage of credit card sales usually indicates that the processing fees charged by the bank merchant account is high. A high percentage of debit card sales typically indicates that the credit card processing fee charged to you is high. A high percentage of monthly transactions that include checks typically indicates that the credit card processing fee charged to you is high. And a high percentage of monthly traffic to your ecommerce store indicates that the credit card processing fee and the high gateway fee charged to you are high.
It's very easy to get excited about new ecommerce business models and open an ecommerce store without having all the facts in hand. You want to make sure that you're getting the most merchant services possible at the best rates. When you're planning your ecommerce store, take the time to consider everything that could possibly go wrong and then address those concerns. Don't wait until you have problems before considering these things. Make a list of potential problems, figure out how you're going to address them and then do your research.
More Info:
Easy Pay Direct
#240-2006, 2028 East Ben White Boulevard
Austin, Texas 78741
Since eCommerce began, merchant accounts have had to change with the times and keep up with the changes in technology and the ever-changing landscape of online businesses. As an eCommerce site grows in size, so does its needs for an eCom merchant account. As of early 2021, major banks were no longer offering this kind of service because the cost to provide this service increased so significantly that banks' profit margins on eCommerce grew too large to withstand the increased costs.
Major banks like Chase Manhattan, Bank of America and Wells Fargo abruptly ended eCommerce deals and many other financial institutions including Capital One, US banks and PNC Financial Services. Banks that had not yet provided this service included Citibank, Chase Manhattan, Bank of America, Wachovia, Wells Fargo, Sun Trust Bank and Capital One. If you are an eCommerce merchant service, you are probably wondering why some of these banks suddenly no longer offer an eCom merchant account.
ecom merchant account - Easy Pay Direct
Most likely, you will have to rely on merchant services outside of these banks to continue processing credit card payments. These companies may offer a higher percentage of credit card processing fees than the larger banks or credit card processing firms, but they may charge much higher transaction fees. They may also charge much higher rates for debit card transactions. So, how do you decide which eCommerce merchant service is the best for your eCommerce site? The answer depends on the kind of eCommerce site you have and the kind of merchant service you require.
If you have a small eCommerce site with few regular customers and you don't generate many sales, then paying slightly more for an account with a bank that charges a low transaction fee and provides a high percentage of credit card processing is probably a good idea. If you are a web developer or online marketer who generates a lot of sales and you receive a lot of monthly sales, then paying a little bit extra for a merchant account with high credit card processing fees, high gateway fees and high transaction fees is probably a good idea. If you operate an eCommerce site that regularly receives and process a high volume of credit card payments, then a high percentage of your transaction fees is probably a good idea. If you are a web developer who has many different clients, than high percentage rates on each payment sent to you by a customer is probably a good idea. If you have an eCommerce store that sells products from several different countries, then paying a little extra for a bank merchant account with a high credit card processing fee is probably a good idea.
If you operate a site that regularly receives and processes a high volume of monthly sales, then paying slightly more for a bank merchant account with a high percentage of credit card processing fees, high gateway fees and high transaction fees is probably a good idea. If you are a web developer or online marketer who generates a lot of sales, than paying a little bit extra for a bank merchant account with a high credit card processing fee, high gateway fee and high transaction fee is probably a good idea. If you have an eCommerce store that sells products from several different countries, than paying a little bit extra for a bank merchant account with a high credit card processing fee, high gateway fee and high transaction fee is probably a good idea. If you operate an eCommerce site that regularly receives and processes a high volume of monthly sales, then paying a little bit extra for a bank merchant account with a high percentage of credit card processing fees, high gateway fee and high transaction fee is probably a good idea.
Before opening your eCommerce store, consider all of these factors. A high percentage of credit card sales usually indicates that the processing fees charged by the bank merchant account is high. A high percentage of debit card sales typically indicates that the credit card processing fee charged to you is high. A high percentage of monthly transactions that include checks typically indicates that the credit card processing fee charged to you is high. And a high percentage of monthly traffic to your ecommerce store indicates that the credit card processing fee and the high gateway fee charged to you are high.
It's very easy to get excited about new ecommerce business models and open an ecommerce store without having all the facts in hand. You want to make sure that you're getting the most merchant services possible at the best rates. When you're planning your ecommerce store, take the time to consider everything that could possibly go wrong and then address those concerns. Don't wait until you have problems before considering these things. Make a list of potential problems, figure out how you're going to address them and then do your research.
More Info:
Easy Pay Direct
#240-2006, 2028 East Ben White Boulevard
Austin, Texas 78741
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