As a small business, or any company for that matter, merchant accounts are a necessary tool to doing business. Sometimes business tool are easy to use and to understand, but more often than not that is far from the case. Luckily, virtual merchant accounts are the former. The definition of a virtual merchant account is pretty standard: credit card processing performed online. It really is that simple, but I’ll go into a few details to hammer home the point. The intention of this article is to make certain that’s the case.
The Art of Mobility
With virtual merchant accounts, businesses aren’t bound to any of the brick and mortar aspects of traditional merchant services. This is the single biggest advantage of virtual merchant accounts, as they expand the transaction potential across the board by requiring no telephone line or card swiping device. While card-swiping equipment can be used in conjunction with a virtual account, it is not required. Businesses can accept all major credit cards, debit cards, and verify checks all within a system allowing mobile businesses to process transactions while expanding brick and mortar businesses to meet all customer needs.
With virtual merchant accounts, orders can be processed from anywhere an Internet connection is present. Retail store or kiosk, ipad or iphone, stateside or worldwide, transactions can be processed quickly, efficiently, and in a user-friendly manner. Virtual merchant accounts are designed to be accessible, as they are used by a wide variety of businesses in a wide variety of locations. With elementary Internet skills someone can easily succeed.
In addition to processing all types of transactions, virtual merchant accounts provide detailed documentation. Stock reports make bookkeeping a breeze, with information easily generated from accounts. Merchant services companies offer an assortment of transaction, customer, and financial reports that can be downloaded to various formats, and in a number or time periods, for record keeping.
Setting up a Virtual Merchant Account
Merchant account applications are treated much like credit card applications. Merchant accounts may run credit ratings on the applying account holder with denial being a legitimate possibility if a poor credit rating is returned. Denials can be dealt with by using a co-signer or a third party such as PayPal. The process involved in applying, apart from being relatively simple, is prompt, possibly taking less than a day.
The costs associated with virtual merchant accounts will vary, based on the type of business using the account and the needs of that business. You, and your business, would be wise to compare the services of a number of virtual merchant accounts. There are a number of websites that have created comparisons of available merchant account pricing structures and fees. These should be employed when comparing potential accounts. By realizing all the associated fees with each account an informed decision can be made. Here’s hoping this article helped with the informing part of the equation. On to your decision.