5 Tips for Setting Up Your Online Merchant Account Easily
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5 Tips for Setting Up Your Online Merchant Account

With the right guidance, setting up your online merchant account doesn’t need to be a headache. The five tips I’m about to give you should be just want you need to set up your merchant account as efficiently, and painlessly, as possible.

Online Merchant Account Steps

1). Give yourself time to set up your Online Merchant Account

First and foremost, make sure you’ve allotted yourself enough time to get everything set up. If you’re going to accept credit cards online, you’ll need a merchant account, a payment gateway and usually a shopping cart– both of which should be accounted for when you’re allowing for time to set up the account.

Setting up your merchant account typically takes the longest. It can take as little as one day, but it can also take as long as two weeks. It all depends on your type of business, and the product or service you’re offering. Moreover, connecting your merchant account, gateway and a shopping cart will also require a substantial window of time, whether you’re a newbie or an experienced tech geek.

2). Know what your online merchant account payment gateway is offering.

With most payment gateways, you’ll be offered the basics (the ability to run transactions) but many of them can provide you with additional features* such as recurring billing and email invoicing. It’s important to not only know which features you’ll be getting, but also to be informed as to what you’ll be charged for. Some gateways include recurring billing as a basic feature and some do not.  Be sure to look at the true cost, and whether it reflects the features you’ll be using.

*Note: if you’re setting up a “high risk” merchant account, it’s important that your gateway is set up with load balancing.

3). Make sure your online merchant account provider knows your industry.

Every processor should be able to get you an account, but a processor that specializes in your industry will help to ensure it’s done right. For instance, a Joe Shmoe processor might be able to set up your merchant account quickly, but at the potential cost of suspending your account, withholding funds, or terminating your account as soon as you get that inevitable first refund or chargeback. An experienced processor familiar with your industry will have already anticipated those issues associated with it, and will work with you accordingly, so you don’t find yourself paddling up crap’s creek.

4.) Like your processor.

With the rapid expansion of online resources, it’s become incredibly appealing for companies to outsource many aspects of their business. While the result may be cost effective for that company, an unfortunate consequence to their consumer is often subpar customer service.

Now, don’t get me wrong – outsourcing can be awesome! But if you can’t get a real, living person on the phone that you can effectively communicate with, then it can cost you the well-being of your business, as well as some serious frustration. Before you dive in with a processor, make sure at the get-go that they’re responsive and helpful in answering any and all of your questions. They should be actively working to ensure you feel comfortable, so that you can commit to them with peace of mind.

5.) Be aware of your rates.

Be aware that there will always be a higher rate that applies to online transactions, as well as potential for hidden fees.

Unfortunately, there’s no way around the fact that online merchant accounts pay higher fees than retail merchants. It’s easier for people to commit fraudulent acts online, so to compensate, credit card companies spread that risk out across all online businesses accepting cards. Oftentimes, merchant account providers will present you with a retail rate of 1.59% that will NOT be applicable to any online transactions. Keep this in mind so you can protect yourself from any detrimental financial surprises.

Topic: Online Merchant Account

  • Wardee Harmon Wardee Harmon

    I’m so glad I found Easy Pay Direct! Customer service and merchant support are absolutely amazing and you’ve made it so easy for me to do automatic load balancing with multiple merchant accounts. I couldn’t be happier about switching to Easy Pay Direct!”

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    Wardee Harmon
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    Steven Poulos
  • Mike Wreggit Mike Wreggit

    I’m very happy with the service I’ve received with Easy Pay Direct. They’ve been great. I presented them with the challenge of getting my merchant account set up in about a week before my first home show. They pulled it off with flying colors. They even overnighted my card slider to my hotel so I had it at the show. I sold a commission from the show and I was able to run the charge without a hitch. Ted was a great help throughout. I highly recommend Easy Pay Direct.”

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    THANK YOU, THANK YOU, Easy Pay Direct! I didn’t know how difficult it was to set up a merchant account, and you guys have made that process so easy for us. I call you the lightning bolt in Customer Service because you are so fast! You have been a pleasure to work with.”

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    Isabelle Mercier-Turcotte
  • Lucy Whittington Lucy Whittington

    I tried Easy Pay Direct and have received such a high level of attention. I needed a ‘real person’, so I called and spoke to Gordon who has been amazing. I now have a merchant account and payment gateway. Easy! I’ll be recommending you to all my clients too.”

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  • Peter Conti Peter Conti

    Easy Pay Direct simplified the application process and was able to get us connected with three or four different merchant accounts all within a matter of just a few short weeks. I would highly recommend Easy Pay Direct for anyone who’s looking for a merchant account provider!”

    Mentor Financial Group
    Peter Conti
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