Which merchant account is right for your home-based business?

Which merchant account is right for your home-based business?

With today's challenging economy, many who have been unemployed for a substantial amount of time are considering starting up a small business at their home. However, it's not easy.

Small startup businesses can have some of the same needs as a larger company, but when it comes to transactions, processing needs may vary. Some merchant account solutions can be costly -- not to mention unnecessary -- for smaller businesses. Many startup businesses are based out of the home. Therefore, such businesses won't always need high-tech equipment for processing credit cards. However, a merchant account still is useful in running a smaller business.

A credit card terminal may be useful for transactions, depending on how a business is operated. Some transactions may need the use of a terminal to swipe credit cards. However, if a business is operated primarily over the phone or Internet, such a terminal may not be useful. A virtual terminal can be used to process transactions taken over the phone, through the Internet or in person.

In addition to virtual terminals and traditional credit card terminals, there also are portable terminals for the type of business that may be processing credit cards while on the go. Contractors who provide services to businesses and individuals are an example of someone who may need a portable processing solution. Credit card transactions also can be tracked in real time with a merchant account. If there are any questions about transactions, they easily can be pulled up. This can help keep track of the processing status on transactions.

Budgetary restrictions can often be the deal-breaker in many aspects of a home-based business. It is important to remember that while some of these merchant account solutions can put a dent in a budget, many can also be quite affordable. Merchant account services can be tailored specifically to fit the needs and budget of each individual company. These merchant account options are just some of those available to a startup home-based business. It's important to consider what needs your company has and what credit card processing method works best.