Alternatives to merchant accounts abound

Alternatives to merchant accounts abound

Credit card processing used to be difficult for business owners. They were forced to purchase complicated hardware and software they did not fully understand. Very little of the process was automated, and merchant accounts inflicted headaches upon even the most savvy of business owners. Now, online merchant accounts that provide easy alternatives have revolutionized credit card processing for the better.

Perhaps the most visible and well-known alternative merchant account option is PayPal, which provides business owners with an account through which they can accept payments online. Credit card processing is completely automated through PayPal's system. All the merchant has to do is supply an e-mail address or a button on its Web site.

PayPal charges a nominal fee for every credit card transaction, with the price dependent on your monthly volume. For example, if you process under $3,000 worth of sales each month, you will pay 2.9 percent of the sale price, plus an additional 30 cents per transaction. The price goes down to 2.5 percent for sales between $3,000 and $10,000.

You can also set up a merchant account through Yahoo, which has an e-commerce section for its Web customers and for other merchants. Yahoo! has a different pricing structure: a monthly fee of $25.97 and a per-transaction fee of 1.5 percent.

Google Checkout is another credit card processing option for your merchant account. Its prices are identical to PayPal's, with no monthly fees and no gateway charges. You also have the added benefit of using Google's trusted name, which might mean an increase in overall sales.

And finally, Bill Me Later is an increasingly popular merchant account solution that offers deferred billing services and a wide variety of options for credit card processing. There are different levels of membership for business owners; it is especially effective for businesses that sell high-ticket items.

If you are looking for an easier, faster merchant account solution that doesn't require difficult technology or complicated software, these alternative credit card processing options might be right up your alley. They are designed to be intuitive and easy for business owners and can also boost sales by offering customers a convenient way to check out online.

Of course, these merchant account solutions might be more expensive than traditional services, so it is important to evaluate all of your options. Consider not only your Web marketing needs, but also your monthly sales volume and the ways in which your customers most frequently buy from you.

It is also possible to test drive a merchant account through some of these credit card processing solutions without committing to a long-term contract. If they do not work for you, or if you find a better service, you can always cancel without incurring any fees.

Published: June 15,2023