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6 Simple Steps to Create a Merchant Account for Business

6 Simple Steps to Create a Merchant Account for Business

Running a business is a task that takes up most of your energy. But as you start, you realize that one of the most important things needed is a secure medium for your business to transact. This ensures your customers can buy your product and pay you through a medium that’s easy to use and secure. Enter merchant accounts that help you easily accept card and electronic transactions and provide access to funds immediately.

What is a merchant account?
It is a type of business account that allows your business to process and accept card transactions and more in a secure way. It requires your business to partner with a merchant-acquiring bank that will facilitate all the electronic transactions and their communication. These merchant services often come with an additional fee that needs to be paid regularly as they are essential for your offline/e-commerce business.

How to create a merchant account?
Today, people barely carry cash in their wallets, as card payments and other electronic payment options have made life much easier. But when you run a business and begin to accept card and electronic payments, it becomes quite daunting, and the process may even make you feel quite overwhelmed, but here are six simple steps to help you create your merchant account and get started.

Get a business license
The first and often most important step is getting a business license in place to run a business in a particular area. Multiple states in the country require a valid business license, and this can easily be achieved by paying a visit to the local authorities, gaining the right information, and initiating the process. This not only helps your business (online or offline) gain a legitimate status but also aids in creating a merchant account with ease.

Open a business account
After successfully receiving your business license, it is time to create a business account. Approach a bank to open an account, where you can make all your required transactions at any time of the day, sitting in the comfort of your house or workplace. This can also be done in your local bank as they may be able to provide you with an unmatched level of convenience and aid in any issues regarding the functions of the account. For this purpose, you may have to provide them with your business license and also the EIN ( Employer Identification Number) to initiate the process.

Assess your needs
As you start the process and create a merchant account, you realize that many factors come into play. You will have to decide the credit cards you are willing to accept and process, and mandate online and mobile payments, etc. After you have assessed all your business needs and options, including short-term and long-term requirements, you can move on to the next step.

Find the right merchant account provider
As you have figured out the intricacies of a merchant account and have also assessed all your business needs, you should look at a list of merchant account service providers that can match your wants and provide you with the best services. But you also need to ensure a few things before making the final decision: Security and PCI compliance, transparent pricing models, faster funding, free in-house support, no unnecessary fee, among other factors.

Submit the application
Comparing multiple options and choosing a merchant account service provider might be stressful but rewarding at the same time. After you have chosen the best fit, you will have to fill out an application with the required details about your business. Some of the information that would need to be provided are, starting date of business, contact details, information of authorized signer, tax ID, bank account details, and estimated processing amount for your merchant account in dollars.

Submission to underwriting
Taking on a merchant account is quite a risk for both the service provider and the acquiring bank. Hence, providers will assess your business and underwrite it to ensure that they make the right decision. In this process, they will try to look for red flags, including fraud, high-risk business or industry, etc. After you have cleared the underwriting process and gained approval, you can start the payment processing on the merchant account within seven business days.

Best online merchant account service providers
Today, payment options have expanded exponentially and introduced people to mediums that are safe and easy to use. There are multiple merchant account service providers that provide services that meet all their consumers’ needs; some of the best are: 

Stax
Stax, formerly known as Fattmerchant, offers an extremely streamlined service on a month-to-month basis. It also offers a 3-month subscription, and the first $500,000 are processed without any additional charges. You can also choose from a variety of features, including a one-click shopping cart, terminal protection, and QuickBooks sync, among others. 

Stripe
Stripe easily takes up the space at the top of the list as one of the best merchant account service providers. The service is not only cost-effective but also offers a variety of payment processing options to its consumers, making business transactions easy. Their services are also built into major e-commerce websites, and they also aid in operating multiple business/brand transactions from a single merchant account. 

Square
Square provides services that fit a range of businesses, becoming one of the best in the industry. They provide services such as access to software and hardware needed for processing in-person payments on mobile and other electronic mediums. Additionally, the funds can be accessed almost immediately with the e-commerce merchant accounts.

If you are still confused, you can consult a professional to help you choose the right e-commerce merchant account to meet your business requirements. 

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Tips for Choosing the Best Repair Service for Heating Systems

As the cool winter winds draw near, you must be prepared for adverse weather conditions. One of the most important things to get yourself through the harshness of winter is a fully operational heating system that ensures you and your family do not feel the chills right outside your door. Here are a few tips to make sure you choose the best heating repair service in town. Maintenance and repair As you prepare your home for the winter, pull out all the blankets, jackets, and gloves, and do not forget to look at the most important part of your home, the heating system. You might not feel the need to use it right away, but once the temperatures start to drop drastically, you might have to turn it on for multiple hours during the day. Therefore, it becomes imperative to get it checked by a professional to prepare yourself for the chills. Even though there might be a few issues with the heating system, they do not come to the surface until it's too late. So it is better to get an annual maintenance checkup done by a professional. In case of any issues, get them repaired before the onset of winter. Some of the other benefits of preventive maintenance include: Longevity Regular maintenance guarantees the system does not lose its efficiency in the long run, ensuring it works well even after the end of the warranty period. Additionally, if any minor issues are found, the sooner they are repaired, the better, as these small problems might hinder the workings of your heating system and cause it to malfunction when you need it the most. Improved efficiency The heating system remains on for long periods during the winters, and during this time, there are chances of small issues coming to light, such as loose bolts. These might not cause any problems when you start using the heating system again, but if left unattended, it can lead to issues that might cause you more discomfort. Regular maintenance and repairs ensure that these problems do not arise and help the system work more efficiently. Early repairs Any problems that arise in the heating system should be addressed as soon as possible. It prevents the problem from spreading deep into the system and enables you to schedule the repairs at a time convenient to you. If left up till the last minute, it might lead to more discomfort and problems for you and your family, so always ensure to get the repairs done during the fall so that you’re prepared for the coming winter season. Tips for choosing the best heating service repair When you spend a lot of money on the best heating systems to get you through the cold, it is evident that you would need only the best to get its maintenance and repairs done. You can ensure you choose the right professional service for this job by following the tips below. Licensed or not The functioning of your heating system might be too complicated for you to understand. Hence, it is important to leave that job to a professional with in-depth knowledge of the system and their job. This can be ensured by checking if they possess a license and the experience of promptly finding the issue at hand. Therefore, always make sure to do thorough research of the professional service provider and ensure their technicians have a proper license before allowing them to look at your heating system. Customer reviews Whenever you think of hiring a professional service provider for the repairs, always check what their previous customer have said regarding their services. It is not enough if they have adequate knowledge and experience; they should also be able to provide a sense of satisfaction to their customers. You can search for heating repair services online and check their customer reviews to ensure you make the right decision. Compare quotes Selecting the best service provider often invites a lot of confusion; you might find a few of them that possess everything you need, making your decision a bit more complicated. You can always ask for a detailed quotation if you find yourself stuck. Then, compare them and decide which one works best for you. But in such instances, keep in mind that low service costs do not always ensure high-quality services. Compare prices Sometimes, hiring a professional service provider based solely on service charges feels like a good idea. Their prices might be low, but this does not mean they provide good quality service. Your heating system might look simple, but the reality is different. Such complex systems require quality skills and service to ensure they remain in good condition for a long time. So make sure the technicians sent by the heating repair service provider are certified, fully insured, and factory-trained. Research well In addition to knowing the price and quality of service, you should also educate yourself on the types of equipment that are to be used during the repair process, the functions of the individual components, etc. This enables you to make an informed decision and ensures you get the best service. Prepare an estimate Usually, a quotation given by a service provider covers the bare minimum of services. So if you suspect any issues in your heating system, inform them about the same and get an estimate of the charges to get a better idea of your overall expenditure. This ensures you are prepared and also helps you make a responsible decision.

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A Guide to Accepting Credit Card Payments for a Business

Business owners must have multiple reliable methods of accepting payments, whether customers come in person or online. Today, 70% of Americans hold at least one credit card, and approximately 40% are likely to use it on purchases. So, it could be detrimental for businesses that don't accept them. In this article, find out the best ways to accept credit card payments in person or online and what are its processing fees. How does credit card payment processing work? The process of automating transactions between customers and retailers is called payment processing. Third-party services frequently handle processing, verification, and accepting transactions on behalf of the merchant. The two main parties involved in the transaction are a customer or cardholder and the merchant or business providing goods or services. Apart from that, it also consists of a bank that holds the business account, the credit card network and issuer, and the payment processor. The credit card networks like American Express, MasterCard, Visa, etc. facilitate these transactions. The payment processors send the payment information to the customer's issuing bank and deliver payment approvals to the consumer, acquiring bank, and retailers. How to accept credit cards as a business? Step 1: Determine payment processing needs One must take into account one's payment processing needs to determine whether one needs a merchant account or a payment service provider (PSP). These are some of the questions one can ask to determine them: What is the volume of business transactions per month? What type of credit cards will the business accept? Will the transactions be in person, online, or over the phone? Does the business cater to international customers? Do customers need financing? For online businesses, it's important to use a payment processor with an interface that integrates seamlessly with one's website. Credit card processors with mobile apps and tools are best for taking payments on the go. For brick-and-mortar stores, find out the hardware requirement, such as payment terminals, one needs and whether it will work with one's current point of sale (POS) system. A POS system is the software and hardware that manages purchases, returns, and exchanges. Usually, the point of sale is at the register or checkout counter, but it may also include customer relationship management (CRM) and inventory management. Step 2: Select a payment processor One should select a payment processor compatible with the company's current software, such as a point-of-sale (POS) system, an e-commerce platform, or an appointment booking system. By streamlining one's payments with management tools, one can minimize manual entry errors and troubleshoot problems easily. There are two ways to accept and process credit card payments: Merchant account: One can choose to open a merchant account for processing payments. For this, one has to go through a bank generally. It entails submitting information about one's business and connecting the bank account where money will be deposited. It involves processing fees that vary depending on the provider and the type of business. It is suitable for established and high-risk businesses. Payment Service Provider: Payment Service Provider (PSPs) is another option to streamline payments. Ideal for small businesses, these third-party enterprises connect small businesses with consumers making digital payments. Their processing fees can range from 2.5% to 3% per transaction. One can open an account at the provider's website and connect a business bank account there. Considering the volume of one's business transactions and location, some trusted PSPs assist small businesses. One famous name with competitive transaction fees below 3% is PayPal. Square Payments are ideal for mobile businesses. Stripe is good for an online business that wants to scale up, while Venmo is an option for businesses that are strictly online. Set up payment terminals Installing payment terminals across one's business is the last step in accepting credit card payments. If one operates a physical store, this phase involves acquiring hardware such as a card reader and a POS that accept payments through swipe, inserted chip, or contactless tap. One can use website plugins that accept payments online for an online business. After installation, the plugin will walk one through the steps needed to enter the relevant information. One can also seek technical support from one's website developer or card processing provider for the same. Accept credit cards over mobile, online or in-person Businesses can accept credit card payments online, in person, or on the phone. Each comes with various costs and technological requirements. In-person: Brick-and-mortar stores, on-site service providers like electricians or gardeners, and mobile business merchants like food trucks can all benefit from in-person credit card processing. Here, the consumer presents their credit card. These transactions often have lower costs since there is less chance of fraud. Online: Enterprises that depend on online credit card processing include e-commerce stores, restaurants that take online orders, and businesses that offer digital services. Processing costs for online transactions are often greater than those for purchases made in person. For this, a business must have a payment gateway and a digital storefront. Phone: Over-the-phone transactions are generally used for food takeaways. The customer provides the business with their credit card number, and the merchant manually enters that data into their card reader. It involves significant risk of fraud. Hence their processing costs are often the highest. One will require a credit card reader, a POS, or an online payment gateway in order to accept credit card payments over the phone. How much does it cost to accept credit cards as a business? In most cases, providers impose fees per transaction instead of monthly charges. The fees are determined by many factors, including the payment network (such as Visa, Mastercard, Discover, or American Express), the kind of credit card, and the type of business. The four payment networks are listed below, along with their typical credit card processing costs: Payment Network Avg Credit Card Processing Fees Visa 1.43% to 2.4% Mastercard 1.55% to 2.6% Discover 1.56% to 2.3% American Express 2.5% to 3.5%  

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