Consumer behaviour has been changing rapidly. The massive shift to online shopping opened up a whole new world of possibilities for small scale businesses. They can now promote their products across the geography and make huge profits. When it comes to selling your products to global customers, you need to sort out the system for accepting online payments. In order to accept electronic payments, all you need is to set up the best merchant account for online business. It can be done easily with help of a service provider that helps you throughout the application process and gets you the lowest processing fee.
Setting up a merchant account is not that complicated if you have an expert by your side. Moreover, certain business fall in the high-risk category so faster approval or lower processing fee can be a bit challenging for them. Keep on reading if you are planning to set up a merchant account for your online business and are clueless about where to start.
What is a merchant account and why do you need one?
A merchant bank account is like a regular bank account, except the difference is that they accept credit card payments from their customers. Brands like Visa or MasterCard can get you into an agreement with which you can accept card payments adhering to the operating regulations of payment processing.
It is highly beneficial to get a merchant account because it offers superior protection against chargebacks. The transaction fee can be more affordable and it allows businesses to accept payment from customers across the globe. If you are able to get the best rates, setting up a merchant account is the ideal step to growing your business.
How to set up a merchant account?
Merchant account applications are reviewed thoroughly and the processing rates are decided based on the turnover, card history and outstanding debt. So make sure to tackle all the critical things before you even apply for an account.
- Pick a credit card company: You must have heard about Visa or Master Card, whereas American Express is another credit card company which you can consider if you are planning to accept cross-border payments. Visa is the #1 choice for businesses in the UK so it is safe to consider this option.
- Pick a bank: You need to pick a local bank to work with. However, if your business is new or falls into the high-risk categories, you will need the help of payment service providers to get through the process of setting up the merchant account.
- Domain and website hosting: In order to be able to accept electronic documents, you will need a compliant website. Make sure to adhere to the norms of domain and website hosting of your credit card bank to fasten the process of approval.
- Documentation: Similar to a regular bank account, you will need certain documents for the application process. For a merchant account, you will need proof of your compliant business activities, tax returns and other documents that show you are able to run a business.
- Application: Now you are ready to file the application. Keep in mind that if you get rejected, you can find another global payment provider. If you are not up for the hassle, it is best to hire an expert. These merchant account service providers have tie-ups with multiple card processors and they work on basis of the case-by-case review. Hence, you get to make informed decision about the application process as well as the processing fee.
How to find the best card payment providers in the UK?
Card payments are all about the processing fee. The rates and fees must be transparent. Further, there should be provision for multiple payment processing services, such as credit card terminals, virtual terminals and POS systems. Pick a service provider that offers you quality advisory so that you can pick the best card payment providers in the UK.
- Approval rates for merchant accounts
- Approval timing for merchant accounts
- Industry experience
- Custom solutions for high-risk businesses
- Customer service
When it comes to third party agent, go with PCI DSS compliant VISA approved agents. These agencies can help you get the best processing rates as the most popular card processing platform in the UK. Find an industry leader that offers a custom solution and most importantly offers round the clock customer service.
Setting up a merchant account offers you endless benefits. However, the application process can be tedious for beginners. To get faster approval and lower processing fee, consider selecting a merchant account provider like We Tranxact. It is a secure and stable organisation that adheres to PCI DSS protocol to help brands create the best merchant account for online businesses.