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Merchant Accounts
If you have a small business, you should think about opening a merchant account. It does not matter what type of business you own, it might be a restaurant, a shop or even a web-store, it will be more convenient for customers if they can pay by credit card. A merchant account is an account which enables a business owner to accept credit card payments. Business owners and customers find it easier and more convenient to pay by credit card, so a merchant account might be a plus to your business. There are three basic types of merchant accounts, so that every business owner could find the one which is best for him.

The basic type of merchant account is the retail merchant account. This works best for restaurants, shops, hotels. In the case your business is such a kind where customers come into the building, than you should choose a retail merchant account. In this case the business owner makes an agreement with a bank or another payment processor and he will get a credit card terminal. As part of the agreement, the owner must agree that most payments will be done with credit card; there might be a set percentage of the payments which should be made with credit card, or a minimum amount per month. This type of merchant account has the smallest fees, so it is the perfect option for smaller businesses. In this case the credit card must be there when the buyer wants to pay something, because it is not enough to introduce the data from the card, the card must be passed through the credit card terminal. Actually that is all: the business owner or the salesman passes the card through the terminal, and the payment is made.

Another type of merchant account is the MOTO merchant account. The abbreviation stands for Mail Order – Telephone Order. In this type of merchant account the fees are a little higher compared to the retail account, but there are fewer restrictions. In this case the customer does not have to actually use the card to make the payment; all he needs is the credit card information. The information will be entered into a credit card terminal installed on a computer, or the payment can be made through the internet. In this case the customer does not meet with the seller, so if you are conducting such a business, a MOTO account is the best choice.

The third type of merchant accounts is the internet account. This type can be used by business owner who conduct their businesses through the internet. The buyer introduces the credit card information into a virtual terminal, and the payment is made. This type is very similar to the MOTO account, but it can be used only to pay via internet, it does not work for other types of payments. In this case too, the fees are a little bit higher than in case of the retail account, but there are advantages too: the seller and the buyer do not have to meet, and the transaction can be done without risks. With the fast development of the internet, internet merchant accounts are a must for the businesses which work through the internet!

These are the three basic merchant accounts; they are created to suit any business, customers will appreciate that you had created an easy payment method for them!