In addition, it is crucial to understand the payment processing gateways that your online merchant services account can support. Sometimes, your existing merchant services account service provider can upgrade your merchant services account to include internet transactions and suggest a payment processor partner. Other times, you may need to open a separate account with the same bank or another bank. Many merchants maintain an independent online merchant services account apart from their regular business accounts and simply transact and transfer funds between accounts when desired.
There are numerous account types that permit internet payments. The only method to discover which account types allow for internet payments is by researching your bank’s current offerings or other bank’s services can you hope to find the easiest and most cost effective solution for your particular business. However there are many financial institutions that offer an internet merchant services account and services more frequently and smoothly. In addition, these financial institutions can offer a bundled deal that covers the monthly and/or per transaction cost of an internet payment in with the merchant services account services fee.
These merchant service provider institutions have an internet merchant services account area in which you can review as you are just getting started. It is important to research the different institutions so you can find one that best suits your business needs.
Once you have selected an internet merchant services account, you need to set up the payment processing with your merchant services provider. If you have opted for a bundled package that includes a payment processing gateway, the merchant services provider should be the one to set up the identifying account and merchant identifications numbers required for transactions to occur within your business.
If your merchant services account supports a number of online gateways, then you may wish to choose which one you would like to use. In this particular situation, you will need to sign up and find out which numbers and codes the processor needs from your internet merchant services account and which numbers your bank needs from your payment processor.
Once your merchant services account has been set up, performing online internet transactions is relatively easy and your payment processing software is already set up to support and perform numerous transaction types with various payment methods. You may need to specifically request that your internet merchant services account supports Electronic checks, Discover cards or American Express cards depending on your relationship with these parties.
Electronic Checks (eCheck Internet Merchant Services Account)
In order to accept payment from electronic checks, you will need a special kind of internet merchant services account called an “Electronic Check Internet Merchant Services Account” (ECIMA). This account is separate from any other online merchant services account you may have.
To accept credit cards and Electronic Checks from your web site, you will need to have more than one internet merchant services account: a standard online merchant services account and an electronic check online merchant services account.