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What You Need to Know About Merchant Accounts

These days, most sales involve credit or debit cards, so as a business owner, in order to get the sales you want, it is important to be able to accept card transactions. You’ll need hardware, like the Poynt POS or other such point of sale; you’ll need software to help with all card transaction needs, but it is important to also consider how those transactions are processed. Typically, you’ll need a require a business to have a merchant account.

A merchant account is basically a bank account for credit, debit, and other card payments. A merchant account is different than a business or personal account. When you receive a payment, funds go directly into your merchant account first and are then transferred to your business checking account.

When Do You Need a Merchant Account?

Merchant accounts are necessary for working with merchant services providers in order to process payment transactions. You may choose to open a merchant account if you want to accept card transactions and do so as safely as possible, as merchant accounts can reduce errors in accounting, improve security, reduce shrinkage, and minimize the risk of data breaches. Though third-party payment-processing such as payment aggregators like Square can be quicker, setting up a merchant account has its advantages for small businesses because of the security benefits and speed of payments. It’s your very own account, after all.

How Can You Get a Merchant Account?

Setting up a merchant account does not have to be too complicated, although there is an application process. As a starting point, it may be good to do some research on merchant services providers. Typically, in order to open a merchant account, you will need to create a business profile for the bank you are considering opening an account with. Thus, if you do not yet have one, it will be necessary to set up a business profile. Banks will take several considerations when looking at your application for a merchant account. They may look at the size of your business, your credit history, the costs of your merchandise, your monthly transactions, the types of payments you plan to accept, whether or not your business is seasonal, and even how much of your business is conducted online. After you create your business profile, it is time to apply, and it is a good idea to apply to several places because your business profile and the considerations that are taken when considering applications can affect the rate you are offered for your account, which can vary. Make sure you know what you are signing up for. With Moolah, you know what you’re getting, as our rates don’t change.

After You Set Up Your Account

Once you set up your account, it is time to watch your sales come in; that is after you set up your point of sale. Merchant account providers may include terminals with their accounts. Here at Moolah, our services include the Poynt POS, which simplifies payments and accepts cards of all types. With the Poynt Smart Terminal and your Moolah account, we’ll make accepting payments secure, accurate, and convenient, so you’ll know your money is going, and when.