Are you looking for the best payment processing solutions for your small businesses? Before setting up a new merchant account, you must understand which payment processor fits your needs. For example, if you run an eCommerce business, you may want to find a payment processor that specializes in handling online transactions. So if you are not sure where to start, this ultimate guide will explain the steps to finding a payment processing company.
What Is A Merchant Account?
A merchant account is used to process debit and credit card transactions. The main advantage of having a merchant account is that it provides a secure way to receive payments from your customers. Nowadays, most consumers pay with a debit or credit card, and if you don’t have a merchant account, you will not have the ability to accept debit and credit cards.
Disadvantages Of Having A Merchant Account?
The downside to having a merchant account is payment processing fees. Each time a customer completes a debit or credit card transaction, your company pays a small fee to process that payment. Keep in mind that these costs can vary depending on your industry. Most payment processors charge standard fees. Typically, the rate starts at around 2.7%. Depending upon your industry, however, you could end up paying anywhere from 3%-5%. There may also be additional charges, depending on the merchant. If you want to minimize your payment processing fees altogether, another option is the cashless ATM.
When Should I Start Looking For A Payment Processor?
If you are thinking about selling products or services, you should consider setting up a website first. Having a web presence gives people a chance to learn about your business. Plus, many shoppers search for local retailers online before visiting brick-and-mortar shops. Setting up a website takes time but could help boost traffic to your business. Once you begin building your website, you can start to look for a payment processor.
Best Payment Processor For Small Businesses
My Payment Solutions USA offers the best payment processing solutions for small businesses around the US. Their platform is so user-friendly that anyone can set up a new account. Not only that, but they also offer low monthly rates and cashless ATMs for high risk businesses. All these benefits combined make My Payment Solutions USA the best choice for small businesses looking to set up a merchant account.
