To open your own merchant account you need to apply at a bank or other financial institution that operates these types of accounts. Setting up your own account is more advisable if your business is already established and you want to expand into the online world. For this method you will need to know about online shopping carts and check-out payment processing as these will also have to be integrated into your website.
You will have more control over your payments and it will give the business more of a professional look. Other advantages of having your own account are, after the initial set up costs, then the transaction costs generally work out lower than a third party account. It is worth mentioning that with your own account you are responsible for processing credit cards yourself.
For new and small companies, the procedures, costs and technical knowledge needed to set up and maintain a merchant account and payment processing system can be difficult. Add to this the time needed to promote and advertise and maintain your client list and many businesses opt to use a third party payment processing service
You will have more control over your payments and it will give the business more of a professional look. Other advantages of having your own account are, after the initial set up costs, then the transaction costs generally work out lower than a third party account. It is worth mentioning that with your own account you are responsible for processing credit cards yourself.
For new and small companies, the procedures, costs and technical knowledge needed to set up and maintain a merchant account and payment processing system can be difficult. Add to this the time needed to promote and advertise and maintain your client list and many businesses opt to use a third party payment processing service
