Merchant Accounts – What Can They Do For Your Business?

We all must have heard that a merchant account is needed for online money transactions with the help of debit and credit cards. But what exactly is a Merchant Account?

A Merchant Account is the account where the transacted money goes till the time it reaches the destined account of the merchant/businessman. The merchant account acts as a connecting link among all the different card transactions so that the money gets smoothly transferred from the consumers’ bank account to the business owner’s bank account.

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Following are some characteristics and specialties of Merchant Account

1. Merchant Account is also called a holding account for the money being transacted until the payment processing is completed.

2. Merchant Account Service providers directly deal with the card networks and processors for smooth transactions.

3) Every Merchant account has a unique merchant ID for every business.

4. Merchant Account also provides extra security for every card processing and transactions, etc.

Along with the Characteristics come the advantages, and the following are some advantages of having a Merchant account for your business.

1. The most basic but very important benefit is that you can accept credit card and debit card payments for your business. Having more payment options help in the increase of business and there is easy money flow possible.

2. The first advantage connectively brings the second one. Where there is an increased rate of money processing through cards there is an increased rate of sales for any business.

3. Cash Management and handling become far easier due to online transactions made available by the merchant account.

4. There is zero possibility of bounced checks when there are online transactions, the hassle and penalty fees caused by bounced checks can be avoided by switching to online payments.

5. Merchant Account provides two way convenience, the flexibility in payment processing delights the customers and happy customers make the Business owners happy.

All this reasons are more than enough to tell you why a Merchant Account is needed for any small or large business.

High Risk Merchant Account Solutions for Online Gambling & Betting Companies

The online gambling and betting industry is undoubtedly one of the biggest and most lucrative markets in the world. Despite the various legal and societal stigmas attached to it, businesses in the industry continue to thrive and grow.

The rapidly growing online and betting market is anticipated to reach a staggering $94.4 billion by 2024 globally showing no signs of slowing down at all. No wonder then new merchants are trying to enter the market and take advantage of the benefits it offers.

Keeping that in mind, new as well as existing betting merchants need to understand the growing demands of their customers as well as the market in general. And on top of their priority should be changing the way payments are received.

Especially, as a merchant operating online business, integrating secure payment gateway to accept credit/debit card safely of your players should be your top concern.

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How to obtain High risk merchant account solutions for Online Gambling & Betting?

Online gambling and betting are risky business ventures which makes securing a good merchant account provider a bit tricky and difficulty.

It can be often challenging for betting merchants since the industry comes under the high risk umbrella tag due to market perception and high chargebacks making it important for the business to work with the right kind of merchant accout provider.

If you are wondering what options do you have as a betting merchant, do not fret! Due to the increasing market demand and lucrative business opportunity, many reputed merchant account processors have come up to offer quality high risk merchant account solutions for online gambling and betting businesses.

Now, increase your business revenue and expand your business beyond your reach by employing a range of payment methods that will help your business establish in new markets and also reducing currency conversion rates too.

A player needs real-time and a quick way to process transactions. High risk merchant account for online gambling and betting will fine tune your payment process and help in customer loyalty as well as conversion.

With quality high risk merchant account solutions, a merchant can easily and smoothly process high volume transactions without any delay during important competitions or major meets.

Most importantly, online fraud prevention tools equipped with high risk merchant account solutions will ensure player safety by reducing frauds and chargebacks.

Can We Cancel Our Merchant Account Without Paying Early Termination Fee?

In today’s world of payment processing, every now and then we see a newbie applying for merchant account to enter into this world of online business. But such new comers are offered a long contract which very difficult to understand by a salesperson who is forcing and insisting that nothing can be changed in the contract but propose to give you the best deal possible. But it is already late for you to realize that you actually did not got the best deal and now you feel the need to change to a better processor where you get a better deal than your present one. But now your processor asks you to pay an Early Termination Fee also termed as ETF to cancel/break your on-going contract.

Stay with us and we will tell you everything about ETF.

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What is Early Termination Fee (ETF)?

Just like most of us must have faced the ETF earlier on canceling contracts of your apartment lease, cell phone service , etc. we have to pay some extra fee this fee is the ETF. Such fees can be capped for the consumers with the help of law. But, you might have to face the trouble, as a business.

In the field of online payment processing the service providers/ processors help you with the merchant account for which you sign a multi-year contract with the processors that is mostly 36 months long. ETF becomes applicable if you wish to terminate the contract within the 36 months. This fees are taken as a penalty of cancellation.

How much is the cost of the ETF’s?

According to detailed studied the costs of ETF range between $250 to $500 depending upon the location of the business. But, if the cancellation is done early as per the contract then the ETF may go above $1000.

Now you must be thinking of a way to get your contract cancellation done without triggering any ETF.

How to cancel your merchant account without suffering the ETF?

The best way to avoid ETF is, if you cancel the contract when it actually end and before it is renewed automatically. To do so you have to be thorough with the following steps.

Keep information of the exact date on which the contract ends.
Find out the cancellation period before the contract renews.
Inform your processor in the correct procedural manner.
Make sure that no fees are charged.

We also would like to tell you that there are many other processors who help the new businesses with a merchant account with monthly billings and no ETF. These processors are way better than the one’s with complicated agreements and high ETF’s. Many new processors are coming up with great business deals that will help you avoid ETF’s.