|August 3rd, 2016|
A satisfied customer is the best business strategy of all’, a quote well said by Michael LeBoeuf. These magical and powerful words have it all every business entrepreneur needs to understand to survive the growing competition of the modern world. Offer world-class services, launch new strategies and exciting deals but if you can’t win the trust of your audience; these all tactics are simply useless. With this important aspect in mind, let us talk about something every business needs these days to continue a fruitful relation with their customers.
Let’s talk the merchant way, let’s talk about Merchant Account
Almost every entrepreneur is familiar with this term. However, not each one of them is fortunate to accept payment through their website, as they are not able to apply for dedicated merchant services. Reason behind is the criteria required, which is not easy for all the merchants to fulfill. Hence, the best and probably the only way for them to go is getting started with a third party merchant account. If you are wondering why this is so, it is good to know that this type of account is easy to get and involves less strict acceptance criteria.
Highlighting features of third party merchant account
Third party merchant account is associated with creating a reputed bank. Funds are processed and delivered to the merchants. As other merchants are also there on the same account, a bit of risk is natural. Transactions are monitored and settled depending on the norms designed by MasterCard, Visa, state and federal bank regulations.
Moving on to other feature, these accounts need customers to remain away from the online shop for some time, as that is the time when ordering takes place. Last but not the least; funds are distributed once a week or once a month. This is something that is based on the acquirer decision that depends on the business documents.
Situations under which a third party account is apt for business
There are some significant situations when these services are truly helpful for a business. For every business person, it is important to know about these. Check out them here:
1. A business is not registered with major payment systems. At times, acquirers are not able to recognize a few locations or countries for incorporation. For this reason, it is required for the merchants to establish their business in common regions.
2. A company is blacklisted for certain violations such as dealing with selling of illegal products or services or facing high chargebacks.
3. A business is termed as high risk owing to reasons such as incomplete terms & policies, low sales volume, products like software and medicine, high ticker price, etc.
4. A business has lower credit support or is just a startup. Generally, merchants use such account to add experience along with chances of opening a direct account anytime in future.
Understanding not every business is same
Yes, this is a very important point to remember. As every business is different, so is the type of merchant services and it needs. Therefore, it is recommended to spend quality time and seek expert advice or suggestions to ensure which account best suits your business. A piece of advice is weighing the pros and cons carefully.
Drop Your Further Queries and Contact the Professionals of Paycron.