March 4, 2009
merchant account?
Lisa g asked:
okay I am starting an offline business of selling products. I need a merchant account to take orders. some told me paypal would be good to do this with. but dont i need an online business to do this? so confused? if any one can tell me how in details this works please do tell.
okay I am starting an offline business of selling products. I need a merchant account to take orders. some told me paypal would be good to do this with. but dont i need an online business to do this? so confused? if any one can tell me how in details this works please do tell.
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Comments on merchant account?
There are many third party merchant accounts available
via the Internet… PayPal is just one.
No, you don’t need an existing business to get a PayPal
account but you do need an existing bank account that
PayPal can access to credit and debt as needed.
A merchant account is a cheaper solution for offline credit card processing than PayPal, actually I don’t think that you should consider PayPal at all. You don’t give many details on what exactly your business will be doing, so it’s hard to go into specifics. There are several ways to accept credit cards offline. One solution is the virtual terminal, which provides you with an interface into which you enter your customers’ credit card information.
You will need to talk to a merchant account provider and explain your needs. The application process will not take more than a few days. Make sure you find a provider who charges no set up or application fee and no processing minimum. Other than that, your processing fee should be no more than 2.19% + $0.25 per transaction.