March 7, 2010
Best merchant account for accepting CC payments online?
VMI asked:
I would like to add online credit card processing to my website. Which bank is the best for this?
I would like to add online credit card processing to my website. Which bank is the best for this?
The service shouldn’t be too expensive, and the transaction fees should be reasonable.
Thanks.
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Comments on Best merchant account for accepting CC payments online?
While PayPal is not a traditional bank, it is a very reliable, easy, and not-too-expensive method for accepting credit card payments online.
A traditional credit card merchant account deducts fees from your checking account each month ($25 or more – usually more) while PayPal deducts a percentage of each sale when the transaction is complete.
After many years of allowing merchant accounts to treat my checking account like a piggybank, I’ve opted for PayPal. Perhaps their program will also benefit your business. The link is below.
Outside of PayPal, the bank where you’ve already established a personal or business account will inform you of merchant account options.
Shirley George Frazier
Author and Small Business Expert
Banks typically charge you higher rates than independent service providers, specifically those providing Internet merchant accounts.
For instance, go with one with a track record and who competes by matching rates such as Pivotal E-Payments (www.pivotalepayments.com).
Rates vary by what type of product or service you offer, the monthly volume and the amount of risk involved with your online business.