Third Party Merchant Accounts

Third Party Merchant Accounts (Also Known As Third Party Credit Card Processing)

For anyone thinking of starting their own online business, being able to accept card payments is an important aspect of the planning, and for prospective business owners with a poor or no credit history this can be a significant challenge. Part of the process for obtaining a merchant account to allow a business to accept card payments is a credit check, with many people failing these and seemingly unable to move forwards and create their ecommerce sites as they want.

However, because of this demand an alternative has appeared, the third party merchant account. This is a way of getting around the need to pass a credit check, and is an arrangement between an ecommerce site and an external credit card processor. Because the third party merchant account deals with all funds, this avoids the need for credit checks for the business owner, and therefore represents a fantastic opportunity for those who are unable to get a standard merchant account for any reason.

The third party merchant account holder is often referred to as a payment gateway, and grant more or less anyone the ability to accept card payments in exchange for a percentage of profits of course. There are numerous options out there for a third party merchant account, include some well-known names such as PayPal. It is important to thoroughly research any suppliers that are being considered when looking for a third party merchant account, they must be trustworthy to both the business itself and its potential customers.

The costs can vary considerably between different high risk third party merchant accounts providers, so again it is wise to spend time researching the various options available for any business, rather than just jumping in with the first one found. There are two options available, the basic percentage of all sales, or the lower transaction percentage but with a monthly fee on top. Which option fits any business best can be determined by the level of sales and numbers of transactions per month that are anticipated.

Offshore third Party merchant accounts also vary in the features offered, with some just allowing you to accept major credit cards, and others offering the ability to accept checks and money orders as well. It is vital to ensure the chosen service supports the type of transactions required, internet only or including over the phone services as well. The final payment consideration is that currencies that are handled. For many businesses online today, having options for different currencies is essential for their success, so this is a component that needs to be checked out.

A further factor that must be considered is the kind of product or service that is to be marketed, as some third party merchant accounts have restrictions on the kind of goods sold, with some not allowing digital products for instance, matching the service with the proposed business is very important.

Once a suitable third party merchant account uk has been decided on, the process of integrating the payment system into an ecommerce site is fairly simple, with each company offering comprehensive guides on adding the support into the website systems.

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