January 31st, 2017 by Elma Jane
Selecting a Payment Provider
Selecting electronic payments provider for your business is critical. NTC believes that the process starts with an honest assessment of your business and the types of credit card processing options it requires. (Retail or e-commerce, Card Present or Card-Not-Present)
Card present transaction is the most common type of account. Card-Not-Present (CNP) is a different type of account if you run a MOTO (mail order telephone order) or Internet operation.
Here are some points to keep in mind in selecting your electronic payments provider:
Referrals from fellow business owners and checking out payment providers online.
Evaluate products and services as well as cost to determine which electronic payments provider offers the biggest savings for your business.
Make sure the deals you’re considering include all the features and services you need and none that you won’t use.
Keep upgrade options in mind.
Look for 24/365 support and discuss customer service support.
Read the fine print in your contract.
The merchant account provider’s reputation is important, so find out how long they’ve been in business and their reputation in the industry.
NTC has over 20 years’ of Bankcard History. Helping businesses of all sizes for over 25 years in the industry. Call us now 888-996-2273 and tell us all about your business needs and requirements and we’ll put together a package of products and services that will best serve your credit card processing needs. There are a variety of solutions, so it’s important to focus in on those that directly address your needs.
Posted in Best Practices for Merchants Tagged with: cnp, credit card, customer, e-commerce, electronic payments, internet, merchant account, online, payment provider, payments, retail, transaction
December 22nd, 2016 by Elma Jane
What is a Merchant Account?
If you want to remain competitive virtually, every business needs access to a merchant account to accept card payments from their customers. “Merchant” is another word for a seller or business owner. Merchant accounts are not depository accounts like checking and savings accounts; they are considered a line of credit. This allows a merchant to receive funding for the credit transaction. Therefore, when a customer pays with a credit card; a bank is extending credit to that customer and also making the payment on his/her behalf. As for payment providers or processors; they pay merchants before the banks collect from customers and are therefore extending credit to the merchant, that’s why Merchant account is considered as a LOAN.
Merchant account helps facilitate the complex interactions that need to occur between your business and your customer, the credit card networks (Amex, Discover, MasterCard, Visa) and your payment provider every time you receive a card payment. It helps to ensure that you receive funding as quickly as possible, that the banks are protected from losses, and that buyers are protected from scams. Everyone is held accountable based on the rules of the credit card processing agreement with a merchant account.
There’s cost associated in taking credit cards, but it’s much easier and more secure to open a merchant account than it is to keep a book of credit accounts for all of your customers!
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: amex, card, credit, customers, Discover, loan, MasterCard, merchant account, payment provider, payments, transaction, visa