3rd December 2009
A merchant account credit card can be any card that is accepted by a
merchant account using a transaction process. Depending on the
merchant account different cards are accepted. Some of the most common
cards accepted are:
• American Express
• Approved Debit Cards
When deciding what card to go with it is best to ask yourself these
questions. What benefit does the card offer your company? Is the card
completely reliable and safe? What are the rates and fees, can my
company afford it? The most important question is concerning safety as
the situation can turn disastrous quickly if security becomes an issue.
Security is very important as when your business which merchant account
credit card to use they should specifically ask for fraud protection.
Other things to look for while making sure the security and reliability
are there. Is there CVV2/CVC2 acceptance, real time processing,
address verification, and SSL capability?
Fraud protection protects the consumer. Credit cards have systems put
into place to ensure the consumer’s safety which can neglect the
merchant. A merchant must do their best to limit the number of
fraudulent transactions as well as any chargeback disputes. The
CVV2/CVC2 security feature is commonly used by VISA and MasterCard.
These codes are a great way to prevent fraud as they provide the
merchant with a code in the transaction that verifies the purchaser.
After establishing security the company must look at the fees
associated with the card and any PDQ machines that it might use. An overabundance of fees can bury a
company’s chances at success. If the burden of paying the fees
outweighs the benefits of processing the merchant account credit card
then that card is not a viable option.
These fees are different from card to card but some of the more common instances are:
• Gateway Fees
• Statement Fees
• Transaction Fees
• Address Verification Fees
• Other Monthly Fees
The amounts of each of these fees will vary according to when the
merchant signs up and what card is used. A merchant credit card
account will charge some or even all of these but your company should
decide which card(s) suite them best by being trustworthy, reliable,
and affordable. Simply overpaying for fees for a card that does not
meet the standards of your company is not smart business.