Credit card processing and merchant account for internet merchants. Our merchant accounts are the best and our merchant services will impress you. We get all kinds on internet merchants who need to accept credit cards and we tell them they can get a merchant account for their credit card processing needs as well as the shopping cart.
Internet Merchant Account - Ecommerce Merchant Accounts
If you need a Internet Merchant Account and Payment Processing Solutions for internet merchants. Internet merchant accounts for ecommerce merchants are hard to come by. Merchant accounts, payment processing solutions, reliable payment processing solutions, internet merchant accounts, accept credit cards with us. Internet merchant service and credit card processing experts since 1989.
Do I really need to accept credit cards?
YES, in today's market I do not know too many successful businesses that do not accept credit cards. There have been numerous studies showing if a merchant accepts credit cards as a form of payment that the merchant can increase sales dramatically. Depending on the type of business, increases in sales can be anywhere from 15% to 100%.
Internet businesses have the largest increase because customers want to pay immediately and not have to call or wait for the merchant to contact them.
Some obvious reasons to accept credit cards are merchants will move more expensive merchandise, have an increase in impulse buying, and give your business credibility. Giving customers the ability to pay with a credit card allows impulse buying that will allow a merchant to move merchandise that a customer's may not have funds available in their checking account. If you want to give your business every chance to be a great success, you must take credit cards. Here are some more good reasons to take credit cards:
Accept Credit Cards: Free Credit Card Processing Terminals
Accept Credit Cards: Free Credit Card Processing Terminal or Credit Card Processing Software with your own Merchant Account. Best Merchant accounts e payment services. Best Credit Card Processing and Best Merchant Accounts - Accept Credit Cards - Best Payment Processing with the best shopping carts available. Your merchant account and credit card processor who's the best choice.
Credit card processing and merchant account for online merchants. Accept credit cards online with an internet merchant account. Free shopping carts and recurring billing with a payment gateway. You can get an internet merchant account without any credit card processing set up for the merchant account. Ecommerce experts say merchant services are for credit card and merchant account web sites.
History of the Credit Card Processing Industry
The following is a brief history of the credit card industry from birth to present. Various references were used in compiling this information.
Charge cards can be dated back to the early 1900s. In 1914, what seems purely as a customer service goodwill gesture, Western Union gave some of their prominent (preferred) customers a metal card to be used in deferring payments—interest free—on services used. One source said this card became known as “Metal Money.”
As time progressed so did the charge card. Up till the start of WW II, department stores, communication companies, travel and delivery companies, and oil companies had extended this service to their preferred customers. These company based charge cards were limited by their use exclusively through the issuing company. These companies issued the cards, processed the transactions, and collected the debts from the customer.
In WW II, the use of credit and charge cards was prohibited.
After WW II, credit cards became more accessible to the general public After seeing trends indicating increased travel and spending among those who held charge cards, banks became interested in credit cards—after all they were in the business of lending money, and they saw the profit potential behind attaching interest to the cards.
When banks first got into the credit card processing business, they were only issuing cards to local consumers. In 1951, the Franklin National Bank in New York, issued the “Charge It” card. Which allowed consumers to make charges at local retail establishments. This charge card system worked much like credit card systems work today. The consumer made a purchase using the card; the retailer obtained authorization from the bank, and closed the sale. The bank would reimburse the retailer and collect the debt from the consumer at a later date. Other banks across the nation were impressed with the success of this process that within several years after the “Charge It” card they offered their customers similar services for making purchases at local retail establishments.
In the 1950s the first charge card was developed that allowed consumers to make charges for services and goods from a variety of retail outlets. This innovation was the Diner’s Club charge card, which was established for business men to use for travel and entertainment expenses. The Diner’s Club card gave its members up to 60-days to make payment.
The first “revolving-credit” card was issued in the State of California by the Bank of America. The card, BankAmericard, was marketed all across the state. This card set another milestone in the development of the credit card industry. The BankAmericard was the first card to give cardholders payment options. Payment options like today’s cards, let consumers pay the debt in whole or they could make monthly minimum payments while the banks charged interest on the remaining balances.
By the 1960s, bank card associations begun to emerge. In 1965, Bank of America issued licensing agreements to other banks—both large and small—across the nation. These licensing agreements allowed other banks to issue BankAmericards and to interchange transactions through issuing banks.
By 1969, most independent bank charge cards had been converted over to either the BankAmericard or Master Charge cards.
Eventually, charge card issuing and processing became too large of a task for the banking industry to handle. That is what lead to the emergence of credit card associations such as Interlink Association, Western States Bank Card Association, and National BankAmericard Inc. Current associations include Visa and Master Card.
The next major changes in the credit card industry involved streamlining transaction processing and reducing credit card fraud. In the early 1970s, electronic authorizations allowed the retail establishment to get approval for credit card transactions 24 hours per day.
By the mid 1970s, the credit card industry started exploring international waters, but had some difficulty because of the name association; “America” in BankAmericard, for instance. This lead to the renaming of BankAmericard to Visa and Master Charge followed suit by changing its name to Master Card.
By 1979, electronic processing was improving. Electronic dial up terminals and magnetic strips on the back of credit cards allowed retailers to swipe the customer’s credit card through the dial up terminal, which accessed issuing bank card holder information. This process gave authorizations and processed settlement agreements in a mater of 1-2 minutes. An added benefit was paper reduction.
The early 1980s, gave birth to the first Automatic Teller Machines (ATMs), which allowed consumers access to cash, and to make deposits, 24 hours a day across our nation and in other countries as well. Credit card holders could access cash in different currencies.
Since its existence, Visa has been a leader in credit card innovation. Because of this they have emerged as the world’s leading credit card association with over 1-billion cards being issued, and carrying over 50% of all credit card transactions conducted world wide.
“Visa (International) is a “not for profit” organization comprised of over 40,000 member Banks and MasterCard is a for "Profit" company who issues credit cards and sets and maintain rules for credit card acceptance and processing. They are both run by board members who are mostly high-level executives from their member banks and industry heavy hitters.”
There are five leaders in the credit card processing industry: Visa International, MasterCard, American Express, Discover and Diner’s Club. There are others trying to penetrate the industry like check processing companies, Euro Card, JCB and ATM companies but credit cards still account for over 90% of all e-commerce transactions !
Batch Credit Card Processing
Fast Charge FREE batch processing capabilities gives you the option of processing transactions via secure FTP by uploading a batch text file formatted to meet our batch processing specifications.
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While I now understand the components involved with online credit card payment processing, how do I actually implement this on my web site?
If you have designed your website, you can easily add another page called the "Order Form". If you rely on the expertise of your web designer, the designer can do this in fifteen minutes or less, unless you need special customization that may entail more time. However, an order form is relatively simple to add. Remember, you still must have a secure server with certification, a gateway, and a merchant account. The shopping cart software is optional (though highly recommended) and can be integrated into your website by you or your designer with the instructions provided by the shopping cart provider.
Here is the good news, by choosing the "right" merchant service provider; you can have access to its secure server and its gateway. There are merchant service providers who have their own secure server, their own gateway and their own shopping cart, and do not rely on other companies to fill those needs. In other words, you can find a "one-stop shop" solution. It is essential that you ask any merchant service provider if they have their own gateway or outsource it to another company. If they depend on another company for the gateway, you will be dealing with at least two organizations (i.e., the merchant service provider and gateway company), and they must work together.
Horror stories abound about the lack of coordination between service companies, leading to lots of headaches, heartaches, and possibly, financial woes for you. Use one merchant service provider that provides all the essentials.
A merchant account allows a business to accept credit cards, debit cards, gift cards and other forms of payment cards. This is also widely known as payment processing or credit card processing.
Merchants, or business owners who receive credit card payment for their goods or services, must apply for a merchant account typically through a merchant bank or MSP (Merchant Service Provider). The merchant account will typically be established based on several factors. Merchants who own businesses with poor or no credit may find it difficult to establish a merchant account through traditional routes.