What is a Merchant and Merchant Account?

In order for a business to process credit cards, they must obtain a merchant account from a bank or merchant account provider.  A business owner who accepts payment in exchange for goods or services is referred to as a merchant.  The account a business owner obtains to accept credit card payment and debit card payment is referred to as a merchant account. It is essential to have a merchant account if they are going to start to accept credit card online. A merchant account allows you to increase your sales, track your customers and helps build a loyal customer database.

The importance of Merchant Accounts and Merchant Account Provider

Setting up and maintaining a merchant account is an important part of operating a business.  In order to set up a merchant account a business owner must fill out a merchant account application from a merchant account provider.  Along with the application, a merchant will likely be required to submit business financials, proof of ownership and allow the risk department to check their personal credit history.

The information provided in order to obtain a merchant account is to protect the bank, the merchant account provider and merchant from fraudulent merchant accounts.  When a business is approved for a merchant account they are essentially being provided an open line of credit, or a series of micro-loans.  A merchant is paid within 24-72 hours for transactions that are billed to consumers at a later date.
              
Risk is assessed on each merchant account and is based on merchant account business type, how transactions will be processed, business credit, personal credit and monthly volume amongst other criteria.  If a fraudulent merchant account is opened and consumers’ credit cards are improperly charged, the bank or merchant services provider is responsible for reimbursing all chargeback’s if the merchant cannot be located to return the inappropriately obtained funds to the consumer.  

It is important for a business owner to select reliable, trustworthy merchant account provider when setting up a merchant account business.  Selecting a reputable merchant account provider protects the business owner from being subject to excessive or additional processing fees, unreliable customer service and dishonest practices.

Premier Payment System – Merchant Account Provider

Premier provides businesses with secure credit card processing solutions at affordable rates.  We do not charge an application fee or any set-up fees.  Our services result in fast, efficient, secure transactions processing capabilities whether you have one employee or ten thousand employees.  In addition to seamless transactions processing we keep your funds flowing and your rates low.  Fill out our online application today to see if you qualify for a merchant account with Premier.  One of our friendly account managers will contact you within 24 hours.  We provide no-hassle merchant accounts at low rates.

Our goal at Premier is to be more than just a merchant account provider for those that seek additional support and consultation with their merchant account.  Our clients see us as an essential business partner working with them on a daily basis to provide sound online processing advice and solutions.  

Premier encourages all business owners looking to set-up a new merchant account or switch merchant account providers to educate themselves about merchant accounts and the processing industry.  We recommend researching the companies you are considering on sources such as www.bbb.org and www.ripoffreport.com.  Also, check with your local Chamber of Commerce and see who they may recommend as a local option.