Answers
All of our buisness' equiptment and vehicles have been financed without personal guarantor. We would like to accept credit cards for our services, but will not put our personal numbers on the contract.
Some merchant account providers will allow you to use alternative forms of guarantees in place of a personal guarantee. These options include:
1) A corporate resolution - your business provides documents (balance sheets, third party prepared financial statements) that shows the business is strong enough to guarantee itself
2) Provide a letter of credit - a letter of credit basically is a loan that your bank promises to give you at a future date. The catch is you don't get to ask for it. The processing bank does, They can only invoke it if you owe them money and they are unable to get those funds from you. It is like an insurance policy.
3) A reserve - the processing bank will hold some of your funds in reserve to cover any exposure for loss they might have. 6 months or so after you close your account they give it all back to you. They may give it back sooner if you have processed for along time and shown to be a low risk merchant.
Keep in mind not all processors offer these alternative although most offer at least one of them.
www.merchantcashadvance.com credit card processing without merchant account, online payment processing, fast loan, unsecured small business loan ...
I have a friend who want to launch an online store but doesn't want the hassle of opening her own merchant account.
PayPal would be fine but she knows there are still sales that would be lost without the ability to accept regular credit cards.
Are there any online 'malls' that can accept credit cards for you?
No about the online malls.The last two links are things you should know about PayPal.(Ugh!)
Simple Payment Systems is truly the absolute best for credit card and electronic check processing. The electronic check processes the check like a credit card. So if the check is deposited into your account ASAP from your business. If it is bad you know right away. I have done research for a long time. They give you free equipment, free training, free software- with a check out cart! (if you have a web site also that you want to sell items on.) They beat discount rate quotes that you give them too. They have 24 hour live help, which is handy. FDIC insured. Make sure you tell them you want the free program. We switched from another company over to them. And have never been happier. Go to their web site and call them or fill out the form and they can contact you. I did countless hours of research! Trust me they are the BEST.
Best wishes!
i am starting my own online business, and i need to accept credit cards can i use paypal's Website Payments Pro without a merchant account, if i need a merchant account hoe do i get one
You'll need a business account, but there are no up-front or monthly fees, they'll just deduct a fee from each sale.
i want to sell goods online, but i get confused about the payment method specially in accepting credit card payment. I don't want to open a merchant account which is costly. is there any other payment method.
paypal.com
I am opening an online clothing store and I need to get a merchant account to accept credit cards. Bank of America takes 120 days to respond! (it says on their website) It's way too long! I would like to start my online business as soon as possible without waiting 3 months for a response. Does it really take that long??? Do they at least have low fees???? And what type of fees can I expect? I am very new at this! :(
90 days is way too long. I would check out other banks.
Bank of America is better now, than it was before.
Why don't you call Chase Bank, I have had good experiences with them. (800) 477-5363. They may tell you right off what they can do, they have been doing online e-money accounts since 1989.
Moreover, you can find out about the fees...I have seen it 3% in some credit card transactions at other places in the past..even more sometimes...
If you use a debit card, your money does not belong to you
In September, I was on a long road trip. I was also pretty low on funds, but as evening came in Virginia, I was getting drowsy. No way I'd make it to Connecticut that night. I made some quick calculations and decided I could just afford a cheap motel room. I pulled off the highway.
What happened in the following days will be familiar to many readers. I paid for my room with my debit card. When I returned home, despite the fact that the room was paid for and I had a balance in my account, I found that my account had been charged insufficient funds fees for a bunch of subsequent transactions and a couple of checks.
When I called my credit union, I was told that the motel had put a hold on my account -- in an amount larger than the charge for the room -- that would not be lifted for 10 days.
The 4 Sneakiest Fees From Business Credit Card Accounts ...
A business credit card account can be a great asset for any business owner. It allows a business to make necessary purchases without affecting the overall cash flow. A business credit card account also allows a business to accept credit cards seamlessly. But a business account can have hidden credit card fees. Knowing what some of these fees are can help you plan for the necessary ones, and avoid unnecessary ones altogether. On top of paying monthly fees for the business processing accounts, many processing companies also charge fees for credit card transactions as well. Most often there is a minimum of transactions that need to be met each month in order to avoid this fee. The kicker is these minimums have to be met for each type of card that is accepted. So, for example, even if you meet your minimum for MasterCard transactions but only take a handful of payments with American Express and Discover, you will have to pay those transaction fees for both of those card types. You can avoid these fees by finding a credit card processing company that offers packages without minimums. Many businesses now charge convenience fees, and credit card companies are no different. Simply calling to make a payment on your credit card account can trigger a convenience fee. If the credit card company traditionally accepts payments through the mail, then using another payment method is considered a convenience to their customers. These fees can be as high as $10 per payment. Merchant processing accounts are no different. If you need to call customer service for an issue that can be resolved online, you could face one of these convenience fees. Be sure you understand exactly what they charge convenience fees for, and how often, before you sign any contract. For merchants who don't already have the necessary equipment to accept credit cards, many credit card processing companies will offer to rent or lease the equipment to you. While paying a small amount of money over several months may seem like a good option, you can expect to pay twice what the equipment is worth in the long run. On top of the equipment rental, you will also likely pay a maintenance fee. This fee is supposed to cover any repair that the equipment or the line may need. You can avoid these fees by purchasing your own equipment. You can find great deals on used equipment all the time. The maintenance fee may still be required, but you can still save some money by not purchasing or leasing the equipment directly from the company. When you sign a contract for credit card processing services, the terms will be clearly defined. Some companies will batch the money to you every day, some every week, and others will only batch every month. Even though the money is there and it's yours, if you need it before the official batch date, they may charge you a fee to advance your own money to you. If you run your business on a tight budget you want to make sure you find a processing service that will send the money directly to your business account at least weekly.
...News
AmEx Outdoes (AXP), Profit Drops?istockAnalyst.com (press release) - Oct 23, 2009
The Money TimesThe management expects credit card charge-off rate to decline in the fourth quarter compared to the third quarter. At June 30, 2009, the company's Tier-1 Strong Profit at American ExpressAmerican Express Q3 Profit Drops - Updateall 273 news articles »
Salt Lake Tribune - Oct 21, 2009
When you hand over your debit card to any merchant, they can reach into your bank account and freeze your funds. How much? For how long? and more »Washington Post - Oct 22, 2009
Layaway: While layaway is better than credit card debt, one potential problem is that, if you can't make the payments, you lose whatever money you have paidBusinessWeek - Oct 16, 2009
But small shops like Dollhouse Bettie, which has annual revenue of over $350000, can reduce how much they pay to accept credit cards, to a point, and more »
Practical Ecommerce - Oct 23, 2009
However you're being billed for every attempted authorization via your payment gateway/merchant account. So these attacks can really add up.MortgageNewsDaily.com - Oct 23, 2009
Washington PostHVCC Amendment Added by Jann Swanson on Legislation to create an agency designed to protect consumers from abusive and deceptive loans including credit card United States: House Financial Services Committee Amends Consumer Financial Lawmakers pass provision freeing small businesses issuing credit from agencyall 1,360 news articles »
News Chief - Oct 24, 2009
Aldi also does not accept checks or credit cards. Customers pay in cash or by debit card so the stores don't have to pay banks' merchant fees for credit and more »