Did you know that online businesses are having a better cash flow than offline businesses? Well, it clearly indicates that merchants need to pair advanced payment terminals to successfully run their businesses. This is where you need an online payment processor. As of now, there are many online payment processors offering a wide range of services to merchants. But, will you get satisfactory services from all of them? Actually, choosing the best online payment processor can be tricky. It is like you are dating someone. In a relationship, people experience ups and downs; sometimes you put everything and in the end, you get nothing.
The same thing can happen in the case of an online payment processor. You work hard to grow your business but, you do not get adequate support from the end of your payment processor. We at Rapidcents fully understand this situation. In fact, the right payment processor can completely change the ecosystem of your business. You will see remarkable growth but, you just need one good match.
Merchant Account And Online Payment Processor
A merchant account is a basic thing that you need when it comes to operating a business online. You need to know this before getting into an online payment processor. A merchant account is a kind of business bank account. Most merchants get confused between a merchant account and an official bank account. Well, you must know that a merchant account does not hold funds for a long period of time. You need it in order to accept debit card payments and credit card payments. You make an agreement with the online payment processor and bank for the settlement of all the online transactions.
On the basis of this agreement, you get your merchant account. After processing all those credit cards and debit card payments that take place at your business, you first get the funds in the merchant account. After this, the online payment processor deposits this fund to your business bank account. Well, they can take one or two business days to deposit the fund. Some payment processors take one week to deposit the fund.
Need Of A Designated Merchant Account
You might be surprised to know that not every online payment processor provides a designated merchant account. Many payment service providers will not give you any separate merchant ID. Instead of this, they basically share a master merchant account. But, if you have an established business and if you are looking for a comprehensive payment solution, this thing will not work for you.
There are many payment processors such as Rapidcents that offer a designated merchant account depending upon your personal preferences and business needs. Well, everything has positive and negative aspects. Here, we have explained the differences between these two.
If you choose a merchant processor solution that shares a master merchant account, you do not need to deal with a complicated signup process. There will be no upfront credit checks or underwriting. However, it has its own drawbacks. If the online payment processor tracks anything unusual, they can freeze your account in order to prevent fraudulent activities. They will also hold your funds. It could take a lot of time to get those funds in your business bank account. In such a case, you do not get proper customer care service from their end.
On the other side, if you have a designated merchant account, you will get a lot of benefits. If you face such a problem, a simple phone call to your payment processor will solve it. In this case, there will be direct involvement of the payment processor. They will resolve any concern before it becomes a major threat to your business. The overall cost will be increased in this case and the signup process is more complicated.
Questions That You Should Ask Your Online Payment Processor
As of now, you have understood what a merchant account is and you have also got a basic idea about how to choose the best online payment processor. Now, there are certain questions that you must ask your online payment processor before choosing it. These are as follows:
- Ask them everything about the contract terms and conditions
- Do not forget to ask about the real processing fee
- You should also ask whether you need to pay any additional fees or not
- How do you get help when you have a problem?
You will also have to check whether the payment processor is outsourcing the customer service or not. If they have an in-house team, you will definitely get satisfactory support from their end.
Not A Rapidcents Merchant?
So, you might have been looking for the best online payment processor for your business. The good thing is that your search will end here. Rapidcents is a reliable online merchant processor. It will give you comprehensive payment solutions and apart from this, it keeps everything transparent. You will also get good customer service from the Rapidcents team.