Restaurant Merchant Accounts

Some eatery entrepreneurs enjoy the old fashioned style of cooking and serving customers themselves, while others are experimenting with the latest technological enhancements via restaurant merchant accounts. While it is always enjoyable to dine at a restaurant where the owner or manager employs a personal touch, there are times when a customer appreciates modern conveniences like a server’s use of a pager or paying by credit card that are unavailable at many old-fashioned establishments. If you are an owner or manager who appreciates customers’ needs for fast, up-to-date service, you may want to learn more about a restaurant merchant account.

Restaurant merchant accounts help owners to provide the latest technology to their clientele. We all know of restaurants that don’t accept credit cards, and when we’re in a hurry or low on cash, we avoid such places. But other eateries, from fast food to fine dining, are increasingly choosing to implement credit card payment options, electronic check processing, and even wireless payment processing for merchants on the go who deliver food at home or to businesses and public places for special occasions. A server wearing a pager will be greatly appreciated when someone at your table chokes or a little one spills her beverage. Scenarios like these, as well as a host of others, show why it makes sense to consider an upgrade to a restaurant merchant account.

If you are unsure about the benefits of restaurant merchant accounts, you can readily find information on the Internet at a variety of Websites. Merchant accounts come in many forms and offer a range of advantages depending on your company’s specific needs or your long-term business growth plan. For example, you may want to start with a simple credit card processor on-site at your restaurant. You will get a feel for the degree to which your customers appreciate the new technology by their comments at checkout. If they appreciate the option of using credit, you will know that further upgrades may likewise be valued down the road. But if they complain about your establishment losing its old fashioned appeal, you may want to hold off on additional improvements until the clientele has time to get used to the initial changes.

Restaurant merchant accounts will provide the means of setting up a restaurant Website and accepting online credit payments for reservations, business accounts, or bulk purchases, among other things. Your Website can attract visitors from all over the world who may come to visit when in your part of town. The site can also offer local customers helpful information, such as hours and days of operation, driving directions to your location along with a map, regular and banquet menus, and special services. Your merchant account status will let them order online and confirm reservations without the need of a human voice, thus reducing staffing hours and human resource costs. If you want your restaurant to attract fast-paced customers who pay with plastic, check out the limitless possibilities that await you by browsing the available restaurant merchant accounts.

Choosing the Right Credit Card Processing Terminal

If you are considering getting a merchant account so your business can accept credit cards, you are probably wondering what kind of credit card terminal will be best for you. There are many things to consider when choosing your terminal; here are some of the most important aspects of your decision.

First off, think about if you really need a credit card terminal. If you run a mail order business or take sales over the Internet, you probably don't need a terminal, but if you run a business where you deal with your customers in person, you'll want to have a machine where they can swipe their cards.

Next you need to consider the type of connection your terminal needs to have. The old credit card machines used a telephone line to connect and complete the transaction. This is still a good choice if you have a dedicated phone line (or can share a phone line between the card terminal and your fax machine, for instance).

Newer models use Internet connections or even wireless connections, which may be a better option if your business is already wired for Internet. Talk to your payment processing company to determine what sort of transmission type is right for you.

You also need to think about exactly what you need your credit card terminal to do. Would you like it to print out two receipts automatically, for instance, or would you rather use carbon paper? Or would you prefer a terminal that includes a pad and electronic pen so the customer can "sign" directly on the terminal?

You can even get Tap and Go terminals that allow customers with certain cards to literally tap their cards on the machine and get instant approval. Customers without those cards can still swipe their regular credit card, and no signature is required.

Another option you might want to consider is whether you want a credit card terminal that can also allow you to accept debit cards. These machines have a keypad that allows users to enter their PIN number.

Accepting debit cards is great for you because you don't pay all the fees you pay if you accept a debit card without allowing the customer to enter his or her PIN. It's a very secure transaction method and something you definitely should think about.

When thinking about what kind of credit card terminal to get, consider all your options and weigh your needs and the needs of your customers against the price of different terminals your payment processor offers. Some processors even provide equipment for free, which makes it even more attractive to get all the features you want.

Boost Your Profits Instantly With Your Own Credit Card Reader Writer

With the increase of home-based and new, independent businesses being introduced, the need for obtaining a credit card reader / writer is also growing. The modern credit card readers and writers have in large quantities replaced the old style readers. Who remembers the old-fashioned type of credit card readers where the merchant had to put the credit card on top of the layered paper receipt with all of its carbon copies in the placeholder and slide the plastic arm over the card and receipt with one swoop? Many times that swoop had to be repeated over and over because the ink didn’t take to all of the copies the first, or even second time. You will probably still encounter these portable readers at street fairs and flea markets that have a multitude of individual vendors because the old style card readers don’t require any electricity. Nowadays, it is much faster and easier to process credit card payments and in most any retail shop, restaurant or service business, you will swipe your card through the new type of technologically-advanced electronic credit card reader / writer machines.

If you are in need of a credit card reader / writer for your business, beware because there are a lot of companies out there offering ‘free’ credit card readers / writers that are based on really unethical contracts. Those contacts will bind you to the card processing company for long periods of time even if you are unhappy with their service. The person or company who ‘gave’ you that free machine is now out of loop so don’t bother going to them for help. Before you obtain a credit card reader / writer for your business, make sure to do your research. Look for reputable companies with a long customer service history so that you don’t have to deal with any headaches resulting from making an uninformed business decision.

Now that you have the information you need to make a wise choice and move forward in purchasing a credit card reader / writer, do an internet search and check out several different sellers. A couple of good websites for you to do your investigating with are www.discountcreditcardmachine.com and www.buyerzone.com. And remember, always be sure to carefully read the specifics of the offers, pricing and contractual requirements of the various merchants you find. By doing some comparative research, you will then be able to select a dependable vendor.

Best Merchant Services

A High-risk merchant account is a merchant account service provided to internet merchants that have been declared "high-risk" by Visa and MasterCard. This is owing to the nature of their businesses, that have a high credit rate or a high turnover but also, an increased risk of fraud and chargebacks.

Characteristically, it's very hard for high risk and non-US businesses to obtain a merchant account. High risk merchant accounts offered by different service providers allow International Merchants to privately process their credit card transactions and have the proceeds sent to an offshore bank account. The fees are higher for offshore/high risk credit card processing.

Credit card processors are likely to reject you if your business is considered high-risk. The aim is to locate a credit card processor that gets you approved and has you up and accepting credit cards quickly and efficiently, with either a high risk merchant account or an international merchant account.

Examples of high risk merchant accounts include pharmaceuticals, telemarketing, infomercials, travel industries, online dating, replica, gaming etc. Some of these are considered more high risk than others.

High risk merchant accounts are available with international banks. A merchant has to do the following to obtain a direct account if their merchant account is considered high risk:

1. Incorporated in the bank’s jurisdictions (this requirement is based on credit card operating regulations)
2. Have 6 months of existing processing history (preferable the last 6 months)
3. Chargebacks in the last 6 months must be less than 1 %.
4. Pay the required set up fees
5. Provide principal’s passport, business incorporation documents - some jurisdictions require a local nominee director’s passport and a utility bill of the nominee director. This is done to avoid cross border issues.
6. The merchant website has to be in compliance to Visa and MasterCard requirements

These merchant accounts can also be classified as offshore high risk merchant accounts, international merchant accounts, and high volume merchant accounts.

The other option if you do not have processing history and you do not want pay the expensive of incorporation in the bank’s jurisdiction, you can always get a third party merchant account. A third party merchant account’s underwriting is less stringent and is set up much faster than a direct account.

Applying For Merchant Accounts

For most businesses, a merchant account is essential to economic growth. Providing business owners with a way to accept credit and/or debit cards, gift cards and other forms of electronic payments, merchant accounts are commonly referred to simply as credit card or payment processing. As a general rule, any merchant who accepts payment in exchange for goods or services must apply for a merchant account if they wish to accept electronic payments. Surprisingly, however, not everyone is approved for merchant accounts. One example of a potential problem could be a business owner who has little or no credit or even a poor credit history may find it difficult to obtain a merchant account.

For many online entrepreneurs, PayPal has revolutionized the way people do business. An online payment system that allows you to instantly send or receive payments using a credit card or checking account, PayPal does not require that its users have a merchant account nor do they perform a credit check prior to issuing an account. In a nutshell, anyone with any type of credit history can sign up for a PayPal account and begin accepting electronic payments within minutes.

For those who do not use the internet, but rather need merchant accounts for in-store payment processing, you will find that there are fees that accompany each credit card payment. The actual cost will vary among providers, but the fees are always present. Among the common fees charged include transaction, authorization, statement, monthly minimum and chargeback fees. A chargeback fee is automatically charged to the business owner if they process a credit card payment that is ultimately denied for any reason. In this scenario, the business owner would then be responsible for having their customer pay the chargeback fee in order to compensate the business for its cost.

In order to apply for merchant accounts, business owners must be able to provide a valid business license, description of the company, business location and other verifiable information used to perform a credit check on the owner. Upon approval, the bank will issue a credit card terminal and/or other equipment that will be used to process payments. Depending on the terms of the agreement, the equipment may or may not remain the property of the issuing bank.

When deciding where to apply for merchant accounts, business owners should consider starting at the bank where they already have a personal account. This will enable them to do business with a bank that they are already familiar with and they may find that their past responsibility in handling their own account may carry substantial weight when applying for merchant accounts from the same institution.

An Account To Call Your Own

Most Internet marketers know all too well the trouble that can be caused by misunderstanding the business terms of their merchant account provider. Everything from exorbitant fees to frozen finances await the online marketer who fails to provide for potential problems. There are ways to avoid merchant account disasters, but by and large online marketers are learning that establishing their own independent merchant accounts can bring a wealth of benefits.

“Most companies that offer merchant accounts don’t understand our business,” says Armand Morin, an online marketer and entrepreneur who has made $15 million on the web. “They don’t understand growth. They’re nervous about bringing in that much money at once. You need to be working with a company that can help you set up your own account – a company that understands the needs of an online marketer who can bring in tens of thousands of dollars in less than a week.”

When you have your own merchant account you wont be paying a transaction fee to anyone else. This can save you 8% or more – that’s 8% pure extra profit. It may seem like an insignificant amount, but remember, 8% of one million dollars is an extra $80,000. What could you do with an extra $80,000?

An independent merchant account also gives you the flexibility to customize your shopping cart page. If you’re using an external merchant account, your “buy now” link could take your customers to another page that looks nothing like your own site. This can lead to confusion and cause your customers to abandon their shopping carts entirely. A consistent look from one page to the next lets your customers know that they’re in the right place, they’re buying exactly what they mean to be buying, and their credit card information is going to a company they know and trust.

Your ability to customize your order page also means that you can add testimonials, a guarantee, information on current promotions or the option to gift wrap.

Jud Smith is vice president of affiliate relations for PowerPay, a company that helps online marketers to establish merchant accounts to process credit card payments. “I work individually with my clients to make sure their accounts are set up correctly,” says Smith. “A lot of merchants who go online don’t have someone to help them one-on-one. As long as you have a business plan, they just let you go. I want to be there to make sure that my clients are maximizing their online money-making potential. I limit risk.”

By working with a company like PowerPay to establish an independent merchant account or by simply doing your homework, you’ll minimize your risk considerably. Getting your merchant account set up correctly right out of the gate will ensure that your business venture progresses without a hitch. “It comes down to exposure and protecting yourself, making sure your refund warranty policy is rock solid,” explains Smith. “If your account is underwritten correctly from day one, you’ll be able to simply enjoy the success of your online business.”

Accept Checks with Confidence with a Check Reader

Even though a lot of people seem to be using credit cards exclusively for incidental purchases these days, the truth is checks are still a preferred method of payment for a lot of people.

It doesn't make sense not to accept checks, since most people will expect to have that option, but there are certainly some things to worry about when you do accept checks. There's always the danger that someone has stolen the checks from their rightful owner or that they just don't have the money to pay for what they're writing the check for.

There will always be some risk involved in accepting checks, but these days technology makes your life a little easier with an invention known as a check reader.

A check reader is basically a scanner that the check is fed into. It reads the check and automatically debits the check writer's account at the time of purchase.

The money is deposited into your account within 24 hours -- you don't even have to drive to the bank and physically deposit the check.

Using a check reader means you'll know before the customer leaves the store if he or she has written a bad check. You'll also get your payment a lot more quickly than if you used the traditional method of accepting a check, depositing it into your account and waiting for it to clear.

A check reader can take a lot of the guesswork out of accepting checks and will make you feel more secure when accepting checks for high-dollar items. Posting a sign that you have a check reader will make customers aware of the system and prevent people from writing bad checks in the first place.

Check readers are commonly available from the same companies that provide payment processing for credit cards and merchant accounts. Some companies even provide this equipment for free to people who are interested in using it.

You'll no longer have to limit yourself to only accepting checks from the local area in case you have to try to track someone down who wrote a hot check. The reader will do all the work for you and tell you in a matter of seconds if the payment has gone through, regardless of where the customer's bank is located.

There's no reason not to get a check reader. You'll get paid faster and know immediately if someone is writing a bad check. At the end of the day, you'll know that the money you made today is going to be in you account tomorrow. What could be better?