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All merchants, from the smallest online storefront
to a large
"brick and
mortar"
retailer, who accept and process credit cards need a
Merchant Account. This account enables you to accept
and clear credit card transactions (the charging of
a customer's credit card and depositing that money
into your account). In the case of an Internet
merchant, two options exist:
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If you already have a "brick and mortar"
business, you can use your existing credit
card processing method to process Internet
transactions. |
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If you want to process credit cards in
real-time or are a new merchant, then you
need to apply for an "Internet enabled
merchant account", which allows you to
process transactions online. |
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Each
Processing
Service Provider
has their own set of criteria in evaluating an
applicant, and you should shop around to find the
right company with the best discount rates. The
discount rate that the banks charge, as their fee
for processing, can go up to
10%,
depending on the risk factors determined by the
bank.
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