FREE - Guide To Understanding Merchant Accounts





While merchant accounts and accepting credit cards may not require a degree from M.I.T, it can be very tricky.  There are many terms, policies, and procedures that can make the application process anywhere from a bit daunting to an outright nightmare.  Upon approval, the activation process can be complicated as well.  Desktop Terminal?  Pin Debit?  Payment Gateway?  API?  There are many choices available and again, confusion is not that uncommon.  Finally, keeping the account working.   Not getting terminated.  What to do and what NEVER to do.  Again...there is a lot to know.

PayByWeb is here to help make the process more simple.  Announcing PayByWeb's "Guide To Understanding Merchant Accounts", a FREE book that you can download anytime from our website.   The guide features

• Tips to Getting Approved
• Glossary of Merchant Account Terms
• Things you should NEVER do
• How to avoid your merchant account ending up in the Security Department
• What is the Terminated Merchant File
• Frequently Asked Questions, and much more!

We go in-depth and in simple language explain the world of merchant accounts, from top to bottom.  Regardless of where you setup your merchant account or process credit cards, you will find the Free "Guide To Understanding Merchant Accounts" an invaluable tool. 

DOWNLOAD YOUR FREE COPY HERE

Wireless Terminals for FREE

Accepting Credit Cards On The Go is Finally Affordable

Mobile and other portable credit card terminals have been around for many years.  But, have they been affordable?  To many, not really.  Expensive hardware, leases, long term contracts, and high fees have priced credit card acceptance away from the front desk, out of the ball park.  However, much of that has changed. 

Today, more and more merchants need to be able to accept credit cards while on the road or at off-site locations.  There are many wireless/mobile credit card terminals on the market.  You can expect to pay anywhere from $199 - $1000 for a wireless credit card terminal.   Some terminals have integrated printers while some have printers optional.  Monthly wireless service fees vary but are generally around $20 per month.   Many credit card processors are now offering shorter term contracts.  Some have no contracts at all.

One of the most popular, and fastest growing segment in this industry, is the short-term or single event usage account.  This merchant account offers great flexibility for fundraisers.  For example, a school PTA or other group is holding a one night fundraiser and wants to accept credit cards.  Now they can.  Many charitable groups holding silent auctions or other fundraisers can sign up, rent the terminal, process their transactions, and return the terminal once their event is over.  These types of services are finally being offered to a large group of merchants who until very recently, were stuck accepting cash and personal checks.  Statistics have proven that buyers are apt to spend more money on a credit card than by check and who carries cash anymore? 

PayByWeb makes the process simple by providing a FREE wireless credit card terminal to all new merchants applying for a wireless/mobile merchant account.  Rates are 1.74% plus .25 per transaction.  Merchants with short term events needing credit card acceptance can rent the terminals at a very low cost. As the demand for mobile and wireless technology increases, merchant account providers must keep up and offer the solutions to supply that demand, while keeping those merchants happy. 

The Future of Credit Card Processing is Mobility

Processing transactions electronically is not just for online and traditional businesses anymore. There is a new movement in technology that now allows retailers the ability to process electronic payments on the go. Mobile merchant accounts are now providing an increased convenience for consumers and higher sales for businesses that incorporate such mobility. Such technology has now introduced devices such as the Square, which allows a merchant to process payments directly through an iPhone or iPad. There are several advantages for mobile merchant accounts. First, a device such as the Square does not require any merchant account setup. Another advantage for the mobile merchant is that utilizing mobile merchant accounts will ultimately replace the need for credit card terminals.

Before a business can accept credit cards, your business must be licensed through the appropriate agencies. Transferring payments on the go is particularly proposed for small businesses. Mobile payments are moveable, flexible and have radically lower setup costs than more traditional merchant account services. Once your business is established and licensed, establishing a merchant account, payment gateway, and a mobile device will be required to accept credit card payments.

A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. A merchant account also serves as an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions. This type of account provides convenience for your customers and allows your business to accept electronic transactions from the either a brick and mortar storefront or e-business. Moreover, offers credit card transactions from your mobile phone or tablet. Merchant service providers are in abundance, and it will take some research to determine which company best suits your business needs. Another option is to apply for an account through your bank; however, this isn’t always the most cost-effective method.

Merchant accounts can be provided by a mobile credit card processing service and process your electronic transactions. With some banks, they will actually outsource the electronic processing. Extra fees will apply to merchant accounts for each transaction, thus you will want to research these companies and do the math to find the best rates that meet your specific business demands. Once this established, setting up a payment gateway follows.

A payment gateway is an e-commerce application service provider service that authorizes payments for e-businesses, online retailers, or traditional brick and mortar companies. It is the equivalent of a physical point of sale terminal located in most retail outlets. Payment gateways protect credit card details by encrypting sensitive data, such as credit card numbers, to make certain that information is transferred securely between the customer and the merchant and also between merchant and the payment processor. Every retailer requires a merchant account, however, only e-commerce and mobile commerce businesses have to establish a payment gateway. Today’s standard is that mobile electronic transaction services employ an integrated payment gateway or are partnered with online payment gateway companies such as Authorize.net or the very popular PayPal. This demonstrates how electronic transactions have become a transparent part of online transactions.

There are several advantages to utilizing mobile electronic payments. First, if you already have a smartphone or tablet, you already have most the equipment in the palm of your hand. If not, these devices are so common, that you can purchase a smartphone or ipad at low costs. There are also Mobile Commerce solutions that are compatible with almost any phone that has web and Java ME applications. Also, not all mCommerce services require Java to be functional. Secondly, incorporating your business mobile phone for processing credit cards is countless. The savings in equipment and instant credit card processing alone should give you reason for optimism. Thirdly, no matter if you’re working an event at the fair or a trade show, all your transactions can be processed instantly from the palm of your hand.


Another savings is that a portable card reader is no longer required. Just key-in the credit card numbers. Transactions are immediate and you can get the advantage of lower transaction fees since the verification of the card is instant. With the combination of Bluetooth card readers for swiping credit cards and Bluetooth printers for printing receipts, your business is more portable than the terminals of the past. Not to mention the fact that you are saving your money by reducing costs.

Establish a mobile merchant account that allows your business to accept credit cards on the go. It is the future of credit card processing and the future is now.

Selecting A Merchant Account Provider: Choose Wisely

Merchant accounts are a necessary requirement for your business to accept credit cards online. It is also an agreement involving the retailer, a merchant or account provider and a payment processor who facilitates the payment transactions. For processing to be completed successfully over the web through merchant accounts, necessary solutions should be set up.

At this time, for organizations to be able to keep up with competing firms, these merchant accounts are very important as it provides opportunism both on the company along with the consumers. Getting started on an e-business is definitely suitable for most people, since this particular enterprise accepts credit cards; plus utilizing charge cards as payments is preferred by the majority of the customers. As a result, making use of credit cards for procuring online transactions is simpler and more secure.

Countless people consider this type of payment exchange more convenient. Matters become simpler and all you need to know is the best company that can ensure that you get what you require. Working with a tight budget is understandable especially during these times, however you don't have to stress since many organizations want to aid you. The truth is, today, several merchant providers provide free solutions to customers. Unfortunately free merchant accounts can be appealing, and those that are actually paid have more functions.

Once you start your internet business, there are a few points that you should think about. First on your list is determining the appropriate online firm that is going to be with you all the way. Therefore, you need to select a company that you can depend on and can supply you with all your needs. Visiting their website and browsing through their terms and conditions would be the next thing that you should take into consideration. Lastly, it is important to verify your account to get activated. You are able to do this by logging in to your account and following the sequence of instructions that can be found on your display screen. After completing all the actions, your account is now activated and you are now ready to accept online payments through your site.

Internet businesses that employ merchant accounts, of course, enjoy more benefits than those that don't. Understand that consumers that buy from the Internet anticipate paying online. Therefore, losing potential sales is unavoidable in the event you don't have the ability to accept credit cards online. Not only are you distressing those who would have bought goods or services from your site, you are also creating a reputation that very few online shoppers will be pleased about. When this happens, the future of your company is in grave jeopardy.

Cyber Spies: Not Your Typical 007

Purchasing goods and services online is more convenient than ever. Whether you are going to buy a book, a home, musical equipment or if you are booking a flight or a reservation at your favorite resort or restaurant, people are doing all their shopping via the Internet. A credit or debit card is required when shopping online. There are other forms of electronic payments; however, charge cards are the most popular mode of payment that many consumers use in shopping online.


Credit cards allow the cardholder to purchase goods and other services not exceeding a predetermined amount better known as a credit limit. When a customer swipes their card or enters their card information on a secure, online form, several technological wonders occur. Within a matter of seconds, the merchant receives the cardholder’s information; the bank that issued the plastic card pays the merchant for the product or service. At some point, usually within thirty days, the card holder repays the bank on a designated date. All though this sounds easier said than done, unfortunately, many people take advantage of the system in malevolent ways.

Credit card and identity fraud has increased at an alarming rate. This can be accomplished in many ways. Spies have been portrayed as cunning and mysterious. The same applies to cyber spies. A common way cyber spies take advantage of a cardholder is by sending spyware to an unsuspicious Internet consumer. Spyware is a type of malware that can be installed on computers, and which collects small pieces of information about users without their knowledge. The presence of spyware is typically hidden from the user, and can be difficult to detect. Once a spyware is able to find your personal data about your card, it then transmits it to the distributor of the spyware. Now that the distributor of the spyware has your personal data, they either sell your information to the highest bidder or impersonate you. Now, that the distributor has your information, they can approve themselves as the owner of your account. Then, they can request a new pin number and extra credit cards. At this point, they can purchase items or take out cash advances on your account.

Credit card holders need to always be ultra-conscious of their accounts. Guard your credit card data by making sure you are shopping at legitimate sites who utilize secure servers during the check out process. Install anti-spyware programs on your systems to eliminate potential threats. Don’t just give out your personal information when making purchases at a store or online. It is worth being prepared with all the knowledge and tools necessary to avoid being a victim of credit card fraud or identity theft.

Help protect your customer’s personal data and keep up with the competition by establishing a merchant account to accept credit card payments. You will be glad you did, and so will your customers.

Protecting your customer’s personal information is a great liability and responsibility for a business once a merchant account to accept credit cards for your business is established.

The question is, “Where does my responsibility begin and how is my business liable? In 2006, to make sure that businesses are complying with security standards, the major credit card companies, Visa, MasterCard, American Express, and Discover, collaborated and established security guidelines. PCI DSS, which is an acronym for the Payment Card Industry Data Security Standards, envelops everything from the physical security of credentials to making digital files indecipherable to potential crooks. These rules remain just as relevant today, as cyber criminals incessantly search for new ways to embezzle credit card information.

When taking steps to protect consumer’s data and prevent security breaches, merchants must at least meet the minimum requirements set forth by PCI DSS. Merchants that accept electronic payments must be fully aware of these security guidelines. Whether it’s Wall Street or Main Street, the guidelines that were created by PCI DSS apply to all businesses globally. Below is an overview of the PCI DSS standards:

1. Build and maintain a secure network

• Install and maintain a firewall configuration to protect cardholder data.

• Do not use vendor-supplied defaults for system passwords and other security parameters.


2. Protect cardholder data

• Encrypt transmission of cardholder data across open, public networks.

• Protect stored cardholder data.


3. Maintain a vulnerability management program

• Use and regularly update anti-virus software or programs.

• Develop and maintain secure systems and applications.


4. Implement strong access control measures

• Restrict access to cardholder data by business need-to-know.

• Assign a unique ID to each person with computer access.

• Restrict physical access to cardholder data.


5. Regularly monitor and test networks

• Track and monitor all access to network resources and cardholder data.

• Regularly test security systems and processes.


6. Maintain an information security policy

• Maintain a policy that addresses information security for employees and contractors.


Please refer to www.pcisecuritystandards.org for more information.


Merchants that break these rules can be fined. Upon such a security breach, fines are originally charged to the merchant's bank. At that point, the bank will pass on those charges to the merchant.

A larger concern is if the merchant loses a cardholder’s information. Under the state data breach notification laws, businesses that fail to guard their customers' information must admit the theft. The fines are going to be the least of your worries. Now, because it’s a good possibility your customer will not return, the damage is done and you have just lost business.

Whether it’s at the airport or at your home, security is a top priority. To stay competitive, businesses must establish a merchant account for credit card processing. Protect your customers and your business and secure your electronic transactions.

Hollywood...Enough With The Remakes!

Every time we turn around, Hollywood spits out another remake of a film they have no business remaking. Now, its ARTHUR. Russell Brand should be ashamed. Whether this movie amuses or not, it is repulsive to me that the lack of creativity in California promotes filmmakers to delve into what has already been done. Arthur was a classic and nobody could do it like Dudley Moore. Producers of this film should be ridiculed. They would have better served the community by taking their money and donating it to the American Red Cross for relief to Japan, than to piss it away in this fashion.


Whether a movie could be done better or not a second time around, it shouldn’t! Hey, I have an idea, come up with something NEW! Next thing you know, there will be a remake of Star Wars or the Exorcist. Yes, Titanic (a remake) was one of the most financially profitable films made…EVER, but how often do these stupid remakes really create anything more enjoyable or better produced, than the original that they are replacing. Keep in mind that Titanic is a true story. Original movies like Arthur, Stepford Wives, 12 Angry Men, The Day the Earth Stood Still, Guess Who’s Coming Dinner, etc are classics that should never have been remade.


Sure, young people, with no idea that there is an original, will go see it, if not just to see the newest R.B. film. Me, I will gather the wife and kids, make a big popcorn, and put the original on the big screen at home. Hollywood…Cop a CLUE! Rent some creativity! Get some writers who have a great concept and make films that inspire the art. Until then, I’ll stick with Showtime.