Whether you are starting a new business or you are expanding your services, ecommerce merchant account can increase profits and customer satisfaction. It is important to remember that whichever ecommerce merchant account service provider you choose, you are prepared for your new service.
In most cases, setting up your ecommerce merchant account is simple and quick. However, the paperwork, credit checks, and other factors can sometimes delay your approval for services. Knowing this, you should try to begin setting up your account at least a few weeks before your new business opens.
Investigating ecommerce merchant account service providers is the first step in securing a merchant account. Make sure you choose a company or bank you trust. Check their track record with other clients, investigate their rates, and speak with representatives. Once you feel you have found a good match, start the process by filling out the proper paperwork.
Once you begin the process of acceptance, the representative from the ecommerce merchant account provider or bank will likely ask you about projected sales, your current sales, and how many of these sales you suspect your customers will use their credit or debit card for. When projecting your sales, be sure to have the paperwork to back up your claims. If you severely overshoot projected credit card sales, these could eventually increase your rates with the ecommerce merchant account provider.
Once you have been accepted for a merchant service account, be sure to keep good records of sales, taxes, profits, and losses. This will help you properly fill out tax and income information for the IRS. Since 2011, merchant service providers have had to submit their transaction records to the IRS. Having paperwork to reconcile the transactions submitted to the IRS by your merchant service provider could save you an audit in the long run.
Choosing the right provider and keeping the right records is the key to maximizing profit and customer satisfaction. In addition, you will reap all the positive benefits business owners have come to expect from their merchant service provider.
For more information about small business credit card processing, check out this blog!