When I started out, finding my way to accepting credit cards seemed a bit intimidating. On the one hand, 90% transactions are carried out through credit cards to which I cannot turn your back, while at the same time it was an huge challenge choosing the right solution. There has to be a reliable way of credit card processing for your customers’ transactions.

When starting out, if you are into a brick and mortar business, you may use an equipment or a phone to input your credit card transactions and to get the credit card processing center’s approval before accepting your customer’s card or you may lease a terminal, but the credit card processor has to be chosen with care. You must go through all the fine prints of the arrangement with a fine comb. But I learned quickly that there are only two ways how to accept credit cards.

These are:

1. Establish a merchant account with the credit card companies. It is essential for every business that wants to accept credit card online is to build a merchant account, especially when the business will be receive credit card payments. The application for this one will vary from one bank to another. That is why the company must first learn the primary services of a bank before committing to such service. Also, most banks do not allow new businesses and home businesses to get a new merchant account for fear of some frauds. And so, the best way to gain the bank’s trust is for the company to establish strong relationship with the bank and to maintain a good credit history.

2. Third Party Merchant This third party merchant refers to the other companies that are willing to accept credit cards on behalf of the company who wishes to accept credit card payments. One of the most popular third party merchants today is PayPal. It acts as a mediator between the seller and the buyer. PayPal usually requires their client’s buyers to register for their program. That is why; most people find this really wearisome activity. Both methods can help businesses to accept credit cards. However, there are areas where the first may offer greater features than the other. Take for example the differences between the two methods. In most case, the primary rates for merchant accounts are higher than the third party merchant account. Plus, the third merchant party accounts more convenient than what the merchant account can do. And so, for those who are still deliberating whether to get merchant account or the third party merchant account, it is strongly suggested that whatever methods is used, remember to take into consideration the pros and cons of the two method so as to accept credit card.

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