Businesses demand merchant accounts in order to accept all themethods of payments paramount for today’s internet shopping experience. If you are a foreign business owner but would like to accept US payments, you can inquire about a US merchant account.
The first method is by the use of a third party billing company. One company that might be conventional is PayPal. PayPal does all the hard work to process the payments that enter your business and they are obligated to see that you receive your payment once an occurrence has been processed. PayPal operates with a variety of countries and accepts many currencies. Be sure to make sure that PayPal works with your country and then if not you can take the second route of receiving your very own merchant account set up.
Before you can get your own merchant account, you will need to take care of some other details first. US citizens will have to pay about $40 a month which includes leasing out the appropriate software that may or may not include the credit card processing fees that are incurred by accepting credit card payments. Keep in mind, your business must be registered or incorporated in the US. If your business is not, then some merchant account providers can help set this up with you which will be incur an additional one-time setup fee of about $500.00.
Now, if you are not US citizens, you cannot lease software but you will be need to purchase it. Purchasing this software will cost you about $1000.00. Your business must also be registered in the US. If your business is not, then it is possible to have your merchant account provider assist you with this setup which costs an additional fee.
When you are not a US citizen there is another requirement that most merchant account providers practice. They will require a deposit of %5 of your expected revenue of what you expect to earn in 6 months. Basically you are put on a probation period of 6 months and with your deposit this helps protect the merchant provider from fraudulent business practices such as charging a bunch of credit card transactions without paying your fees and then leaving without a trace. The deposit is still your money and is safely held with your merchant provider.
Many brokers have a hard time approving non-US citizens for merchant accounts but it is not unreasonable. If you look around you will find many merchant account providers that deal with great brokers that are more than happy to assist foreign businesses with applying for merchant accounts.
If you are interested in a merchant account, you might be interested in checking out Visa Merchant Accounts and for the on-the-go merchant check out Wireless Merchant Account.
categories: credit card processing,accept payments,process credit cards,merchant account,business account,ecommerce,small business,ecommerce,business owners
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