Accepting Credit Cards: Merchant Status For Your Business A lot of people nowadays, prefer the convenience of purchasing through credit cards. In the United States, nearly 1 in every 3 consumer purchases are paid through credit. It is crucial therefore for companies to readily accept credit payments to avoid losing sales.
No matter what type of dealing you run, whether it is a small shop, online store or mail order business, having a credit card service for customers will surely come in handy towards your business growth. However, one cannot just accept credit card payments in an instant. In fact, one has to apply to a number of banks for a merchant status to be able to do this. But once your merchant status is established, then your business will be good to go.
How Does Merchant Status Work?
Your company must first partner with one or a few banks to be able to accept credit payments. Before doing so, you must apply to these banks to achieve the merchant status. These banks will work with you to transfer money paid through credit by customers within a day or two of the sale. They will also be responsible for collecting the money from the customer, and in...
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