Online Merchant Services
Whether an old pro or novice to the world of online merchant services, there are likely to be aspects of the industry that are unfamiliar to you. From the basics of merchant accounts and services, to accepting credit card payments for online transactions there is a lot to learn. Features such as advanced information about electronic payment systems, credit card swipe readers, virtual terminals and online credit card processing are just a few to name. Although all of these features seem overwhelming, finding the right online merchant services provider may prove to be crucial in understanding what your business needs. And that's where FinTech Group comes in, we are here to help your business succeed.
Who Needs Online Merchant Services?
So who exactly needs online merchant services? If you have a business and you want to accept various types of online payments, you will need a merchant account. A merchant account is an arrangement between you and a credit card processor that allows you to accept credit card payments from your customers. And in this particular case, on the internet with online transactions. An internet merchant account enables you to run web-initiated transactions online in real time. Those payments are then deposited into your bank account by the credit card processor. In today's world, especially during a pandemic with restrictions, online merchant services are imperative. Credit card processor acts as a middleman between you and the issuing bank (the bank that provides card holders with credit) during a transaction. When the issuing bank authorizes a customer’s transaction, the payment is credited to your merchant account by the processor. At the end of each day, you settle all of your transactions in one batch with the processor, which deposits the funds into your bank account, typically within two days.
How Do You Determine Which Online Merchant Services Provider Is Best?
When choosing an online merchant services and payment processing provider for your business, it’s essential to carefully review your options. Finding which provider will best suit your needs can be a determining factor for success, as flawless payments are essential. A payment gateway is just one example of an important online merchant service for a business. A payment gateway is a remotely hosted software application that transmits transaction data from either the payment page of your website or from a virtual terminal. Therefore which is the link merchants use to process transactions securely and efficiently from their own computer. Below are some of the factors and then services that can help you determine the best online merchant account for your business:
Pricing And Fees:
The best online merchant services provider for your business should have competitive subscription and transaction rates. Various fees such as flat-rate, membership fees, interchange plus, and general pricing structures must reflect industry rates. However, you should know that the specific rates for your business or industry may differ as the circumstances warrant.
Ease Of Use: Online payment processing platforms must be user-friendly for merchants and customers alike. Furthermore, they must not be stressful to set up and integrate seamlessly with popular ecommerce platforms.
User reviews provide useful insights into how a platform serves its clients and attend to complaints. If the online merchant services provider you are considering doesn’t have great reviews, you should proceed with caution.
The nature of the online payment processing is such that it’s impossible to have seamless transactions all the time. In the event of blips and complaints, the best online merchant services provider must attend to the complaints quickly. Including owning their faults when they are wrong, and taking the necessary steps to make things right.
Since you plan to trust the platform with your money, you must confirm that they are relatively impervious to security breaches. You can get information on how secure a platform you’re considering is by reading online reviews on open forums.
Kinds Of Businesses They Serve:
The best online merchant services provider for your business should have a history of working with other businesses in your industry. For example, a lot of payment processors are notorious for turning down businesses in ‘high-risk’ industries. Perhaps you’re involved in the cannabis or MLM industries; you might need to look a tad bit harder to discover the best platform for you.
Company Payment Cards:
Almost any small or large business has standard office supply costs. From marketing material and televisions, to display ads, to technology, and even the paper in your printer, there are business expenses to consider. Payment cards allow for purchase orders to be made under the company without burdening employees. Even the most profitable businesses require lines of credit and cards facilitating the provision of vital business supplies.
Services To Look For With Accepting Payments by Phone or Online:
- No Reserve Account Required
- Includes Gateway & API Virtual Terminal
- Funds are Debited in Real Time
- No Chargebacks, NSF's, or Stop Payments
- Same Day & Next Day Settlement
- Unlimited Ticket Size & Uncapped Volume
- Recurring Billing Feature
- Hosted Payment Checkout on Website
- Customer Information Storage For Future Sales
Merchant Accounts And How They Differ
There are basically two types of merchant accounts to start at a fundamental way of understanding. One is a merchant account for card-present transactions that is used when the credit card and cardholder are physically present at the time of the sale. The second is a merchant account for card-not-present transactions that is used when neither the card nor the cardholder are present for the sale. For example, your typical e-commerce/online and mail order/telephone order sales. If both card-present and card-not-present scenarios come in to play with payments to your business, you may need more than one merchant account.
It's important to understand that in order to get a merchant account, a business will need to fill out an application and have it approved by a bank and/or credit card processor. The processor then equips you with the products and services you need to accept credit cards. FinTech Group can provide your business with the equipment your business needs to process your payments. Whether your business requires an EMV PCI compliant terminal for face to face transactions, or a virtual terminal or payment gateway we will accommodate you. And keep in mind, at no cost for as long as you continue to process with us.
Home Based or Start-Up Company Merchant Accounts
If you are a Start-Up Company or Home Based Business, you may be considered to be high risk and will need to look long and hard to find a payment processor that will understand your needs. These types of businesses require more first time trust with banks and merchant services providers that are most unwilling. But FinTech Group is an online merchant services provider that embraces the entrepreneurial spirit, and it is that very philosophy that built the company. What the big banks view as a negative, FinTech sees as a welcome opportunity to serve the businesses that they turn down by using our innovative solutions.
Dispensary Merchant Accounts
A dispensary merchant account takes your financial handling out of the realm of dangerous cash and gives you power over your company. There are many options for point of sale systems in the cannabis industry but relatively few for banking. Online merchant services provide the same services to your industry as the banks do with other industry clients.
Handling money is much different from facilitating a sale and often seen as involving companies to a much larger extent. FinTech Group for example, offers premium services for businesses in the Cannabis space. Because of the profitability within the cannabis industry, utilizing a customized financial solution to deal with everything from taxes to regulations is wise.
Dispensary businesses often suffer because of outdated federal laws, but if they find the right online merchant services. Note that FinTech Group does not maintain a blacklist for established companies approved by state governments. While we still strive to live within the laws set by the states, we are willing to help you deal with your financial needs, maintaining one of the highest approval rates of any company in our industry.
Bad Credit Merchant Accounts
Credit score can play a significant role in obtaining online merchant services, especially with the larger banks and processing companies. Not all new businesses work out as planned and can end up in unfortunate situations. Examples of this would be filing bankruptcy, tax liens, or any action resulting in bad credit. Unfortunately those consequences can linger on for years.
And finding an online merchant services provider after an unfortunate event may not be as easy as the average business owner may think. Many merchants do a google search and get thousands of results. But, the problem with that is the search usually results in working with a "middleman" which literally makes up 95% of the industry.
That's where the best online merchant services provider, The FinTech Group, comes in to play. FinTech's payment processing platform gives us decision making ability, so when you work with us you are dealing directly with the source. We understand there is more to approving a merchant account than a FICO score and base our decision on the business model. This method has earned us an unprecedented track record in approving bad credit merchant accounts.
Loan Modification & Payday Loan Merchant Accounts
These two business verticals are typically limited to the payment options they can qualify for and use. But, at FinTech Group we accept and approve these businesses for our online merchant services. Our recurring billing and chargeback proof platform, along with real time debiting and daily settlements allow these businesses to operate more efficiently and streamlined. FinTech designed this solution for High Risk Businesses ANY business type qualifies, and we have had particular success with Financial Services. Our platform also works for crowdfunding and Equity industries giving them a way to accept payments over the phone or online from an investor on the spot.
Cryptocurrency Exchanges & Forex Brokers Merchant Accounts
This industry requires money to be transferred in real time and is usually done by wire transfer most often. At FinTech Group, our gateway will debit funds in real time remotely with the convenience of not having to leave home or office. Like wire transfers, payments are irreversible so chargebacks are not an issue.
Law Firm Merchant Accounts
The versatility of this program allows law firms to get creative and break their fees into a payment plan and collect them automatically with our recurring billing feature. All Law Firms qualify for this program even those who specialize in bankruptcy services.
The Best Online Merchant Services Provider
The best merchant service providers give businesses the freedom to accept card transactions online or in person. Importantly, most of them also offer payment processing solutions like gateways. These solutions are crucial to scaling for online businesses. If you’re looking for the best online merchant services provider, FinTech Group should be one of your top considerations. We have an excellent track record of providing seamless and quick payment solutions for low and high-risk industries alike, and we can bet your business won’t be an exception.
We approve credit card processing merchant accounts for businesses that are considered high risk and "prohibited" by most merchant services providers. And, we are even able to approve merchants who have been placed on the TMF and MATCH List restoring their ability to accept payments. Our many years of extensive experience and established partnerships with banks and financial institutions, both domestically and offshore, make finding a solution easy. These partnerships streamline your businesses payments needs by giving us one of the highest merchant account approval rates in the payments industry.
Contacting FinTech Group For Merchant Services
Although we don't like to toot our own horn, we can’t help but admit that our online merchant services check all these boxes. We are convinced that we offer the best credit card processing and online merchant services for small businesses across the board. But, there’s only one way to find out for yourself- request a quote for our services and give us a trial! Contacting us is easy, you can always speak with our knowledgeable associates by calling (617) 918-7235 or visiting our website.