Bankcard Empire helps merchants understand What they are really getting into Part 2

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 25, 2008 -- Many merchants do not understand the hidden costs when it comes to using a credit card processor. Bankcard Empire reveals all costs that many banks hide from their clients. This is Part Two of a series of releases brought to you by Bankcard Empire.


4: Is a merchant account required to accept credit cards?

No. One option is to contract with companies providing payment processing on your behalf. Their prices are higher from taking a larger percentage of the ticket price. All credit card providers charge your small business a percentage of each credit card payment received. If you are considering selling on the Internet, a merchant account provides a better professional image.
If you allow a third party company to process your payments, you have to put your order form on the payment processing site. You may only be able to get your funds two or three times a month, limiting cash flow. With your own merchant account, expect to receive those funds in less than three days from the time of the transaction.

5: What is required to begin payment processing online?
To begin payment processing you need the following:

· Secure Server with Certification: When your customer enters their credit card information, it is sent in unencrypted text form to the server hosting the website. To prevent data interception use SSL encryption ensuring no unauthorized decoding can occur.
· Order Form: Your customers need a place to input personal and banking information. The order form must be on a secure server.
· Gateway: This is the "tunnel" which allows for the authorization, processing, and management of the merchant services. It is the mechanism transferring your customer's vital information to the processor so you can get paid.

· Shopping Cart: A shopping cart is software allowing your small business to have an e-commerce store where purchases are automatically calculated for you. Ensure the gateway is compatible with the shopping cart.
· Merchant Service Account: You can have a secure server with certification, an order form, shopping cart and a gateway, but real-time processing cannot take place without establishing a merchant account. The merchant account provides access to a processor able to authorize, capture, and settle credit card transactions.

Finding the best merchant service option can be overwhelming. Review your options and make the decision based on what your customers would prefer and your small business can afford. Take a look at www.bankcardempire.com and call to speak to an agent about your business situation and see if it is time to make a switch!

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