“Just take any step, whether small or large. And then another and repeat day after day. It may take months, maybe years, but the path to success will become clear” -Aaron Ross.
2020 brought us so many out-of-the-ordinary experiences. Pandemics, earthquakes, and other natural disasters around the world.
It’s 2021, but you still have unanswered questions as a business owner. Today, be knowledgeable and enlightened as you start this new year. Today is the best day to learn more about innovating your business and taking it to the next level. We compiled common questions that business owners, even start-up businesses, usually overlook or ignore.
Most customers expect you to accept electronic and cashless payments, so you need a merchant account. Whether you trade in commodities produced by other people or with foreign countries, or as long as you are involved in business or trade, a merchant account is essential.
What is a merchant account?
A merchant account is a business bank account that allows businesses to accept payments in multiple ways. The most common are electronic payment card transactions, typically debit or credit cards. It is an intermediary between the customer’s bank account and your business’s bank account as electronic payments. This is set up under a binding arrangement between an acceptor and a merchant acquiring bank to settle payment card transactions.
Who needs merchant services?
In today’s situation, most customers expect establishments to accept debit and credit card payments. Especially if you want to expand your business online. If you are a business owner who wants to accept debit and credit cards, you need to secure a merchant account. Once you have established a merchant account, you can offer electronic payment options for your goods or services.
What does a merchant service provider do?
A merchant service provider, traditionally known as a credit card processing company, assists businesses in accepting electronic payments. They also provide all the necessary hardware, software, and services in electronic payment processing. To give you an idea of their functions in assisting businesses, some are credit card processing, data security, and customer service. In layman’s terms, they are a third-party company acting as a liaison between your business, your customer, and the credit card companies. They ensure payments are processed in compliance with industry standards.
What is a merchant MID?
MID is an acronym for Merchant Identification Number. It is a unique numerical code that identifies a merchant to their acquirer. It is like an address for your business. It is made specific and distinctive; therefore, the payment processing systems could locate your business once involved in a transaction, like where to send which funds.
How hard is it to get a merchant account?
Some industries fall into the high-risk category, where finding merchant accounts can be challenging. Nock Pay extensive network of solutions gives you various merchant account options. It is much easier to get a merchant account than ever. Enjoy a convenient online application and quick approval by Nock Pay.
How payment processing works, and what fees are charged for merchant accounts? The fees associated with a merchant account vary by provider. Nock Pay guarantees quick real-time credit card processing and top-notch services at reasonable rates. Allow the Nock Pay team of high-risk experts to further discuss this with you and what fits your business.
Scale with the Nock Pay!
