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Internet Merchant Accounts
Internet Merchant Accounts is an account with a financial institution or bank which enables you to accept credit card payments from your client. The payment gateway actually transmits the billing information to the Internet Merchant Accounts provider. Unfortunately most local banks do not provide Internet Merchant Accounts capability. A regular Internet Merchant Account is an account set up between a retail company and a merchant bank which allows the retailer to accept a credit card order from a customer, and in turn receive the monies through the bank.
If you wish to accept credit cards online in your own company name you will need your own Internet Merchant Accounts. Obtaining Internet Merchant Accounts to accept credit cards on the Internet is more difficult than obtaining a 'regular' merchant account because the card is not present nor is a signature obtained.
The basic requirements for Internet Merchant Accounts are having a commercial Web site and a good credit rating. Some banks require a thorough check of your business history and credit rating, which may require a great number of forms and a good deal of preparation. Before you talk to the bank, talk to your accountant to see if all your papers are in order, or if the accountant can produce them in good time.
Internet Merchant Accounts have some features like:
Real-time credit & debit card processing transactions are processed and payments authorized in real time, often in as little as 3 seconds. Settlements are made directly to your bank account.
Account Management: It means all customers are provided with a Customer Management System, which allows you to check the status of all transactions through your Internet Merchant Accounts 24 hours a day, 7 days a week. This also allows you to issue full or partial refunds to customers if required. Multiple Currencies allow you to accept payments in over 120 currencies, and can settle payments to your bank account in any of 14 currencies. For example, WorldPay provides nightly currency conversion data, allowing you to convert your prices into other currencies quickly and easily.
Virtual Terminal allows you to manually process credit or debit card numbers collected by telephone, fax or post. Simply enter customer details and card numbers into a web based payment terminal for instant processing through your Internet Merchant Accounts.
Repeat Billing is similar to direct debit or standing order, allowing you to automatically debit your customer's credit or debit cards at regular intervals. This is ideal for any membership or subscription based services. Your customers simply make one online payment through your normal payment page and their card will automatically debit every month.
Additionally, deferred payments give you up to 5 days to complete transactions without incurring transaction charges. When the order is placed, the credit card transaction is processed and payment is authorized. No money is taken from the customers account unless you specifically complete the transaction within 5 days. This can allow you to check that the customer is genuine before completing the transaction and dispatching goods. Full Customization payment pages can be fully customized to fit the style and color scheme of your existing website, providing your shoppers with a seamless shopping experience. Each customization change takes only a few seconds from the Customer Management System for your Internet Merchant Accounts.
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