How to accept online credit card payments and be aware of the transaction fees charged!

Connie 2022-05-04

How to accept online credit card payments and be aware of the transaction fees charged!

Research and estimate your expected online sales: Estimate the amount of online sales you will make to understand how to accept online credit card payments and what fees you will have to pay.

Merchant account services on the Internet charge fees based on the customer's online sales. Therefore, processing credit card payments online if you know your estimated sales, you can avoid paying unnecessary fees.

Set up your merchant account - To accept credit cards from different customers for education, you will need to set up a number of merchant accounts at Bank of China.

This special account acts as an intermediary between your business and the customer providing the credit card company or banking system, and withdraws the appropriate amount from the customer's card during marketplace transaction activity.

Setting up a merchant account involves an application process. If your application is approved, you can usually use the most common credit cards to accept payments from customers.

After you accept the program, you will need to select the preferences for your account. After the merchant accepts you, you can choose to accept payment methods.

Some options are available, such as those that require monthly payments, while others are not. Select the type of website checkout button you want. You can also provide prices and descriptions of the products you are selling.

Purchase Processing Equipment - After your merchant account is approved, your next step is to lease or purchase credit card processing equipment through your financial institution. Typically, this is a card reader connected to a modem, so if the card is approved or declined at the point of sale, you will be verified immediately.

To use an online payment processor you can set up an account, you will need to enter your merchant pass through information and verify the bank account that will transfer the business funds after withdrawals from the credit card provided by the customer.

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