An Internet Merchant Bank Account will enable you to accept
credit cards over the Internet. The complexity of this depends on your banking system, the country you live in, and your banking history.
For Canada, this is a new industry, and finding the right partner usually involves using a clearing house versus a bank. In the United States, most US banks offer
Internet Merchant Accounts, and most Online Transaction Providers will support them.
Please note:
- It can take up to 30 days for a merchant account to come through, so apply early.
- If you already have a merchant bank account, you may need to upgrade
it to an Internet merchant bank account.
- Make certain that your bank accepts Internet merchant accounts and has
credit card processors that can connect to available clearing houses.
- Ensure your account handles “Card Not Present” transactions.
If you are an international merchant, you’ll most likely have to obtain a US merchant account,
since the vast majority of Online Transaction Providers are located in North America and have
limited ability to interact with banks outside.
You’ll also need to locate a local Online Transaction Provider.
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TIP: We recommend applying for your account well in advance if there are no charges
in doing so. Some companies charge up front, some monthly, and some are free until you use them.
Before using the automated authorization however, if you anticipate volume may be low until
the system gets promoted properly, you can have them enter the account details over a secure
site for no cost. Then when volume starts to increase, you simply switch the payment processing
element in your shopping cart, and the new automated method is underway.
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