If you are a business or an individual and you want to offer services or sell products over the internet, then you are most definitely thinking about establishing an online credit card processing merchant account to accept payments from your customers. If you are already an established company and simply looking for lower rates, we offer just that. People are more comfortable using their credit cards online due to advances in fraud detection and consumer protection when doing business online. If you choose Menexis, the entire process of setting up an internet merchant account is simplified by us.
People always want to know how fast they will get paid after they have successfully processed a transaction. Your account is directly connected to a bank account that you specify on the application when you are filling it out. The banking account information is used to wire money via ACH deposit into your account. Generally, the transactions that have been processed for a day is transferred into the bank account within 24 to 48 hours on average. Some financial institutions have a much faster turnaround time when it comes to settlement or payouts. The definition of a settlement is simply funds from the merchant account which belongs to you that gets transferred into your business or personal bank account associated with the account.
There are several payment gateways options that are available to you such as Authorize.Net and others that are PCI compliant for security purposes. Many small businesses are interested in PC based or computer credit card processing solutions for their company. All of the information such as data and reporting is located on a secured server so business owners can access statistical sales and report information. This information can be laid out in a dashboard format when you login to the online resources section of the website. Access to the virtual terminal or resources online is available 24 hours a day if you have computer with internet connection. This is convenient way to get the data and reporting that you need and stay connected to all that is going on with your business. Businesses are that high volume in nature tends to benefit the greatest by being offered lower rates and fees and understanding the fee structure such as downgrade (surcharge) and the monthly services fees can save additional money for companies. With higher volume comes more chargeback and purchase dispute associated with fraudulent transaction. High volume companies are still expected to keep their chargeback ratio under or around 1%. If a company processed 200 transactions, only 2 of those transactions can come back as a chargeback. Consistency is warranted but if you go over the 1% ratio a few time within a 12 month period, say 2 or 4 times, it will not be that big of a deal. But if the ratio is consistently above that, you run the chance of getting shut down by the processor. If it’s an abrupt termination, your funds will be held for 6 months before you receive it. Processors are protecting themselves from chargeback and that is why the funds are held for 6 months because 6 months is the time someone has to file a a claim. After six month has gone by, any claims after that are not acknowledge.
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