An Internet account is a card not present account that is used by e-commerce businesses to process orders in real time over the Internet. This is all completed through an electronic gateway that will accept or decline the card in an instant. If the card is declined the customer can use a different card or their order will not be processed. These types of accounts are used when the Internet is the main store front for the business and most of their sales are conducted in cbd merchant account approvals this fashion. It is important to have a good payment-processing gateway when working online as it allows the totals from your websites shopping carts be processed right into the merchant account without any human interaction. This is convenient for customers to be able to make purchases on the spot without anyone helping them. Using this form of payment process gateway and processing account will allow the online website and business to accept payments 24 hours a day seven days a week anywhere around the world. Most Online merchant accounts will also allow the option for the merchant to key in the customer’s information for processing. Online transactions will have much higher fees then your card present account because of the various risks associated with card not present merchant accounts.
Mail order accounts are among the most popular types of card not present merchant accounts. How a mail order account works is the customer fills out all their credit card information on a card or order form that is then mailed to the customer for processing. The Merchant will typically will manually enter all the cards information and then process the card. Once the card has successfully be accepted the order will then be fulfilled. Mail order merchant accounts do receive the best rates of any card not present account, as they tend to have the lowest decline rates for this type of credit card processing account.
Another type of card not present merchant account is the touch tone telephone merchant account. This type of merchant account operates exactly as you would expect. The customer or merchant enters all their card information over a touch tone phone for processing. No credit card equipment is needed all card information is gathered from the phone and verbal prompt system and then processed. The system will automatically approve or decline the transaction. An authorization number will then be provided which should be marked down on a receipt for the customer. It is crucial you have an imprint machine for these types of transactions if possible. The rates on this type of merchant accounts are significantly higher because of both the risk as well as the fact that a third party touch tone system typically will be involved.
It is important to think about all these options for your business to decide which one will work best for you. Many merchants do need more then one type of merchant account one for their physical store location and another for their website e-commerce store. Take the time to imagine how you will be processing credit card transactions and consider if your business will require payments on the go, payments online or will customers be mailing in orders. You will also need to think about what your average transaction amount will be. This average transaction or ticket amount will determine some of your fees as well. It is important for you to have a good idea on where this transaction amount will fall.