How to Find the Best Merchant Account Rate for Online Firearm Sales

Dec 09, 2013

If you are one of many online merchants selling firearms online then you will want to ensure that you are receiving the best merchant account rate for the product or products that you are selling. Here are some tips to help you find the best merchant account rate for online firearm sales.

Anytime that you sell a product online and you accept credit cards as a form of payment you will have to pay a fee in order to accept this form of payment. In order to avoid having to mark up your prices in order to accommodate the fees you will incur you will want to find the most affordable rate for using a merchant service. In addition to finding an affordable rate, you also want to safeguard your customer’s privacy.

In order to determine the best merchant account rate for online firearm sales you will need to calculate the following information to see what your total in fees and charges will be for the year. You will need to know what the setup fee will be with the merchant company you are looking at. You will need to find out what your statement fee, annual fee, per transaction fee, any discount rate fees and any software lease information.

For example, let’s say that you are not required to pay any start up fees. If your statement fee is $5 a month then you will need to multiply this time 12. So you would be paying $60 yearly for your statements on your merchant account. Next let’s say the annual fee is $10, which now brings us to $70 yearly. From here you will calculate the other fees using the percentage provided by the merchant account service you are looking at.

You can use this method in order see which company or bank will provide you with the best merchant account rate for online firearm sales. Once you have found the best rate from an accredited bank or other financial institution for your merchant account and one that offers the best possible security for your online customers, you will be ready to accept credit card payments online.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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