Non-bank third-party credit card processing services have become more popular as compared to traditional acquiring banks and other financial institutions. Are you searching for the best merchant services for your business? Are you interested in Authorize Net merchant accounts? Keep on reading this post and you’ll get answers to your questions.
Mercator Advisory Group Survey on Processors
Mercator Advisory Group, an independent research firm, hasheld its annual US Small Business Survey. The survey results are based on responses from 1.600 businesses processing between $500K and $5M in annual sales.
It turns out that small business owners are more willing to turn to third-party card processors for their payment processing needs.Out of the total survey participants, 76% use card services delivered by non-bank third-parties.
Mercator’s survey results show that small business owners prefer to work with payment processors that provide them with the similarservices offered by large firms. According to the survey, the payment processing needs of smaller companies are more complex. These may include compatibility with mobile apps for couponing and receipting, etc.
Nearly 30% of the participants in the survey use PayPal for credit card processing or their mobile card reader. Square took the second place. 10% of respondents say they use Square to process payments.
Online Payment Processing: Authorize Net Merchant Accounts
Accepting credit cards is critical to your small business success. If you accept only cash, you aren’t going to increase your sales.
The popularity of third-party processors among small business owners is partly conditioned by their lower overhead costs and fast services. Traditional merchant account providers have more intensive and lengthy underwriting procedures. Acquiring banks also often require merchants to pay fees that third-party processors skip. These may include monthly minimums, PCI fees, as well as annual service fees.
As for fraud prevention, third-party processors usually offer more aggressive fraud protection services. As a result, they can freeze or even close your merchant account is they find your transaction to be suspicious.
Payment gateways are another highly important point to dwell on while discussing online payment processing. They enable merchants to accept credit card and electronic check payments via their website and over an IP connection.
Dedicated payment processors transmit payments, and payment gateway solutions authorize the funds being transferred to the seller. Payment gateways must do this securely and conveniently.
By the way, if you’re trying to get approved for merchant services, including Authorize Net merchant accounts, secure payment gateways, look for a reliable and secure payment processor to work with. Be sure to turn to a respectable credit card processing company that guarantees the best deal for your business.
Before applying, start comparing the rates and fees from multiple credit card processing companies and then, turn to the best one in the field. The best payment processor is the one that tailors its services to fit the specific needs of your small business. A true professional in the field will allow you to pick and choose the features that can best meet your payment processing needs.
Author Bio: Electronic payments expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants interested in Authorize Net merchant accounts, and other payment processing services. His passions include producing music, and traveling.