by Shannon Martin
If you are a small business owner interested in accepting cell phone credit card processing, then you will need a mobile merchant account. A mobile merchant account allows you to accept mobile transactions regardless of your location.
The requirements may vary from each merchant service provider, but the basic requirements needed to set up a mobile merchant account are a driver’s license, bank account confirmation, billing statements and other business identification documents.
It takes approximately twenty-four to forty-eight hours to be approved or a cell phone credit card processing account. After approval, it may take a few more days for a technician to establish all the necessary connections and back end files. Any necessary equipment can be leased or purchased. Some merchant account service providers will offer the use of equipment as long as the contract between them and the small business remains.
Although a mobile merchant account is not necessarily needed for every type of small business, there are some criteria when determining if it is right for your small business. Before mobile transactions became the latest payment method, traveling businessmen or women were limited to accepting only checks or cash as payment.
With the advent of mobile credit card processing, they can now reach a greater customer base. If a small business owner or employees already have a smart phone, a mobile merchant account is a viable option as many credit card providers allow for transactions directly from the mobile device with the appropriate application.
One of the biggest payment issues a small business can face is having a situation in which the customer receives goods now and pays later. Many times, the payment never arrives. If a small business owner has a merchant mobile account and can accept credit card processing it eliminates the need for thirty, sixty and ninety day invoices and allows the business owner to collect payment immediately.
According to the American Bankers Association, the majority of customers prefer to swipe their plastic as opposed to carrying cash or using checks. This trend continues to grow and a small business needs to capitalize on popular payment methods so as not to lose sales.
If interested in a mobile merchant account, it is essential for the small business owner to thoroughly research potential providers. Many companies will make promises of low rates for a limited time, but then raise the rate higher than the average in just a few short months. Other companies will offer low monthly rates, but the rate per transaction fee may be higher. Always ensure there are no hidden charges or third-party processing fees before agreeing to any merchant account agreement.
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