How to Accept Money Online For Your Business

If you are looking to expand your online presence by offering your products and services you will need to look at various methods to accept payments. Since your customers may be diverse you will need to look at different methods which will make shopping quick and easy for them regardless of their location. By offering different methods for your online business you will be able to increase sales and put the profit towards betting your business and helping it to grow.

One thing that you will want to consider purchasing for your company is a merchant account. This will often allow you to process credit cards and debit cards giving those from even 3rd world countries access to shopping from your store. Many companies choose to use bank transfers for payments which is a great alternative but you need to offer various payment methods in order to keep your customers happy.

Fortunately companies such as understand that many businesses have customers from all over the world and will require various payment methods and will help to make shopping easy and affordable for all parties involved. Companies such as Solidtrustpay have helped various companies over the years to bring in new business and to help protect them against chargebacks. Since many companies are faced with fraudulent and fake chargebacks each year you can use a company like Solid trust pay to help verify the transactions and to protect you against a chargeback from ever taking place.

Chargebacks, Understanding The Basics And How They Can Hurt You

Businesses often face something when they handle credit card payments.  This is known as a chargeback and can create a lot of added expenses that you may not even be aware of upfront when you set up your merchant account.  Accepting credit card payments is great, but if you do not know the risks that go along with it you can find yourself in trouble.

As a merchant you need to understand common reasons as to why you will actually receive a chargeback.  The first reason and most common reason you will get a chargeback is due to fraudulent transactions.  When a credit card is used without the consent of the holder of the card, you are going to be held responsible for this.

Another common reason is due to the fact that there was no item received by the purchaser.  When an item is not received for one reason or another, there is going to be a chargeback that comes back.  The merchant is again held responsible for this issue.

When you have a merchant account through a company such as Solidtrustpay you will be able to do some reason and fully understand the chargebacks and the risks that you face with accepting payments over the Internet via credit card.  Companies such as solid trust pay can work with you to help you gain an understanding over the chargebacks all the way through.  Chargebacks will absolutely tear through your profits if you are not careful.

Understanding What The TMF, Terminated Merchant File Does

Business owners who operate and rely on credit card sales through a merchant account have likely all heard of the initials TMF.  What exactly is TMF though, what does it stand for and what does it mean to your business?

The terminated merchant file does not need to be as complicated as you need to make it out to be.  In a sense, the terminated merchant file is a banned list.  The terminated merchant file is a repository of all merchant accounts that have been blacklisted by a financial institution, meaning that you can not do any credit card processing with the merchant account that is in question and is on this list.

Financial institutions are constantly monitoring everything that they process whether it be a credit card payment processed by Visa and, or Mastercard.  Once they detect something that they consider to be against the rules or in violation, they will call you on it.  They will not let you know of the wrongdoing though, instead they will simply add you to the terminated merchant file.  When they do this, you are on this naughty list in a sense where you can no longer process credit card payments.

Solidtrustpay is known as a merchant account operator, just as other operators will do, who will be sure to operate merchant accounts in such a way that you will not get on this list.  If you do, solid trust pay will be reliable as you reach out to the financial institution to get removed.

What to Ask Your Merchant Account Provider

When it’s time to open a merchant account for your business, it’s important to do your research and ask the right questions. Not all merchant account providers are created equal. In fact, some have much higher rates while others do not offer the services that will benefit your business. Before you can select the company of your choice, make sure to ask the following questions regarding fees.

While there is no way around paying fees, it is important to ask a potential merchant provider about the specific fees they have. For example, SolidTrustPay is known for providing some of the best prices in the industry, and these low-rates are available for both online shoppers and entrepreneurs. However, whether you go with Solid Trust Pay or a different company, it is important to make sure that the company offers a complete list of transaction limits and fees.

Another fee you will want to pay attention to is the activation fee. Try to find a company like SolidTrustPay that allows merchants to open accounts for free. In fact, unlike most merchant account providers, Solid Trust Pay does not charge for many services, including monthly account maintenance and sending transfers to other members or merchants within the Solid Trust Pay network.

Also, keep an eye out for fees for withdrawals and deposits, as many companies cash in high fees for these transactions. However, SolidTrustPay offers extremely low rates for these transactions. For example, withdrawing a check through the company is $4, while a bank wire transfer is only $15 to $50. A deposit of a money order or check through Solid Trust Pay is only $2, while a bank wire deposit transfer is only $10 to $20. These are just some of the low rates provided by Solid Trust Pay and companies like it.