These days more people are making purchases online using credit cards than ever before. Some consider the proliferation of credit cards a blessing, giving more people more buying power than at any point in history. Others criticize the over use of credit cards and the promotion of spending beyond your means. However you feel about credit cards, the fact remains that businesses that accept credit cards do more business and are more successful than their cash-only counterparts. If you plan to start an Internet-based business of any kind, having a MasterCard or Visa merchant account online that links to your website checkout system is an absolute must.
Since the advent of ecommerce, banks have traditionally very hesitant to open Visa merchant accounts for online businesses if they had not already been in operation for at least a couple of years, during which time they had proven themselves successful and reliable. But of course, this represented a catch-22, because to have a successful online business you need a MasterCard or Visa merchant account online. There are some ways around this snafu, however. Banks are much more likely to approve your business for a merchant account if they have a history with you, so try opening your account with the same banker who helps you with your personal checking, savings, and mortgage accounts. Generally speaking, banks have become somewhat more relaxed in recent years about setting up online merchant accounts, so you may have better luck.
Another option is to set up a Visa merchant account online with an Independent Service Organization (ISO). Because ISOs are not heavily monitored and regulated like banks are, they can be much for flexible and have much less stringent requirements for the businesses who use their services. If you’ve been turned down by a bank, you still have a very good chance of successfully setting up a Visa merchant account online though an ISO. To learn more about setting up a Visa merchant account online, please visit www.intlcardservice.com.