All payments that have transpired using a credit card include the transmission of funds to a merchant account, which will then be deposited to a bank. Every money transaction, the merchant will have full accountability with the account. Not all business owners have merchant account to brag about because applying for on takes money and some are hesitant on doing.
If you are a business owner who does not have a merchant account yet, then try applying for a free merchant account. Although there are others who believe that it does not really exist, some still take the risk and see for themselves what it is like having a merchant account for free. For small businesses that only just started, they short of money of course. Most owners can’t even avail for a merchant account because they simply can’t afford it. In this situation, free merchant accounts will work for them.
With a very affordable set up, they can process payments online and have all business transactions updated. Aside from the benefit of getting a merchant account for an affordable price, you will not have any monthly fees. Yes. You read it right. This is to encourage more merchants to register with them. Other merchant account service provider really cut rates on monthly fees. However, it is important to note that not all free merchant account provider are generous enough to cut the monthly fees. Some companies still have monthly charges. Applying for a free merchant account does not require a specific business type. It is open to all businesses in any industry.
You will only obtain a free merchant accounts if you have the following requirements.
- Business checking account
- Business license
- Incorporation documents
- Legal or valid identification papers such as passport and driver’s license
- voided checks
- letter from the bank indicating the beneficiary name
- website URL
- return policy statement
- accomplished merchant application & agreement
Although you are applying for a free merchant accounts, you still have to pay some fees in order to qualify fully for the account. In this, you will have transaction fees and discount rate at around 2 – 4 %of all transactions. There are also charges given to the applicant by the banks and brokers and free merchant account providers. There are monthly processing fees as well. Other extra fees and charges might incur during the process such as statement fees, reserve fees, return fees, application fee and many more. Indeed, there is no such thing as “free” today. All transaction requires money.
For several reasons, it is also a good thing to consider applying for a free merchant account. But before doing so, see to it that you are attaining a free merchant account from a trusted company that will guarantee you with the best quality services. You may ask for referrals and some friend advice so to not waste money and time in the end. There are many options for you and you can review all of them for security purposes. Consider the possibilities that may happen on the long run and take them as your guide.