How to Find the Best Merchant Account

March 8, 2023 | Merchants | Dustin

How to Get the Best Merchant Account

When on your journey to starting a new business, accepting credit card payments is a huge component to this, which means you’ll need to search for a merchant provider. But you shouldn’t just settle for any merchant account, you should do enough research to fully suss out the best merchant account for you business type and needs.

You might start feeling frustrated and overwhelmed by the amount of alternative merchant accounts out there. Maybe you don’t even know where to start. It is understandable. There’s an awful lot.

Since there’s a lot more involved in finding the best merchant account services than just considering credit card processing alone, it’s important to think about your choice for a partnership that caters to your company’s unique needs, rather than going with one of those one-size-fits-all companies. From processing credit card transactions reliably and securely, to getting the support and attention you’ll require, finding the best merchant account means finding a payment processor that is with you every step of the way.

Obtaining the very best merchant account for your company is essential. Whether you operate a restaurant, retail shop, or company that completely eCommerce, you will find universal elements that you ought to be conscious of. Having the ability to comprehend which merchant providers best fit your needs will help you figure out the best merchant account for you. PayKings offers solutions for all verticals and business types.

Should I go with a Google Merchant Account?

A Google Merchant Account is a tool that helps you upload your eCommerce store and product data to Google and make it available for Shopping ads and other Google services. Google Merchant Account for Shopping classifies certain types of content to ensure it is only shown to the relevant audience based on the nature of the products or legal restrictions.

These are the limitations that come with opening a Google Merchant Account, so keep this in mind if any of the following applies to your business: for business areas where there are age restrictions, your Google merchant account may limit how products are served. As a seller with a Google merchant account, you are always responsible for ensuring that you comply with all applicable laws and regulations and do not target minors, for example with alcoholic beverages, adult-oriented content with nudity or reference to a sexual activity, accessories that make reference to the drugs, or profane language. Additionally there are several countries that have additional restrictions in being approved for a Google merchant account – be sure to do your due diligence to make sure you avoid wasting time applying for a Google merchant account, when you may not even qualify.

Best Merchant Account for Brick and Mortar Payments

The best merchant account for brick and mortar businesses mean including credit and debit cards using EMV chip technology as the standard form of accepting payments. For a retail setting, a wide assortment of EMV-enabled terminals are now available. EMV chip technology raises the bar on card information security by requiring that the cardholder use a tap or enters a PIN that verifies the card belongs to the individual – also making it impossible to create bogus cards.

Along with implementing payment technologies like EMV that protect the customers’ information and reduces fraud that is in-store, the very ideal credit card processing alternatives also help streamline operations that are back-house, saving money and time. Regular tasks such as scheduling and inventory management turned into a breeze using a payment solution that is retail-specific, freeing you up to concentrate on other areas of your business.

What’s the Scoop on a PayPal Merchant Account?

When it comes to a PayPal merchant account, this payment provider services mid-size and small business owners, so if your business is processing large transactions in high volume amounts then a PayPal merchant account is probably not for you. So a PayPal merchant account won’t apply to you if you’re a higher volume business, but it also won’t apply to you if you’re considered to be a high risk business. In fact, if you are a high risk merchant and you apply for a PayPal merchant account it is very likely that you’ll initially be approved and able to process payments until the underwriting process is complete – and then, once deemed a high risk merchant, the backlash is having your PayPal merchant account shut down entirely – freezing your funds and ability to take payments.

Additionally, signing up for a PayPal merchant account means you will not be assigned with a dedicated merchant account – which is an account where the business has its own merchant ID, wherein the merchant is not sharing a merchant account with several other businesses. Very much unlike an aggregate account like a PayPal merchant account, who uses one merchant account for an entire portfolio of merchants.

Best Merchant Account for eCommerce Businesses

Whatever industry type you operate, you can expand your business even further by providing secure, convenient, online shopping. That being said, partnering with the best merchant account provider for your business type will include enforcing data security and preventing fraud, which is just as important when taking payments online.

Having the ability to accept all major credit cards online, will make your company available and accessible from around the world. However, don’t forget the advantages of having support that is reliable from the best merchant account service providers that falls in line with wherever your business is headed.

When it comes down to it, choosing the most reliable and the best merchant account from a reputable payment processor, like PayKings, is critical to your eCommerce business’s longevity and long-term success.