Credit Cards: Answers To The Approval Process

Instant Approval, what does this mean?

This is where companies have already looked at your credit history before they have offered you a credit card. This means that you are in a position to accept their offer without having to go through the process.

Does this alter from an Instant Feedback Decision?

The fundamental difference between this and instant approval is that with instant approval they have already enquired about your credit history. With an instant decision this means they will get a decision out to you quickly.

How does instant credit relate to Instant Approval?

Instant credit means that you are able to go away and start making purchases straight away because the credit card has provided you with temporary account details. This is no longer a popular choice and the main reason for this is that it puts banks and credit card companies in a position where by they are vulnerable to credit card theft.

Are instant approvals safe?

Instant Approvals are safe because if you are visiting the website of a company that you have heard of, and the data being sent is encrypted then the risks are similar or less to using a postal service, however it is worthy of note that they are fundamentally different. To check if data is encrypted look in the address bar, and should this read https:// rather than http:// then your data will get to the intended recipient.

After instant approval, how long will it take to get my credit card?

On average this will be around one week or even less in some cases. We recommend that you visit the concerned website for more specific information from the provider that you have chosen to work with.

How should I use my credit card?

You should use your credit card as you deem appropriate, however we recommend that you follow a few basic ground rules. Firstly, never use your credit card for a purchase if you are not able to envisage where the money is going to come from to finance it. If for example, you are not able to increase your income or decrease your expenditure then you should probably consider alternative means of financing a purchase.

Should I use my credit card online?

Shopping with a credit card is probably the safest way to shop online. The reason for this is that when you shop with a debit card your bank will not cover any losses that you incur as a result of fraud or a lack of integrity on the part of the merchant. This is why you should always ensure that should you intend to complete a large scale online purchase or offline purchase for that matter, use a credit card rather than a debit card.

Devin Gilliland provides advice on how to apply for credit cards at Credit-Wisdom.com.

 

Get Credit Card Processing For Your Internet Business

One of the best features of owning an online-based business is the amount of money you save on start up costs, and ongoing overhead in comparison to businesses with physical locations. Not only do you not have to pay high rental or mortgage payments for the space, but you save on utilities, business insurance, and even credit card processing accounts!

As an Internet business, you almost have a requirement to accept credit card payments for your products or services. Have you ever been to a website that doesn?t accept credit cards as payment? Consider how you would feel if you wanted to purchase something online but you couldn?t enter your payment details in the site- would you take the time to write a check, put it in an envelope and mail to the company or would you just find the next website offering the same products that DOES accept credit cards? Web sites that accept credit card payments have sales that are 50-400% higher than web sites that do not accept credit payments. It is so easy to get set up to accept credit card payments that there really is no excuse for an Internet business not to accept them!

As a web business, you have a choice. You can apply for a traditional merchant account at any of the local banks and hope to get accepted (and likely pay a set up fee and sometimes an ongoing monthly fee for having the service), or you can use one of the numerous card processing companies that operate online and are geared toward online businesses just like yours. Many of the card processing providers you can use online allow you to set up your website for accepting credit cards with no set up fees!

Merchants Providing Credit Card Processing

When you are just starting out as an online business, or you are a small business- you are probably not going to want any credit card processing provider that requires you process a minimum number of transactions each month. It is hard to predict what your minimum will be for a new business, and it might be better to pay a slightly higher per-transaction fee than to pay a higher monthly fee in exchange for a lower per-transaction fee based on a minimum number of cards processed each month.

Paynet Systems: Offers a variety of merchant accounts, with a few focused on Internet based businesses. You can get your account set up to accept credit card payments (ATM, and Debit also) for no set up fee. You pay a small monthly fee for the account ($8-10) and fees per transaction processed.

Merchant Express: Offers a merchant account for Internet businesses that can accept credit card payments in real-time. Your account with Merchant Express will also give you access to a free ?virtual terminal?, which will allow you to accept credit card payments by phone or mail as well as online.

Charge.com: Similar to Merchant Express in that it provides both a real time processor for web site orders, and a virtual terminal in case your customers provide their payment information via telephone, fax or mail. The software will automatically send you an email to help you fill the customer?s order once the card has been successfully processed.

There are many other providers that allow internet merchant account providers that can set your internet business up with the ability to accept credit card payments at no set up fee. Researching each company before signing up will help you compare the features and make sure you sign with a company that can provide you with the necessary options for your business and at the lowest fees.

This article has been provided by Creditor Web. Creditor Web has the articles and other credit card processing resources to help you choose the right provider

How to Find the Best Merchant Account Credit Card Processing Rates

Which would you prefer to do? Spend a bunch of money accepting credit cards through a great merchant account - or spend significantly less for a fantastic merchant account that boasts identical features and services?

Well, unless you have recently had a serious blow to the head, I am sure you would rather pay less for the identical features. Any sane person would agree.

Unfortunately, in the merchant industry, it is not always as easy as comparing "A" to "B". There are a plethora of diverse billing structures, charges, and fees that make it very difficult to understand just how one service stands up to another.

So why don't we see how to find, compare and choose the ideal merchant account for your unique small business...

To start with, you have to locate a minimum of 3 separate financial institutions - these could include a bank or credit union who can sign you up for their merchant account. Also, you should locate different merchant providers by utilizing Internet search tools that provide particular benefits. There is a standard approval procedure that both the banks and the merchant services use. The following information will be required in order to process your application:

1. A business plan that is feasible,

2. A credit history free of significant blemishes, and

3. Proof that you are able to pay (and have to ability to continue to pay) the charges related to a merchant account.

It of great benefit to you to research the ins and outs of the fee structure charged by each of your potential merchant services companies and/or banks that supply merchant accounts. There are many providers who fail to fully disclose their terms and conditions until you actually sign up for the account - so you might need to ask them for a copy of their "T&C". This way you are able to understand just how much it will truly set you back to use that account. In any case, make certain that you totally comprehend the terms and conditions before going with that company.

Things to look out for are:

1. Charges to cancel (how much, details, contract duration)

2. "Variable" or Introductory Discount Rates - the discount rate is the largest component in deciding just how much the true charge will be to accept credit cards. Make certain that the rate is single, locked-in, and non-changing. If it's on a sliding scale, or can be altered without notice - run, don't walk...

3. Free Equipment Offers - their return policies on the equipment are the most important to find out in this respect - for example, if the equipment is "damaged" at all, many times you are liable to substitute it at full market value - this can be extremely costly....

Now that you have that rudimentary information, to get the best possible credit card processing rates shop many different companies. The options are plentiful, and pricing plans and incentives are available for setting up a merchant account - each one highlights a specific facility. Finding out which one suits you the best is to your advantage. Some companies waive the installation fee, but others have a one-time overall fee and throw in other facilities at no charge. Each provider charges a discount rate, ranging from 1% - 5% and up, based on the type of account. A transaction fee, ranging from $0.05 to $0.25, is generally included.

If you want to get the best deal on credit card processing rates, you will have to do your homework well. Thoroughly search for the best priced terms and conditions - but make certain the company has a good reputation. You certainly don't want to get stuck with a company that is lacking in the customer service department, particularly when your money is on the line!

Things to consider when looking for a good merchant services company include your average number of transactions per month, your profit margin, your average order size, and number of times you will be taking credit cards from your customers. Obviously, retailers with a lot of volume will focus on lowering their discount rates and per-transaction fees as much as possible more so than their monthly fees. Conversely, small and micro-businesses with a bigger order size, but smaller transaction volume are able to be a bit more flexible with the discount rate and transaction fees. They turn their focus primarily on lowering monthly/minimum fees.

In any case, discuss the subject with your peers in your industry and contrast their opinions with the research into your prospective merchant providers that you have done on your own. Taking credit cards should be a good money making choice if you decide to use the right service.

Just be sure you double-check all those terms and conditions!

Chris Rempel, marketing director of Accept by Phone, just launched a "Lens" on Squidoo.com that lists the most affordable merchant account services available for small businesses...

Check it out: The Best Small Business Credit Card Processing Services

Evaluating Credit Card Processing Companies

There are numerous credit card processing companies to choose from, each offering different features and fees. Choosing a company to process your customer's credit card payments can be a daunting task, and sometimes you'll experience difficulties both looking for a merchant account provider and then afterwards- if you make the wrong selection!

Many banks will deny small business applications for merchant accounts because they don't want to take the risk. Most small businesses end up going through third party providers who actually get the merchant account on your behalf; then apply their own rate structure to your transactions.

If you operate an online business, you'll need a shopping cart program of some kind- which must work with the system you use to process credit cards online. Unfortunately, if you go with a third party shopping cart rather than a custom written one it may not work with all credit card processing gateways. You really need to be sure that whatever shopping cart program you use on your web site works with the merchant account you ultimately end up using to process customer payments.

Accepting credit cards is not free! You pay the third party merchant account provider (or the bank if you are able to secure your own account directly with a bank that provides it) will charge you fees in exchange for the ability to accept credit card payments. The fees and rates you pay will vary depending on many factors, including how long you've been in business, the type of business you operate, your credit score, how much of your sales are processed by phone versus online, and the amount of credit card sales you process each month.

Some providers charge an annual fee in addition to a fee per transaction, while other providers only charge a percentage of each transaction processed. Typical rates for small businesses accepting phone and mail order payments are $0.10 to $0.30 plus 2 to 3% of the transaction amount. If the merchant account providers you are looking at want to charge over this percentage, be sure to check out a few others to see if you can get a lower rate before signing up. Sometimes, your credit rating will result in your having to pay higher fees- but it's worth shopping around a little to see if you can get a lower percentage rate per transaction.

When you're shopping companies looking for the best merchant account provider, make sure to compare all of the fees to see how much you're going to end up spending per each sale. You should also take into consideration what the application fee is (if any), how much you pay annually, how much you must spend on equipment needed to set up your account, and whether or not you must maintain a monthly minimum of sales volume.

Also compare how each merchant account provider allows you to withdraw your money- can you do it whenever you want or do you have to do it at specific times of the month or year? How long will it take to receive your funds once you've requested a withdrawal or transfer of the money? How does the provider handle charge backs?

Always read all of the forms and contracts associated with merchant accounts before you sign anything. Understand the terms for cancellation and what conditions the provider can cancel your account, as well.

The process for applying for a merchant account varies depending on the company, but you may be asked to provide a photo of your office (even if it's in your home) to verify you are in the location you say that you are. Some companies will want to send a representative to photograph your place of business. Occasionally, you'll be asked to provide a DBA or business license, your tax returns and profit and loss statements.

This article has been provided by Creditor Web. Creditor Web has the articles and other credit card processing resources to help you choose the right provider.

Nodus Technologies Makes Credit Card Process Automation Affordable for the SMB Market

Claremont, CA, November 06, 2006 - Nodus Technologies, the leading provider of credit card process automation, state of the art Service-Oriented Architecture (SOA) e-commerce solutions, and retail chain management solutions, launched two new credit card packages for the Microsoft Dynamics market and announced a merchant services agreement with Comdata. The new packages, Credit Card Advantage Essential, and RMS Charge, provide credit card process automation at a dramatically reduced price.

Credit Card Advantage Essential is the first ISV product specifically designed and priced to support the new pricing announced by Microsoft for their Dynamics GP products. Companies that take advantage of the new Microsoft Dynamics GP pricing will get the benefits of Nodus' acclaimed Credit Card Advantage software for as little as $995.

RMS Charge is designed to extend the number of payment gateways and processors that Microsoft RMS/POS can support. With this low cost RMS Charge, customers can choose from a wide range of processors for their merchant account services.

"Nodus recently signed an agreement with Comdata that allows us to offer Microsoft MBS customers a no-hassle way to set up merchant account services at a preferred rate," said Simon Lam, COO of Nodus Technologies, Inc., "With the launch of these new products, Nodus is making the benefits of electronic payment automation available to small and medium size business which may have, in the past, found it difficult to justify the expense."

Nodus is the only "one-stop-shop" for credit card business process automation needs in the SMB market using Microsoft Dynamics GP. Recently, Nodus also launched a Merchant Account Challenge campaign to demonstrate how the company can save Microsoft MBS customers' money on merchant account services.

Nodus Technologies, Inc. is a leading provider of electronic payment automation software for small and mid-size companies. Nodus leverages Service Oriented Architecture and web services technologies to provide cost effective, comprehensive: e-commerce, electronic payments and retail chain management solutions for Microsoft Dynamics. For more info please visit http://www.nodus.com

Credit card processing for your business

There are innovative solutions available to all businesses and your business can profit from them. The invention of the credit card and credit card processing are said by some to be the best financial and business improvements for businesses made in the modern world. Customers no longer need to carry cash with them and therefore need not worry about the risks of losing or having that money stolen. The use of credit cards eliminates this risk.

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There are innovative solutions available to all businesses and your business can profit from them. The invention of the credit card and credit card processing are said by some to be the best financial and business improvements for businesses made in the modern world. Customers no longer need to carry cash with them and therefore need not worry about the risks of losing or having that money stolen. The use of credit cards eliminates this risk.

Nowadays, nearly all businesses accept credit cards. When you start a business, the first step to accepting credit cards is by applying for a merchant account. A merchant account will allow you to accept credit cards, debit cards, and all other forms of electronic payments.

A credit card processing merchant account offers flexible payment solutions to meet the specific needs of your business, whether you are an established merchant or are just starting out. A credit card processing company which offers merchant account services should start their relationship with you by analyzing the specific cost-saving and value-added services which best fit your needs. Merchant accounts are available to nearly all types of merchants, such as: retailers, restaurants, e-commerce, petroleum/convenience stores, and the service industries ? lodging, travel, trucking, and healthcare.

It?s difficult to decide which credit card processing service is best for your business. This is why there are several aspects you should pay attention to when trying to determine the most appropriate credit card processing service. Knowing about the average approval rating, cost per month, start-up cost, account setup time, customer service availability, the type of virtual terminals offered by the providers, the available POS equipment and the merchant account, can tell you a lot about the type of credit card processing services you will benefit from.

For someone who has no idea how credit card processing works, the entire transaction may look like a complex ritual. In reality, it isn?t very complicated: you swipe the credit card through a credit card terminal, input some numbers and money is retained in your bank account. It?s also about high-speed computer networks. When a merchant makes a sell, the card number, the amount and the merchant ID are sent through the credit card processing computer network to the credit card computer network. Each of them receives the transaction data. The first is represented by the company or bank that handles the credit card processing and the second by Visa?s network or other credit card network. The bank that has issued the credit card verifies if the client can pay for the purchase and the merchant receives authorization to complete the transaction. The money however doesn?t reach the merchant account at that moment. Only at the end of the business day, the entire sum is sent for processing and individual transaction are stripped out and sent to the banks. The sum is finally sent to the merchant that used credit card processing. The entire process is safe and secure and requires little effort for both merchant and client.

If you wish to have a reliable, versatile way to help your business receive verified payments from anywhere anytime, then a credit card processing service is what you are looking for. Your business will increase its sales because ?credit card processing allows you to accept all forms of payment, anywhere and to get fraud and security protection. Clients with any major credit card, with debit cards and with electronic or traditional checks will easily become your customers. Credit card processing enables you to conduct your business anywhere you want. Whether you are in a remote location with access to the web, whether you own a kiosk and have to manually enter information in such a device or prefer online business, credit card processing is ideal for any location. Most importantly, credit card processing allows safe handling of credit card information by utilizing modern encryption technology. You, as well as your customers, can use credit card processing services with peace of mind.

There are two things your young business should not lack: a merchant account and a credit card processing system. If you don?t have them, then you should because they make your merchant life a lot simpler and safer.

Amelie Mag

Credit Card Processing Machines

From : usamerchantsolutions.com.

Every credit card terminal has different functions and capabilities, but all of them take some investigation for your needs and price expectations. The following is a list of different options available when considering credit card machines:

IPP or Internal PIN Pad: This comes with several different models and although a nice option, you should consider the fact that this terminal is passed back and fourth between the cashier and customer. Smartcard: Another great option automatically available on some terminals, but will you utilize this option? Smartcard is used for gift and loyalty cards and unless your business is going to utilize this option, you might want to consider a less expensive terminal.

Touch Screen: This option is more for the ease of use for the cashier, but usually gives you signature capture. Signature Capture allows your customers to sign the terminal screen instead of the receipt.

Wireless Capabilities: This allows you to accept Credit Cards through a wireless or cellular connection. Most of the time this is great for merchants who are making sales away from the office, but this can be limited by the cellular service in that particular area.

RS-232 Ports: This gives you the opportunity to attach other devices to your terminal such as a check imager or check reader.

PIN Pad Port: Allows you to add an external PIN pad to your existing credit card machine.

Now there is no set rules for what type of equipment to buy or what type of equipment your processor can support, so it's up to you, the merchant, to investigate what your best options are. Just remember, if you have any questions about equipment call your processor.

Top 7 ClickBank Credit Card Processing Advantages

Here are seven good reasons why you should consider ClickBank.com as your credit card processing solution and merchant account alternative.

1. Accept Credit Cards Without a Merchant Account

If your products are digital (such as electronic books or software), you can use ClickBank to process credit cards and on-line cheques. The cost is $49.95 upon signup and $1.00 per transaction plus 7.5% of sales.

2. Start Your Own Affiliate Program

With ClickBank, you have your own built-in affiliate program. You decide what commission (from 1% to 75%) you would like to pay your affiliates.

3. Receive Free Advertising

You receive additional exposure through free listing on the ClickBank website and through the search facilities of other websites, such as CBMall.com.

4. Obtain Referral Commissions

Even without applying for ClickBank credit card processing, you can earn referral commissions on thousands of ClickBank Marketplace products.

5. Eliminate Sales Tax Problems

Since you must agree to sell your product to ClickBank for resale, ClickBank becomes the retailer responsible for collecting sales taxes -- not you. ClickBank will not be subject to sales taxes in most jurisdictions. ClickBank is registered for European Union (EU) purposes and adds the appropriate Value Added Tax (VAT) to each applicable transaction.

6. Accept PayPal

ClickBank now accepts PayPal as a payment method. According to PayPal.com, PayPal has "more than 86.6 million accounts in 56 countries and regions ...growing by 83,000 a day."

7. Automated Product Delivery

After purchasing your product through ClickBank, the customer is redirected to a "thank you" page. This page may contain information about how the customer can download your product, thus automating your product delivery.

RESOURCE BOX:

J. Stephen Pope, President of Pope Consulting Inc., has been helping clients to earn maximum business profits for over twenty-five years.

To learn more about accepting credit cards, visit http://www.yenommarketinginc.com/creditcards.html

For profitable Work at Home Small Business Ideas, visit http://www.yenommarketinginc.com/