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Building Business Credit Home > We
Accept Credit Cards |
We Accept Credit
Cards
You may not think that accepting credit cards is
a big deal, but if you read through the
following information you will see that a company that
accepts credit cards is safer to transact
business with than
a company that does not accept credit cards.
Why accept
credit cards?
It is almost universally know that a businesses
income increases about 30% when they accept
credit cards. This is this reason why almost every
retail and internet store accepts credit cards,
in one form or another.
Qualifications to open a merchant account:
In order to open a merchant account a background
check on the business and it's owners is
conducted.
This background check
consists of the following:
Type of business
- Certain high risk businesses must meet tougher
requirements
The length of time
in business - The longer the better
The company's and officer's Credit
Worthiness - The officers of the
company must have good credit
Your previous merchant account status
- If there has been any previous merchant
account problems you will most likely be denied.
Maintaining
Your Merchant Account
Once you are allowed to accept credit cards the
merchant account vendors keep track of your
sales and more importantly your chargebacks.
A chargeback is usually a result of fraud or a
customer who is not satisfied
with the product or service they have received.
Most online merchant accounts require chargeback
percentages to be less than 10% of total sales.
If you don't maintain this level you will lose
your merchant account and not be able to accept
credit cards. This means for every $100,000 in
sales if you had a $10,000 chargeback you would
lose your ability to accept credit cards.
What Does
This Mean?
If you are dealing with a company that doesn't
accept credit cards, chances are that it is
not by choice. They either did not initially
qualify or more likely had too many chargebacks,
equating to a high percentage of dissatisfied
customers.
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