Despite the current economic problems internet based retailers are continuing to see growth. Due to this more and more small businesses and retail stores are looking to increase their sales by providing their products and services online. While it seems like setting up an online store should be fairly straightforward there are a few small details that many people forget to consider. One such area is how to set accept payments. The majority of payments made to online stores are via credit or debit card, in order to accept these forms of payment the business owner first needs to set up an internet business account.

Why set up an internet merchant account?

As the internet has dramatically expanded over the last 15 years it has become an exceptionally competitive place in which to run a business. In order to convert visitors into customers, and then keep these customers coming back, the websites needs to be aesthetically pleasing and extremely simple to navigate. If visitors are able to find products, services and information without any fuss they are far more likely to make a purchase. This reasoning extends to the actual purchasing process; online shoppers are notoriously fickle and any small complications are likely to drive a potential customer to another website. In order to combat this, and make the purchase process as streamlined as possible, online businesses should accept as wide a range of payments as possible, and that includes accepting credit or debit cards, and, for international websites, the ability to accept payments in multiple currencies. The best way to achieve all of this is to set up a merchant account.

How to set up a merchant account

It is possible to directly approach a bank and apply for a merchant account. There are also online companies that will set up merchant accounts for you (many also offer payment gateways that you can use on your website saving you some design time). Using a specialist merchant account provider can often prove to be beneficial. They typically have lots of experience and many banking contacts throughout the world meaning they will quickly be able to contact acquiring banks and set up an account quickly. Being in contact with many banks in different countries is also a huge benefit if you need to accept payments in a range of currencies.

In the current economy businesses need to exploit every sales opportunity that they can, and the internet is one area not to be missed. In order to be successful online companies need to accept as wide a range of payments as possible, and the best way to accept credit and debit card transactions is by setting up an internet merchant account.