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1.
What is a merchant account? Why do I need one?
A merchant account gives a business the ability to accept credit cards
as payment for the company's goods and services. This provides your
customers with an extremely popular payment option, beyond cash and
checks.
Studies have shown that merchants can typically increase their business
by 30 - 70% or more - sometimes even hundreds of percent! Plus,
customers are more willing to purchase higher cost goods using a payment
method that offers them repayment flexibility. It is projected that by
2002, credit card transactions will account for 98% of Internet sales,
equaling $55.6 billion!
2. How does it work?
The merchant account provider authorizes the credit card transfer from
your customer and deposits the funds for their purchases right into your
business checking account, typically within two business days.
3. How do I get a merchant
account?
Merchant
accounts are available from some banks and other independent providers.
4. How long does it take to get a merchant account?
Application
approval and set-up can be completed in a timely fashion through this special program available to Maverick
Publishing clients.
5. Which credit cards can I accept?
The most popular credit cards - MasterCard, Visa, American Express
and Discover.
7. What kind of equipment do I need
to process credit cards?
A computer terminal / PC with Internet access is used for Internet, mail
and telephone orders.
In the retail environment, a specialized terminal/printer designed to
read the magnetic strip on the back of the customer's credit card is
used. This can provide the customer with a paper receipt at the time of
purchase.
An imprinter, which takes a physical copy of the customers credit card,
may also be used.
8. How do I know that I'm getting
a "good deal"?
This program offers an outstanding value across the board -
functionality, security, reporting, initial set-up and low residual
costs.
It is important to consider all costs associated with the merchant
account when comparing programs.
9. Can I use my merchant account
to accept credit card payment in my online store? Is it safe to process
credit cards over the Internet?
Yes, the Secure Socket Layer Application
Programming Interface (SSL API) offers Internet Service Providers an
encrypted connection to its Secure Payment Engine. By using the
AuthorizeNet Secure Payment Gateway technology, all merchants receive fraud screening on each transaction and
real-time reporting via their Web browser.
For the merchant who wants to get online fast with a limited start-up
budget, this is the best choice.
Using either one of these plans, all orders and payment
information sent from the merchant's Web site will be encrypted using
industry standard RC4 1024-bit encryption with SSL . This
encrypted and secure data is routed, decrypted and processed. All
processed information (Approved/Declined transactions) is then
re-encrypted and sent securely back to the Web site. Once at the Web
server, it is decrypted and displayed to the consumer. Also, order
confirmation e-mails are sent to the consumer and to the merchant. This
system guarantees that
the orders and payment information generated by the merchant's Web site
remains totally secure.
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