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The bank or financial institution that issues a merchant account provides an invaluable service. It is their job to verify that the consumer has a valid credit or debit card account. With advanced software and technology, this can be done almost instantly. After the merchant service provider has approved a transaction, they will send a bill to the customer’s credit or debit card company. The company will then pay the provider and the provider will pay the merchant. The entire process takes about three days.
This brings us to the issue of chargebacks. A chargeback occurs when a credit or debit card holder contacts his company and demands a refund on a specific transaction. There are a number of reasons why a customer might take this action. Perhaps the product in question was damaged or defective or maybe he was double charged. Whatever the reason, a chargeback is extremely expensive for all parties involved.
After the request has been submitted by the card holder, the company will contact the merchant service provider. The provider must then investigate the claim. If they conclude that the claim is valid, they will send the credit or debit card company a full refund. Then they will decide exactly how much to penalize their merchants. More often than not, they will charge them for all of the cost of chargeback, including the time they spent investigating the claim. They might also raise the merchant’s commission fees.
Because the risk of a chargeback is much higher for virtual companies, they are always charged at a higher rate than brick and mortar businesses that accept payments in person and keep the receipts. On average, an online business is charged around five percent for each transaction, compared with only one to two percent for traditional businesses. Even so, most online companies can locate a reputable merchant service provider, unless their industry has been deemed intractably risky.
So what should a new owner look for? For a virtual business, accepting credit and debit card payments is a sine qua non, there is absolutely no way around it. If you are competing in a so-called high-risk industry [link widoczny dla zalogowanych], you should expect to pay high commission fees at the outset. The best that you can do is to obtain a merchant service account at a reputable bank or financial institution that has a history of lowering rates over time. These providers offer variable rates that are tethered to your performance. So, if you increase profits quarter after quarter and keep chargebacks below the industry average, they should and probably will lower your transaction fees.
When shopping

For the merchant, the single most important consideration is the discount rate. This is the fee that he must remit to his service provider for each transaction. Typically, it is a variable commission rate that is tied to a number of important factors. Some of these factors cannot be changed [link widoczny dla zalogowanych], while others can be flexible.
The two most common ways that credit or debit card information is recorded is by a point-of-sale or virtual terminal. A point-of-sale terminal is used when a customer actually presents his card to the cashier, has it processed, and receives a receipt. A virtual terminal sale, on the other hand, is used when a customer charges something on the internet.
And though online buying has come a long way over the last few years [link widoczny dla zalogowanych], it is still not nearly as secure as point-of-sale transactions. For one thing, when a merchant actually processes a credit or debit card transaction, he has a physical record of the sale in the form of a signed receipt. But when that same transaction is completed online, the records are not nearly as reliable.

ry company that accepts credit and debit card payments must apply for and obtain a merchant service account. If you’re interested in accepting credit and debit card payments at your business, find out just how easy it is to open a merchant account and start processing credit card payments.