Merchant service providers like Solid Trust Pay makes it possible for a business to process credit and debit card transactions. But in order to be able to open a merchant account it would require the owner to have a good credit history and for the business to be an established one. But if you are a new business you may not meet the requirements and the costs may be too high for you to afford at this initial stage. This is where alternative merchant providers make it possible for you to give customers additional payment options to purchase your goods.
So who and how do alternative merchant providers work?
Due to the rise in internet sales and the sellers inability to afford merchant bank services like those provided by solidtrustpay, has seen third party payment processing services emerge as an alternative to merchant account services. Small and new businesses now have a means to accept online payments.
Third party payment processors such as PayPal, one of the most popular services will be more affordable and will not have charges such as monthly charges, minimum charges, transaction charges, set up charges, payment gateway charges, statement charges and the many other charges that a conventional merchant account will charge from you while allowing you to accept payments from almost all major credit cards. It will have a onetime set up fee and per transaction fee involved. This option is beneficial for the initial months when sales volumes will be relatively low. Go to www.solidtrustpay.com to compare the rates charged by solidtrustpay to open a merchant account.
Typically a third party service provider accepts credit card payments from customers on your behalf. They in turn will operate a merchant account with a merchant service provider like Solid Trust Pay who will provide the necessary services to process credit card payments for the third party service provider.
But this method can be more costly in the long run than having your own merchant account when your sales volumes increases since you are paying a fee to the merchant service provider as well as the third party payment processor, but will be the ideal solution for a new, small business since some of them do not charge a startup fee and it is quick and easy to get started with.
Some of the third party service providers providing third party processing services are PayPal, WorldPay, Netbanx and Clickbank.