FREE MERCHANT ACCOUNT

If you own an ecommerce site or any other business on the net, you would know that for your business to accept payments through credit card, it will need a “Merchant Account”. Some business owners can get a merchant account with ease through a bank or a broker, specifically if the company is extremely steady, like a rock. However, for start up or new businesses, obtaining a merchant account is a Herculean task, which in most cases is unsuccessful. A company that has applied for a merchant account can get rejected due to the several reasons which include: firstly, the business nature of the company is highly risky, second, inexperienced in the industry they are working and lastly, their turnover is very low. In such a case, all hope is not lost as there are many other ways to obtain a merchant account. One of them is to get a “Free Merchant Account”.

There are several “Free merchant account providers” on the internet. Such companies give several freebies that sometimes get us thinking as to where they get their profit from. But, converse to the famous belief, the free merchant account is not totally free. Free merchant accounts never existed and will never come into existence in the near future. Have you heard of any company processing credit cards and not making a profit? If you have then, it is charity.

So “Free Merchant Account” providers do charge transaction fees. However, they provide free software, free terminals and free setup to attract new businesses to do business with them.

Yes, “Free Merchant Account” providers give free terminals. However, these terminals may not be of great quality. You may get a terminal which processes only credit cards or only wireless merchants or in some cases only e - check payments. A few companies provide terminals which are not appropriate for your business, rendering them useless to you. There are some providers who dupe merchants by giving worn out or out of date terminals. However, there are still a few providers who give their customers good equipment to start with.

People believe that a “Free Merchant Account” will bring huge success to your ecommerce business, which is “Absolutely False”. There isn’t anything such as instant success, especially in business. Even though, your “free merchant account” will process your credit card transactions, it isn’t enough to make your business successful. You have to sell your service or product and to do it you have to market it.

The “Free Merchant Account” that you have got will only help you in providing your customers to pay conveniently, which acts only as a booster, but not the sole reason for your success.

There are also “Free Merchant Accounts” in it true sense. But these are given only to charitable and Non – Profit Organisations so that they can receive donations, securely over the internet. One company which is helping the charities in this way is “NexCommerce”. In all other ways, a “Free Merchant Account” isn’t totally free.