How Should Merchant Navy Officers Use Their Time When They Are Home?
My husband serves in the merchant navy. He is home for 4 months and is finding it very difficult to make use of his time. Please suggest some good ways to pass his time.
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Internet Merchant Account Providers: the Effect They Can Have on Your Profits
If you run a small company, similar to several ones on the net, there could be a considerable reduction in your profits if you don’t make a prudent choice while deciding on your internet merchant account provider! This is equally true of larger concerns.
Lara Coleman, who sells software downloads on the internet, ended up with less money than she had bargained for, after she settled all her dues.
So Lara met with her accountant, Bill, at their review meeting, annually. Bill showed her how she was paying more in fees, and how her present internet merchant account was harming her, with its terms and conditions.
If you own or have ambitions of starting an internet business, you need an internet merchant account to receive money from your clients.
Buyers on the net employ their cards to pay for what they bought. This is routed by means of a payment gateway, on your internet site. This gateway makes possible communication between the site you purchase from and the credit card processor, by transmitting details of what is bought and on the card.
Make certain that you choose a provider who will do what is necessary to unite the merchant account, payment gateway and your website.
Credit card transactions are fraud prone, if the payment gateway is not a secure environment. So, find a established provider who will make sure the payment gateway is secure.
Getting down to brass-tacks, all companies have fixed and variable costs. Nearly all expenses, whether rental or payroll, are not under your control. But, how much you spend on you merchant account is within your control.
These costs can start with the payment of a fee to verify your request for their services.Ignore any internet merchant account for which you have to pay when you make a request.
In addition, almost all providers bill you between ten to twenty five dollars as the minimum you have to pay; you have to pay this, even if you don’t sell anything that month.
If the provider is adamant on your taking a long-term contract , look for someone else. In doing this, you can escape paying an agreement fee in the beginning, and a cancellation charge ($200-$500), in case you decide to opt out before the expiry of the contract period.
There are also some providers who require a membership fee be paid. This is also known as a risk assessment fee and varies between $30 and $300.
We would recommend you to pick a provider who does not ask you to pay any of the fees just mentioned .
Nearly all providers impose a transaction fee of $0.25 on each credit card transaction processed . The varying component, termed the discount rate, usually ranges from 2.25% to 2.40% percent on all transactions. If you can find a provider who charges below 2.25%, you would gain a lot, in the course of your business.
Further, you also have a monthly statement fee or a bank fee. Avoid any provider who charges more than $10-$15. Further, beware of other concealed charges, such as a charge on refunds processed.
Small businesses typically have a thin profit margin, especially after you provide for the fixed expenses. As you have seen, lots of providers compel you to sign a long term contract and charge unwarranted fees, like, fees when you enroll or discontinue, and overcharge on transaction fees and discount rates. Therefore, what profit will be left, if a large share of it is spent as your merchant account costs?
And if you operate a larger business online, it makes sense to choose the right internet merchant account, get the best deal, and increase your profits.
Merchant Accounts: What are They, and How and for Who Do They Work
A merchant account is a line of credit issued by a bank that agrees to take payments for goods and services on behalf of the business. The business then receives payment for the transactions less any refunds and fees. There are several types of fees that you will need to be aware of before you decide to have a merchant account. Some of these fees include those set by the merchant account provider, interchange fees, authorization fees, statement fees, minimum monthly fees, batching fees, customer service fees, annual fees, early termination fees, and chargeback fees.
Merchant account provider fees are generally a small percentage that the merchant account provider charges over and above the interchange fees for allowing the account. The interchange fees are charges determined by the card provider (such as Visa or MasterCard). The fees are determined according to a set schedule of rates. The basic pricing plan is a three tiered plan that charges fees based on the method used to “run the card”. For example, if your business swipes the card for purchases and everything goes through as it should, you will be charged the base rate for that transaction. If the card needs to manually entered, you will be charged by a higher rate. If the transaction is completed without the required documentation or the batch is not settled in a timely manner, an even higher rate can be charged.
The authorization fee for a merchant account is the fee that is charged for every card ran. These fees generally run between $.10 and $.35 and can be charged whether the card is accepted or declined. These fees are itemized in the monthly statement. The statement also contains a statement fee which is a flat fee (usually $5 to $10).
Merchant accounts usually have a minimum monthly fee. This is a fee that is guaranteed for the account to cover the costs of maintaining the account. For example, if the contract is for a minimum monthly fee of $10, but the total of the processing fees is only $5.00 then the account provider can charge the merchant $5.00.
Every night the merchant should “settle” their “batch” which just means that the batch of credit card transactions for the day is transmitted to the bank for payment. Some merchant account providers charge a fee for the settlements and some providers only charge a fee for accounts that are settled “late” (after 48 hours).
Customer service fees, annual fees, and early termination fees are self explanatory. The customer service fees are for access to customer service, the annual fee is a fee charged annually for the maintenance of the account, and the early termination fee is the fee that is charged for breaking the contract.
The last fee charged for merchant accounts is for charge backs. A chargeback is a credit card charge that was disputed by a customer. The bank that is holding the merchant account charges a fee of $25 – $50 plus the cost of the charge for any charge backs that occur. Be sure to check your contract closely for fees when you open a merchant account.
