Accounting info: November 2007

What is a Merchant Account

A merchant account is a special account that is setup for a business to accept and process credit card orders. After processing a customer's credit card the transaction goes through a series of complex stages. The money transferred through the merchant account is then deposited into the business's checking account within 2 to 3 business days.

Requirements for a Merchant Account

Getting important information together ahead of time will ensure that you breeze right through your merchant account application process. Here's what you may or may not (depending on the provider) need in order to obtain your merchant account:

Business checking account (some providers set you up with one)
A copy of a voided check (if you use your own business checking account for funds to be deposited in)
Articles of incorporation, business license or reseller license. (A 'Certificate of Assumed Name' from your county Register of Deeds office may be all that is required. These only cost around $8.) The purpose of this is to prove you are a legitimate business.
Pictures of business office and location (this extra step can save you money in credit card processing costs)
ave a web site (if you want real-time processing)
Photocopy of your return policy information
Provide trade references
Photocopy of recent tax returns (may or may not be needed depending on monthly sales volume you expect through your merchant account)
Site inspection (have a photographer come in and take pictures of your inventory). Only a handful of providers still require this.
A photocopy of your driver's license

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Accounting Startup Edition

Dynacom offers this Accounting Startup Edition free with one caveat, you are required to link to them in your emails and/or on your internet site. This should be easy for a small business to do especially if it is a home based business that may not have a very formal website anyway. It includes all the basic accounting functions needed to manage your business efficiently: purchasing, sales, general ledger and banking. It even includes payroll! To make a great offer even better, it comes with no time or transaction limitation. Like other good free accounting software you can easily upgrade to a more advanced products if your business outgrows this program.

Choice Accounting

Choice Technologies provides this basic Choice Accounting Package as a free download anticipating that you will at some point purchase additional products and services from their company. It is very easy to master this program which is a full-featured accounting and bookkeeping system target to small businesses. It has a setup wizard that can create a dataset in just a few minutes.

Microsoft Office Accounting Express 2007

Another exciting product is Microsoft Office Accounting Express 2007. Microsoft promotes this new free product as, "Everything you need to make your small business idea flourish. Microsoft Office Accounting 2007 is available in the U.S. only, as a free download or on a CD. An advantage to this product is that if your small business out grows the Express Version you can easily upgrade to the paid Professional Version.

Merchant Account Advantage

To increase the sales of your business, you need to consider new additional options to get desired results. By opening a merchant account you will benefit from the most advanced and favorable consumer method of buying goods and services using credit card payments. It is one of the best services provide by merchants to customers and it increases sales of the business by a very large percentage.

The biggest advantage of having a merchant account is that you can accept credit cards from the customers and most of the times customers buying using credit cards ignore a nominal rise in cost of the goods or services than the cash payers. Thus, your chances of maximizing your profits are high.

By having a website of your own and accepting credit payments on your website also add to the profits of your business. It eliminates waiting to receive and clear money orders or checks.

Selecting the right merchant account for your business helps you get your payments into your bank account with a day. Hence, you do not have to wait long to receive your payments. As you receive your money in your hands fast, you can reinvest the money and increase your profits and grow your business.

Since you are conducting business in more credible and profession manner, your customers will trust you more. Not having a merchant account adds to the burden of reminding your customers to pay you through money orders or checks. Many times the customers either do not get time to send the check or money order or forget to send and have to be constantly reminded. It holds true with subscription based businesses where invoicing and collecting by check on a recurring basis increases collection and labor time thus reducing profits

Wireless Merchant Account

Clueless about how to accept credit card payments from your customers while you are traveling? A wireless merchant account is all what you need to start collecting credit payments from customers. Read further to know how to go about it:

Find a reputable merchant account service provider and apply for a wireless merchant account. Internet is one of the fastest ways to search for the best merchant account providers ready to offer you wireless merchant account. Shop for banks, credit unions, or other financial institutions that offer merchant services. You can apply online, by mail or in person with the merchant account providers. You will get response with a day of your request.
To get approved for a merchant account one needs to have a decent credit history and a decent business plan. Most businessmen opting for a merchant account get approved for it without any hassle.
After getting approved for a wireless merchant account, you can select the equipment you want for your business. You can install a regular credit card processor to plug into any outlet in your store or another location, if preferred. Many units combine printer and terminal for greater convenience. Find out in advance what you will have to pay for a particular deal up front, monthly, and annually, and make sure the expenses fit with your company operating budget.
Once you implement wireless merchant account equipment, customers start coming to your store or shop for convenient shopping. Credit payments help a great deal in increasing your profits as well as expanding your client base. If the initial set-up works well for you, you can opt for other electronic items such as pager, a check and debit processor that can help to improve your company's operations.
Don't get tempted by fancy features that might not have any use later. Simply purchase or lease the technology that addresses a specific need that you have already identified. If it works, you can always add more later.

Free Accounting Software 2.0

One very popular free downloadable accounting product is Free Accounting Software 2.0 from Systems Online. Even though this Windows based program is free, it is still a complete multiuser, multicompany, and multibranch accounting, inventory, and customer management solution for business. Free Accounting includes: physical and non-physical inventory, invoicing, customers, contacts, vendors, inventory, sales, sales returns and credit memos, quotes, purchasing, and purchase returns. Furthermore it can handle complete AR and AP with all accounting functions and journals including general journal, inventory control journal, checkbooks, and bank reconciliation and deposits. This new version is a major upgrade with many valuable features including FIFO/LIFO and Average cost accounting! (To keep this product free you will be required to link to them on your web site. Otherwise you will be required to pay a small fee.)

Accept Credit Card Online Merchant Account

Accepting credit card online is a simple task. Many reputed banks and financial institutions are now offering great deals on a merchant account. To see what most trusted banks and financial institutions are providing, all you have to do is browse through the internet and see the available services. Compare the processing rates, prices, terms, offers, etc to choose the deal that serves your business and client's interests the best.

If you are not familiar with the name or the history of the company, you could check with the Better Business Bureau (BBB). Once you are convinced with the company's ability to provide you a merchant account, negotiate the most suitable equipment, costs, services, etc that will benefit your business.

Once you get approved for a merchant account, select the credit processing equipment that suits your business. In case the location of your business is permanent, you could opt for a combined terminal and printer. If your business processes many e-checks or debit cards transactions, consider adding this equipment. In case your business requires delivering goods to remote areas, you could add a wireless credit card processor.

Setting a website for your company expands the way you accept credit card online merchant account payments. A graphic designer will help you develop a site for your business in such a way that it makes customer coming back. Include product and service descriptions, price lists, industry tips, and other information that will make your site useful and interesting. People going through your website will be impressed with your web-site up and would like to stay back to shop and make credit card purchases online.

Customers prefer improved and sophisticated methods of shopping. An easy convenient way of payment would surely make ad vast difference to your sales and expand your client base.

Strategies in Home Based Business Merchant Account

Because the home based business merchant account is typically complex to understand when you are choosing from a wide selection, it makes sense to learn some strategies to make your work easier. First, understand that the accounts are designed for home business owners, which sell services or products to the community. The exclusive accounts are setup by financial institutions, or banks via an ISO or Independent Sales Organization. These banks permit home business owners to accept credit cards for their services and/or goods.

Because all home businesses are different, the owner should consider a few options and details before opening an account. Some of the factors to consider include - How do you intend to sell your services and/or products? What boundaries do you have on your credit card processor? Do you know what account provider you intend to employ for your home based business merchant account?

Know how you intend to sell your services or products are important. Home based merchant providers will ask you if your clients buy products or services at your home office, or online, or via mail orders. Most home based business owners will sell their products or services online typically, or through mail orders.

You will need to decide on what online gateway scheme you will use to sell your services or products. The Internet system will offer you a medium for connecting with Internet order systems that works with your processor. Processors generally manage transactions made from credit cards, as well as the funds deposited into your account.

The merchant that issues your account usually will select your processor. The merchant will select the gateway Internet system before he or she opens an account. The process ensures that the home based business merchant account provider will select compatible equipment.

You will need to decide, which sort of account provider is right for you. The providers often setup your account(s) for you to minimize your workload. The owner can open an account via ISO or through a bank, which offers the merchant accounts. Through banks, the process is simple. You simply open an account. Upon opening, the account your bank will enter into a contract or agreement with processors providers, or other banks that offer compatible processors. The processor will verify credit cards, as well as transactions made or the deposits.

Home based merchant accounts have their upsides and downsides. The upside is that your banks are often reliable and secured. You have associated fees for setup and maintenance. Owners with good credit and maintain the account for a long time has fees to pay. The downside is there are very few banks that will offer the home based business merchant account online. If you have charge backs, bankers tend to close the accounts. Usually the ISO fees are higher than other type of bank fees.

To learn more about the home based business merchant account visit the Internet. Take some time to read the details and make sure you understand what the banks offer before opening an account.

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