Establishing A Merchant Account

In order to accept credit cards, you need to set up a merchant account. This is basically a bank account established by your company to receive the proceeds of credit card purchases. Typically, along with the account, you will also need to lease or purchase equipment and software to facilitate the transactions and ensure payments flow to your operating account. The process is different if you wish to accept credit cards online. In particular, you will need to sign-up with a payment gateway such as the YourPay^® service. These services allow for highly secure real-time credit card authorization for online transactions. It is essential that the payment gateway you choose is compatible with your online shopping cart software and financial institution so transactions flow properly.

The application process can take anywhere from 10 minutes to two weeks or more. Your chances of being approved relate to the nature of your business and the credit rating of your business and/or its principal owner(s). Existing retail establishments are the easiest to be approved. With their higher rates of chargebacks and frauds, mail order and Internet businesses can pose more of a challenge.

Putting It All Together with Republic Bank Merchant Services

You can now accept credit card transactions. But are you maximizing the benefits of those proceeds? Maybe not, if those funds are being sluggishly routed to your bank account while earning no interest. Worse yet, you may have to wait a full month to get details on those credit card transactions, and have to pay for the privilege. But not to worry, there is Republic Bank Merchant Services, who is not only equipped with the newest technology to provide free account control online over its "MyMerchantView^®" web site, but who also has the necessary experience to provide extremely fast deposits of the credit card proceeds into your bank account. With legal_name, this happens on average within 24 to 72 hours.