If you think you need an online merchant account for your online business, I have some very good news for you. Most likely, you don’t need one at all. You have the best system right at your fingertips, and it will save you a tremendous amount of money.
Talk to your banker about an online merchant account. You may be pleasantly surprised at what he tells you.
About three years ago, I wanted to get an online merchant account for my business. I assumed I needed a more sophisticated system to handle my online sales. Before meeting with my banker, he met with his supervisor the day before our meeting.
In our meeting, the first question my banker asked me was, “What are you using now”. My response was, “At the present time, I’m using PayPal.” I went on to say, “Now that my business is beginning to grow at a faster pace, I want an online merchant account that is more refined and developed.” His response was, “WHY?” Surprised, I decided to just stop talking and listen to what he had to say.
Bankers discourage online merchant accounts and recommend PayPal
The day before our meeting, his supervisor asked him, “What is he using now?” He said, “I think he’s using PayPal, but I need to confirm this with him.” Then his supervisor asked, “If he’s using PayPal, why does he need us?”
PayPal is the best, and least expensive
In our meeting, my banker went on to say that PayPal is by far the best service to use if you want a merchant account for your online business. It can take anything thrown at it. For added reassurance, he stated that he, personally, would not purchase anything online unless the payment was accepted through PayPal. He went on to talk about the costs that are involved in obtaining an online merchant account through the bank, and they are enormous. And furthermore, those other systems cannot do more for your business than PayPal.
PayPal costs nothing to set up an account. The only cost is a very small percentage they take out when you make sales and collect the money. To be exact, it’s 2.9% + $0.30 per transaction.