- January 5, 2021
- | 1,505
“Just take any step, whether small or large. And then another and repeat day after day. It may take months, maybe years, but the path to success will become clear” -Aaron Ross
2020 brought us so many out of the ordinary experiences. Pandemic, earthquakes, and other natural disasters around the world.
It’s 2021 but as a business owner, you still have unanswered questions. Today, be knowledgeable and enlightened as you start this new year. Today is the best day to learn more about how you can innovate your business and take it to the next level. We compiled common questions that usually business owners, even start-up businesses overlooked or ignored.
Most customers expect you to accept electronic and cashless payments, and to do so you need a merchant account. Whether you trade-in commodities produced by other people or with foreign countries, or as long as you are involved in business or trade, a merchant account is important.
What is a merchant account?
A merchant account is a type of business bank account that allows businesses to accept payments in multiple ways. Most common are the electronic payment card transactions, typically debit or credit cards. It works as an intermediary between the customer’s bank account and your business’s bank account as electronic payments. This is set up under a binding arrangement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions.
Who needs merchant services?
In today’s situation, most customers expect establishments to accept debit and credit card payments. Most especially if you want to expand your business online. If you are a business owner who wants to accept debit and credit cards, you need to secure a merchant account. Once you have established a merchant account, you can now offer electronic payment options for your goods or services.
What does a merchant service provider do?
A merchant service provider or traditionally known as a credit card processing company assists businesses to accept electronic payments. They also provide all the necessary hardware, software, and services in electronic payment processing. To give you an idea of their functions in assisting businesses, some of these are credit card processing, credit card data security, and customer service. In layman’s terms, they are a third-party company, acting as a liaison between your business, your customer, and the credit card companies. They ensure payments are processed in compliance with industry standards.
What is a merchant MID?
MID is an acronym for Merchant Identification number. It is a unique numerical code that identifies a merchant to their acquirer. It is like an address for your business. It is made specific and distinctive therefore the payment processing systems could identify your business once you have been involved in a transaction, like where to send which funds.
How hard is it to get a merchant account?
Some industries fall into the high-risk category where finding merchant accounts can be hard. MID Kingz’s large network of solutions gives you a variety of merchant account options. Making it much easier to get a merchant account than it ever has been. Enjoy a convenient online application and quick approval by Mid Kingz.
How payment processing works and what fees are charged for merchant accounts? The fees associated with a merchant account vary by provider. Mid Kingz guarantees quick real-time credit card processing and top-notch services at reasonable rates. Allow the Mid Kingz team of high-risk experts to further discuss this with you and what fits your business.
Scale with the Kingz!