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Obtaining a merchant account might be both expensive and challenging. This is especially truthful for service providers, small business organization owners, and independent contractors. Yet with the challenges and the expense that come with obtaining a merchant card, more and more people are using credit cards to make purchases every day. This makes people want to know of other alternatives on how to accept payments without a merchant business relationship. The question is whether it is possible to accept payments without a merchant business relationship?

The respond is yes, information technology is possible to become credit card payments without necessarily having a merchant account. Owning a merchant account is no longer the only option on the table, all cheers to third-party payment gateways. In this article we lay out what is the merchant business relationship requirements and provide a list of viii alternative ways to accept credit card payments.

What a merchant business relationship is and how it works

Let'south analyze what merchant account is beginning. A merchant account is a type of bank account. It allows merchants to have credit card payments online. How does a merchant business relationship piece of work? The entire process includes half dozen stages:

1. Customer purchases products/services on your website.
2. Your credit card processor sends the transaction to the credit menu network (Visa or MasterCard).
3. The credit menu network then routes it to the customer's issuing bank for approval.
4. Once approved, the transaction funds are deposited into your merchant account.
5. Then the credit carte processor transfers the funds from your merchant account to your business banking concern account.
6. Then, and just then, you can utilise your money.

The first four stages take no longer than a few seconds. The fifth stage, though, usually takes from two upwardly to 14 days. Yep, yous've heard it right. Information technology might take you lot two weeks to employ the hard-earned money. That'south one of the reasons why some people prefer to use alternative ways to accept credit card payments (more on them beneath).

What are the requirements to become a merchant account

To open a merchant account in 2020, you need to provide the post-obit documents:

1. Document of Incorporation;
2. Certificate of incumbency;
3. Local documents every bit per company jurisdiction which displays company directors and owners;
4. Utility bill/Bank statement/Rental agreement nether corporate names proving company location;
5. Valid ID copies for all company directors and owners.

There are also specific website requirements yous take to stick to. Otherwise, your website won't compile with all the Visa, and MasterCard demands. In such a case, your application won't exist canonical. Another website requirement is to create Terms & Condition and a Privacy Policy page.

How to accept credit card payments without a merchant account

The merchant applying process is not as complicated every bit it seems. Still, information technology may take a long time to become through the paper difficulties. Service providers' verification steps could exist all-encompassing also. They vary from the quality of your documents, site performance(if one), type of business organization, and others. Don't want to open a merchant business relationship?

Using an intermediary is the solution for you.

A payment aggregator acts as an intermediary. It is a service that collects all online funds received on account of a website, an online store, and then transfers them to the accounts of the customer company. It is what allows you lot to work not only with greenbacks on delivery but also rapidly institute electronic payment acceptance.

When choosing a payment aggregator, consider the following factors:

• Security.

Payment security should be a priority for any merchant.

Therefore, when choosing a payment system, yous must be sure that it can provide the necessary level of protection. Security methods may vary:

1. Instant potency of the customer.
2. Encryption of financial data on the Internet;
3. Special certificates.

• Payment flexibility.

1. The company must have a transparent payment policy. Also, be aware of hidden fees.
2. The flexibility of recurring payments.
3. Does the visitor provide financial statements?
   

• The convenience of contacting customer support.

The possibility of quick contact by phone, live chat, email or other preferable for customer methods. Back up must promptly resolve problems.

• The limitations on the maximum corporeality of card payment.
  

• The convenience of the interface both for clients and merchants.
  

6 proven ways to accept credit carte payments without a merchant account

The bulk of these payment aggregators offer online services and each i of them comes with its ain pros and cons. All in all, these platforms brand payment transactions much easier than they always were earlier and they save small concern people the agony of opening merchant accounts.

• PayPal
  

  PayPal is past far one of the most mutual and largest payment processors in the world. Information technology rose to its prominence afterwards collaborating with eBay and many other online merchants. All y'all need when using PayPal is the details of your debit or credit menu and your banking company account. From at that place you get your ain secure information about your PayPal business relationship that y'all do not have to share with anyone.

  Signing up with PayPal is free and it does not require any annual membership fees. You also exercise non pay whatever processing fees or service charges. If you are a small business owner, you never have to worry about the challenges of opening a merchant account.

  The benefits of using PayPal are:

1. Credit card security. Since you lot don't disclose your personal banking data, your account cannot exist hacked.

ii. Flexibility. You will never take to confront the agony of having your credit card declined. With PayPal, you can have several bank accounts also as credit and debit cards linked to them. If the first attempt fails, PayPal volition request funds from your other accounts depending on your order.

3. It's free. PayPal is free of accuse, and there are no annual membership fees.

iv. Instant international transactions. You can send or receive money in almost any country in the world. The transfers are instant, and you tin can cheque your balance with one click. This makes it significantly better than other costly payment methods like Western Wedlock.

• Foursquare
  

  Square is the number i choice for small business owners. It does not require much paperwork and the fees charged are minimal. The Foursquare, which is a menu-swiping device, turns your smartphone or tablet into a greenbacks register. The card connects with the device of your choice to comport out all kinds of payments. The companies' services are especially popular in street food stands, restaurants, coffee shops, and many other small businesses. Through their Cash App, yous receive payments equally well every bit electronic invoices. Probably the chief advantage of using the platform for entrepreneurs will be synchronization with the POS system of outlets. Y'all can accept both chip cards and NFC payments for contactless or traditional operations with chips and pin codes. Moreover, you can access your income the very next business mean solar day later the payment.

• Skrill
  

  Skrill is the best culling to PayPal. Some of the features that brand Skrill stand out are its instant deposits and withdrawals. The transaction fees are minimal making it perfect for small business organisation owners. With Skrill, you can also transport text messages from your account. The system procedure payments in 40 currencies. Skrill besides has an incredible referral program that allows you lot to collect 10% of all the friends' transactions. To use this payment organisation, y'all do not demand to install annihilation on your computer – no programs, plug-ins, etc. A typical browser and Internet access are enough.
  The entire interface is on the official website of the company. Moreover, for personal non-commercial accounts, in that location is no commission for using the system. The only limitation of Skrill is historic period. It is impossible to register in the organisation if your historic period is less than 18 years.
  The security service scrupulously checks all user data. Therefore, if you enter incorrect data, your account will be blocked.

• Google Wallet
  

  If you practise not accept a merchant account, you can likewise use Google Wallet to receive your payments. Google Wallet is some other popular online payment service that is simple to use, rubber and very fast. You lot can utilize your smartphone to conduct out your transactions using Google Wallet. The service also allows you to connect debit, credit, gift and loyalty cards to your account.
  Google tech experts merits that when you pay at a shop, Google Wallet does not provide your real card details to anyone. Instead, the store receives a unique encrypted number. This approach allows you to continue information about client payment data secure. Also, the service has a smart hallmark part, which enables you lot to make up one's mind whether the device is in a condom state and decides whether to request data from the user to unlock the screen.
  To pay for goods using this service, your smartphone must have an Android platform version iv.4 and college. Also, NFC wireless applied science is a must.

• Stripe
  

  Stripe has been around for a couple of years now, and it is another way of accepting payments without opening a merchant account. It has a flexible and powerful API that makes all transactions easy to brand.
  The flexibility allows you to tailor the Stripe platform to your needs. It is easily integrated with many other applications, which ways that even if you are non tech-savvy, yous tin can comfortably start using it to do your business concern. It has no set-upwardly, or monthly fees as well as any other hidden costs. Small business organisation owners that discover information technology hard to open up a merchant account volition definitely dearest this easy-to-apply platform.

• Apple Pay
  

  Another option to take into account if you lot don't desire to open a merchant account but want to procedure online payments is Apple Pay. All you need to beginning receiving online payments is a affect ID confirmation. This means that uncomplicated payment processing is literally at your fingertips.  Though the platform needs a lot of comeback, information technology is by far one of the fastest-growing payment systems.

You might also like Top 10 PayPal alternatives

How to accept alternative payment methods without a merchant business relationship

Visa and MasterCard payments are traditional. Nonetheless, y'all should non underestimate the alternative payment methods. Alternative payment methods are cardless and cashless ways of paying for products and services online. Every bit stated by Manufacture data, upwardly to 55% of global transactions will be made via alternative payment methods by the terminate of 2019. Check out the list of the almost popular alternative methods by region.

The good news is, you tin take alternative payment methods without a merchant business relationship.

Wrapping information technology up

Sure thing,  merchant account holders take access to a large number of advanced payment methods but the approving time can be a existent pain in the neck. Depending on the payment service provider, it might take weeks to get approval to open up a merchant account. Besides, information technology is also expensive, peculiarly for small business organisation owners. Third-party gateways offer the best alternative to merchant accounts. Though they might not come with the same avant-garde payment tools and services, they are affordable, fast and secure. They also give merchants the option of managing the transactions using their mobile devices. Gateways without mobile reader solutions offering the same services via a website.

When choosing a service for accepting payments, pay attention to the simplicity of the process for connecting a payment aggregator, the convenience of the interface of your account, and the fourth dimension for crediting payments. An important factor is also the security of cash flows passing through the service.

Therefore, if you are starting up a business organization or are all prepare to run your own business but cannot afford to open a merchant business relationship, the platforms to a higher place will show you several ways how to accept credit carte payments without a merchant account.

Source: https://ikajo.com/blog/accept-payments-without-merchant-account

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