Today there are multiple payment options available to online customers, and as an online business owner, you need to offer as many as possible.
The more options you give your customers, the more likely they are to finalise that purchase and keep coming back time and time again.
To do this, however, you will need both a business bank account and an internet merchant account. But first, you have to understand the difference between the two.
Understanding the purpose and difference of each will help you effectively choose the best options for your business.
What Is a Business Bank Account?
If you run a business accepting card payments from customers, you need a Business Bank Account.
A business bank account is held at a bank. When a customer pays, the money will eventually land in your Business Bank Account for you to use in your business.
Benefits Of Having a Business Bank Account
With a business account, you’ll find it easier to organise features of your business such as,
- Tracking and controlling expenses and income.
- Getting the information you need to give to your accountant when tax time comes around.
- Professionally presenting your business when dealing with your customers.
So, What Is an Internet Merchant Account?
An internet merchant account is an account that can be arranged by Safe2Pay hand in hand with your payment gateway.
The internet merchant account is the first place your money lands after your customer pays before being transferred into your Business Bank Account already discussed above.
Safe2pay can organise an internet merchant account for your business and indeed can offer everything you need to get your business up and accepting online payments including website design and shopping cart integration.
Why Do I Need a Merchant Account?
Often when new business owners are first starting out they believe that a third-party account that provides a merchant account is a more accessible and cheaper option.
However, they soon find that although they appear convenient at first, they come with Potentially higher fees as well as other disadvantages such as;
- The Redirection to a different site when processing payments.
- Loss of credibility as not all third-party merchants have an excellent reputation. They may have been cited for fraud or mainly used for adult sites, this, in turn, will reflect negatively on your own business.
Business Banking Account, Internet Merchant Account and Payment Gateway Working Together
From Safe2Pay’s industry experience it is preferable for online business owners to have a business bank account, an internet merchant account and payment gateway combination integrated seamlessly into your online business that ultimately provides a more user-friendly experience. This combination allows your business to grow and remain secure with advantages such as:
- Greater ease of transacting
- Heightened security and fraud protection.
- Greater autonomy, as the transaction stays between the customer and your merchant account, with no intermediary handling of money or processing of customer’s details.
- You will receive payments faster.
- Increased legitimacy with your business name remaining on the transaction statement through every stage of the process.
How Do I apply for a Business Bank Account or internet Merchant Account?
If you don’t already have your Business bank account or an internet merchant account, Safe2pay can help you set these up, to ensure a streamlined and friendly experience providing the secure and efficient running of your online business.
What Information do you need When applying for an Internet Merchant Account with Safe2Pay?
- Company Name
- Trading Name
- Phone Number
- Full Business Address
- Website address
- Estimated Monthly Turnover
- Are you taking payments in advance or on a recurring basis?
- Do you have a refund/return policy stated on your website?
- Do you have terms and conditions?
- Your Business Bank Account details (if not Safe2Pay can assist)
- Contact details/phone/email
Contact Safe2pay online or call our friendly team on 1800 723 327 so we can get you sorted with both a business bank account and an internet merchant account and payment gateway. Your business will be accepting money in no time.