What is a Merchant Account Rates, Pricing, Terminals and how it works

#merchantacount #paymentprocessing #whatisamerchantaccount
What is a merchant account? In today’s video we’ll discuss the details of a merchant account and go into depth on merchant account pricing, merchant account equipment and provide references to helpful resources.

@1:25 What is a merchant account
@2:46 Credit Card Terminals
@4:11 Merchant Account Rates - 2 main rate categories
@7:41 Underwriting and Account Approval
@8:40 Faq’s and common questions about merchant accounts
@10:48 How to pick the best merchant account for your business

►Video reference #1 - Paypal, Stripe Square vs. Merchant Account :

►Video reference #2 - Merchant Account Pricing (rates and fees):

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Transcript:
What is a merchant account and how does it work?
Let’s talk about that today and in addition to that title content, we’ll talk about the following:
Credit card terminals Point of sale equipment and software available to you,
the 2 most popular (general) credit card rate categories that apply,
underwriting approval and account setup
guidelines tips and important things to remember when applying,
Frequently asked questions
And toward the end, I’ll tell you how to go about figuring out the best merchant account option for your business.

Put a channel notice countdown bar on this section
So as we get started, this video is time stamped for your reference.
All of the information is important and pertinent to setting up and maintaining a merchant account so please do watch the entire video and at the same time I always try to make my videos easy to navigate so for some of my videos on this channel, I’m going to link the time stamps for the various sections of the video, in the description.
So if you wanted to skip to a certain section, you can just pop the description box open and click the section link. And if you use these time stamps to navigate the video, let me know if that is a helpful thing to do in the comments below.

Now, on with the lesson.

What is a merchant account?
Let’s start with a simple definition: A merchant account is a specialized bank account that exists for the sole purpose of allowing a business to accept electronic payments through the use of credit cards and debit cards, from their customers. .
The term merchant account is often used interchangeably with terms like: “credit card processing account” or “merchant processing,” “payment processing” or “payment service provider” OR “payment aggregator” and I’ve even heard people refer to it simply as a “Merchant”… and speaking of that,

A payment aggregator account is different than a true merchant account.!
We’re going to stay focused on the merchant account in todays video so if you’re interested in comparing the aggregator companies like PayPal, Stripe and Square to merchant account providers, click the link in the description (or the card on the screen) for that detailed comparison video after you’re done watching this one.

[Avephx]

It is hard to find this type of content online. Thank you for what you do!

[monica]

We watched this video as part of our eCommerce Master material and it's incredibly clear and comprehensive, thanks a lot!

[Bancardsales]

Do you have any other questions about what a merchant account is, that was not covered in this video? Let me know in the comments below! ~Brian.

[consultancy]

this is an in depth explanation for the first time merchants !

[Theerealbrowniebabii]

Thank you for breaking everything down and making it easy to understand and easy to find. Love the time stamps!

[cheskacheskie]

Finally got some insight on how this works

[johnj]

Damn, what a need, thumbs up for a very detailed video

[derrickoliver]

Thanks 🙏 a million you’re dope!! I do like the time stamps organizing is always the best way people love convenience and ease of use so don’t stop that. Moving in this direction so I may schedule and appointment to talk with your team about who ad where is the right direction to start off with on the bank side, software side, and proper structure for a small online business. Just a heads up. But great work nice and simple but thorough explanation for starters like myself.

[binbinli]

Love the time stamp! Thank you for the clear explanation

[shohag_ux]

so much clearly present, really thanks!

[omersoncruz]

Great explanation! Very clear and concise.

[gabrielsaladbar]

What would be the best merchant account? I’m a personal trainer. My transactions are typically higher, anywhere from $300-$900 and typically I’ll have clients pay for the year and it’ll end up being $4, 000-$8, 000. But this is rare. I also have fewer transactions since I’m selling a higher priced service

[AngueSterling]

Thanks! This is excellent information.

[paspetanaka]

Can I send funds out to customers, employees using my merchant account and if yes do your team help in setting up a merchant account?

[TheJasonloring]

The video was informative. I need to book a phone call regarding to good advice on managing the cash advance

[jasminenacole]

What solution would you suggest for new online business owners to start with other than a merchant account ? I've seen Paypal as an option, but is there an alternative if you don't want to use them either ?

[jorgedemontalvo]

Thank you for the information. It is very useful.

[Samsinnify]

Great content! The terminals used in these payments systems, what are available options for those?

[Aezuz]

Thank you so much for this type os content

[alfordelliott]

My question is why would you need to give your social security number when they have your EIN number or tax identifying number. The big companies don't have to give their personal social security number they give their tax ID number or EIN number to set up an account