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A merchant account in Utah is different from your everyday bank account, although a merchant account can be set up just like a regular account. Credit accounts allow a business to begin accepting credit and debit cards as forms of payment for products and services. Electronic checks can also be accepted through a merchant account in Utah, eliminating almost 90% of the need customer’s may have for paper checks. When you set up an account, the rules and regulations will be set forth dictating how products and services may be bought, sold, and paid for. It’s important to note that any violation of these rules and regulations constitutes fraud.

silhouette of people talkingWhen you are considering setting up a merchant account in Utah, there are two important participants who will take part in the approval and continued running of the account, an ISO (Independent Service Organization) and an underwriter. Most likely, the ISO will serve as the underwriter. It’s the ISO’s job to examine and determine the potential future success and risk of the applicant and then approve or deny the account based on their findings. If you violate a merchant account agreement in Utah or any other state, the underwriter, or ISO, if they are the same, will close out the account.

You can set up two types of merchant accounts in Utah. One of these types is known as the over-the-counter (OTC) merchant account and is used mainly for retail merchants. These accounts usually offer lower discount rates and transaction fees based on the fact that the customer and the customer’s credit card are physically present during point of sale. The other type of account is the money-order/telephone-order (MOTO). MOTO’s are most often used by internet businesses and uses two steps towards payment. The card information is entered, verified, and the money subtracted from the cardholder’s limit and placed on a 30-day hold without an actual charge until the merchandise being purchased is shipped.

Merchant accounts in Utah can be set up with your local bank or through a specialized company known as a merchant service provider or independent sales organization that offers credit card processing. Knowing which one to go with depends on your situation. If you are a small, home-based, business, your bank may turn you down until your business is more firmly established and financially solvent. In this case, choosing a merchant service provider may be the way to go. A credit card processing service may also aid you when it comes to lower rates versus a financial institution. Your customers will appreciate your desire to make their shopping experience more convenient.

Posted in banking, credit card processing, Merchant Account, online payment processing on Nov 13, 2013