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Setting Up A Merchant Account with National Processing

National Processing has made it convenient to set up your business merchant account. As an entrepreneur, you always need better systems to process your payments. There are so many options to process a client’s payment with a variety of costs. If you are a business owner, you may not even know how to set up a merchant account or how such an account can work to your advantage.

Information on how to get started with your account is limited, so using an account can seem like it is something new in the market. Setting up a National Processing merchant account is a relatively simple process. In many cases, it now takes about 3 minutes to fill out the app and get approved.

Here are two extremely simple methods to start:

Setting up a new merchant account can seem like a daunting task. Anytime you deal with financial institutions and process money, regulations require a certain amount of “red tape” unfortunately. The brilliant solution National Processing has found is finding a way to expedite the underwriting process by bringing the bank underwriters in-house. Now National Processing controls the entire process, from beginning to end. This means much faster approvals and much better customer service.

Understanding a Merchant Account

First and foremost, you need to know what is entailed in an account to know if you need to open it or not; but the chances are that you need it as soon as possible. There are three parties involved in business accounts. These are the merchant, the card companies, also known as the payment processor, and the acquiring banks, which are the account providers. Banking institutions mainly create business accounts to act as an agreement between them and merchants.

This agreement is signed to make it possible for a merchant to use credit card payment systems. The agreement binds the merchant to the rules and regulations of using the card payments systems from licensed payment processor brands such as MasterCard, Visa, and American Express. The merchant providers are who you are working with directly since they sign you up to the system to be able to receive payments and make other transactions as well. Whether you have a small enterprise or a large corporation, merchant accounts are a vital facet in growing your business to higher levels than it is at the moment.

How the National Processing Merchant Account works with a Credit Card

After registration for your business account, you can link it to your website to allow online payments. Note that this process happens in split seconds.

  1. A client can make a payment on products and services from your site through filling in their payment details.
  2. From your site, the integrated payment system sends a digital request to the acquiring bank of the merchant.
  3. The acquiring bank requests the client’s bank.
  4. The issuing bank of the client has to verify the digital request and send feedback immediately.
  5. If everything is validated, both parties get notified about the success of the transaction. The cash will be directly transferred to the merchant’s already set up account with no delays.
  6. If both systems do not approve the digital requests, a notification of the failed request will be sent to all the parties involved.

Types of National Processing Services

The services you want will determine the type of account you need. Since there are different services offered, you need to determine what works best for you to give you the maximum benefits that come through using merchant accounts. The type of service will also enable you to provide the most efficient payment services for your clients. It all comes down to the type of business you already have or set up.

One of the services you get is a point of sale (POS) terminal service. It is excellent for physical stores. The register you already have on such a store can be synced with the already established merchant software. Mobile software is also an option since a lot of your clients probably own a mobile device. The technology of the card readers is compatible with both Android and iOS-based software.

For an online business, the merchant service can be a little bit different from a conventional brick-and-mortar store. National Processing offers an option to get your online merchant service if you have an online business platform. So, through this service, your clients can complete their purchases without ever leaving your website. The payments your client makes are redirected straight to your bank account. The Integrated Virtual Terminal system is also ideal since you can use your clients’ card details to register them into the system.

The payment processing equipment you get is always developed to be efficient for both parties. Software and payment support gateways are mainly used for online payments.

Costs of National Processing Merchant Accounts

Mercantile services have costs associated with running the services. There are various account costs that you can choose to subscribe to. Some of these are monthly costs, set-up fees, equipment fees, transaction fees, cross-border fees, and credit card processing fees.

National Processing offers payments for small, medium to larger businesses. The monthly costs range from $10 to $199 with transaction costs ranging between $0.05 and $0.15 depending on the service you have chosen. With the free equipment, a cancellation fee only applies for equipment costs. The Clover software also has additional fees. The cost is mainly for low-risk merchants. Small to medium-size businesses cater to restaurants, retail, and eCommerce. You can choose and register for a package that best fits you.

The costs are not set out to work on all merchant services. Their services are not equal in terms of costs, effectiveness, among others. Some services offer the best mobile transaction solutions while others are mainly involved in technological support of the services. The fees will always vary even if the services are the same; so you may need to check a vendor that offers the same service you need for your business.

Service fees are sometimes part of the costs you may incur from your acquiring bank. The charges may apply to every transaction that is made. If you are on a budget with a startup, you may choose to work with payment solution providers who have lower costs compared to providers who have been in the market for years. So you can check all the costs from different merchants.

Service Comparison

It would be best if you first looked at all your needs and selected merchant services that can cater to most of them. If you want to have all services in one such as mobile and conventional account services, you can check a vendor that has the services at a reasonable cost. It is better to get all the services you desire under one platform since it would be easier to manage and make any transactions you need. Getting a whole package can be cost-saving from equipment fees that are higher than other services.

Credit Card Brands for National Processing

Before your final submission, you should first start by researching the credit card firms that you can work with. You may need to consider the cards that most of your clients have to make it more convenient for them. The most popular cards are the MasterCard and Visa cards, but you can also look into other cards that your clients hold from different geolocations. From North America, most consumers use American Express and MasterCard. Africa and Asia mostly use Visa cards.

Payment Model

To diversify your business and increase sales, you can choose to offer more than one payment method. The payment methods can run from one-time payments and recurring billing. The bank you use should also support all types of payment methods. The bank rates should also go hand in hand with the service you choose. It is better to choose a bank that has lower rates so that you don’t have to spend so much on your transactions.

Turnover Analysis

It would help if you also analyzed the turnover of the business based on the rates of the bank. You should get all the documents that show your current financial state and turnover into the previous year to the bank you wish to form a relationship with.

Business Preparations

It is much easier to set up your National Processing account when your business has all the payment infrastructure set up. Whether it is your online business or brick and mortar check to see it complies with the regulations for your credit card service.

Local Bank Considerations

It is better to look at the location where your primary business focuses on. Local banks may provide incentives to local businesses that support the local area. When it comes to traffic performance and rates, they may offer the best options for your business. For international establishments, you can research the types of banks that have had previous relationships with the local banks or offer similar services with the local bank you already have. The more local the bank is, the more comfortable you can access specialized services since you will be operating under the same jurisdiction.

It is even better to get your account linked with a bank that you have already been using as your primary source of transactions and savings. Since you may already be using their services, your bank will have more trust in you to use their services for a longer-term. Use of Payment Service Providers can come into play when you are tapping in into a territory that you are not so aware of.

The services are also better for merchants that are just starting since there are still risks that they are faced with before they gain stability to grow into other markets. The Payment Service Providers also give you advantages such as; reducing business risks due to the processing of the payment.

Account Registration Documentation

Some of the documentation you will need to have include:

  • Voided Check
  • Tax returns documents
  • List of precise business activities

National Processing Application Submission

The process of getting a business account has always been a daunting task. It includes submitting a lot of licenses, physical location verification, getting credit scores, and much more. National Processing uses advanced technology to get the application process easy. As a reliable provider, it has all the necessary places to fill in to get you started as fast as possible.

You may need to get the application form and fill it out. Put together the form with all the listed documents to the bank and wait for their decision. Once they approve, you are set to go. You can begin allowing clients to use their credit cards for making payments when you set up your account.

The following are some information you will need to provide and fill in when creating your merchant’s business account with National Processing.

  • Type of Ownership
  • Corporate Name
  • DBA – Fill in the Doing Business As information.
  • Federal Tax ID – You can provide details of your EIN or even your social security number if you are the sole proprietor of the business.
  • Personal Contact Details
  • More Business Details

Clover Equipment Highlight

National Processing has a variety of equipment you can choose from. Clover is a popular brand that makes life easy for the merchant. Here is a breakdown of the most popular Clover products:

  1. Clover Go – Glover Go is the most affordable offering at the moment. It is developed so that you can use it from both your iOS and Android phone operating systems. The service lets you sync your information with other clover devices and have a historical record of all your transactions within the app.
  2. Clover Flex – The main advantage of this equipment is its portability. It is an all-in-one package that offers, a dumb terminal, a register and a receipt printer. With clover flex, you can track all your inventory based on your variants, modifiers among others.
  3. Clover Mini – If you need an all-in-one POS you need, the clover mini has it all. It has a variety of accessories such as barcode scanners, kitchen printer and handheld flex. It has inventory management where you can transfer orders, set up modifiers, categories an item for orders. Its integrated employee management system can give your business to have more productivity and access permissions.
  4. Clover Station – The station is all-in-one hardware plus software solution that makes it easy to run your business. You can use gift cards, contactless payments, credit and debit cards. You can register from the app capabilities that allows you to download more apps for any business needs you have. The cloud capabilities allow you to access your transaction reports, refunds and sales remotely from anywhere you are. It can also process credit cards from other financial institutions merchants.

In Closing

National Processing has been leading in the merchant market for years. Why? Because of in-house underwriting, transparency in all fees, fees that get locked for life, and an award-winning customer service team.

Getting your new merchant couldn’t be easier with a good team behind you. Here are two simple steps to get started.

National Processing is the best merchant processing company in the nation. One call and you will quickly see why.

Christian Woodward

Christian Woodward

Job Title, Author

Customer focused

If we can't beat your current rates, we'll give you $500!*

We happily accept merchants processing any amount. Price guarantee for merchants processing $10,000 or more per month. Free terminals and other promotions depend on processing volume, credit and qualifications.

Customer focused

If we can't beat your current rates, we'll give you $500!*

We happily accept merchants processing any amount. Price guarantee for merchants processing $10,000 or more per month. Free terminals and other promotions depend on processing volume, credit and qualifications.