eCommerce Checklist: User & Merchant Accounts

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Your ultimate guide to user accounts and merchant accounts

What Are The Requirements of a Merchant Account?

Introducing e-Commerce in your business makes the shopping process easier. You don’t have to visit stores physically and over the internet, you can buy goods. While getting your website designed you need to take care of features that help the customer's shopping process convenient.

You’ll need software that will run all the information and procedures related to accounts. From shopping, paying to deliver products everything will be handled by the e-commerce customer account management software. The online payment system becomes more convenient when you have your own merchant account. A customer can use a credit card or any other online payment system. If you don’t have a merchant account already through which all the payments will be get done then you must know that getting a merchant account approved takes time like up to weeks. There is a risk of fraudulent charges a merchant takes during payment processes so you need to discuss this situation with the development team.

When you apply for a merchant account you need to provide a few documents to the company as a confirmation of your business and as proof that why you need that account.

Checklist of requirements for an e-commerce merchant account:

  • 1. Select credit card companies: you need to select those credit card companies or backs through which you’ll allow customers to make their online payment.
  • 2. Payment model: now every bank has its own payment rates and you must select a bank with the most acceptable rates and select the payment model as well whether it is one-time payments or recurring billing.
  • 3. Annual turnover: the rates that your selected bank will provide you for your merchant account depends on your annual turnover. You’ll need your financial statement that provides the information on your financial state plus the turnover of your card from the last year.
  • 4. Get linked with a local bank: looking for a local bank in every city or country won’t be an option for your merchant account. So try to get your merchant account from a local bank.
  • 5. Construct your website: before you apply for a merchant account you need to have a website of your store or for whatever reason you need that account.
  • 6. Prepare documentation: it is quite obvious that a bank will ask about all the documents related to your e-Commerce business and why you have applied for the merchant account. So make a document with all the details of your business you’ll submit it to the bank with the application form.

Different Levels of Merchant Accounts

When a customer makes an online payment through their card, you can’t just save the card number and password for future shopping. The payment card industry data security standard makes a set of instructions and requirements that every merchant account has to follow just for the customer’s secured payment environment. Now there are different levels of merchant account and there is a limit on online payments.

  • Level 1: over 6 million cards transaction every year
  • Level 2: 1-6 million cards transaction every year
  • Level 3: 20,000-1 million card transactions every year
  • Level 4: 1 million cards transactions every year but not more than 20,000 transactions exclusively through e-commerce per year

Import Your Already Existing User Profile

Sometimes you make your profile for business and you leave it. But if again you want to restart that business or you want to use that profile for another business venture then discuss this with the account developer. Make a plan and get all the information on a document that will help you to make your old profile a new one with all the latest details of your new business.

User Accounts Services

Well, we talked about the merchant accounts and its requirements above but an online store also allows a customer to make their own accounts. To make the shopping a hassle-free experience you need to provide the following features to your worthy clients: Website User Accounts, Effortless Purchase and Return Processes and Carrier Accounts.

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Why Website User Accounts are Important?

Whenever a customer makes an account on your website, buying and selling products becomes easier for them and this only happens when they like your goods. In this way, use doesn’t have to enter their information again and again plus it is a time-saving technique for them. Such customers become your brand ambassador because they start marketing about your product in their friends and family gatherings.

Effortless buying and returning process: While designing a website or online shopping store you need to look for the features that will help customers in buying and returning products easier. This is the only way a customer will return to your store otherwise they might stop using it due to lack of features.

Carrier accounts development: when a customer will order any product from your store, your system will generate a code with the shipping details. With the help of the code, the customer will be able to check the details of whether his item has been delivered or in the transit phase.

Well, we talked about the merchant account quite in detail plus the importance of providing user account facility to your worthy customers. No one wants to go through the hassle of visiting stores physically. E-commerce is the new trend and Clarity professionals will help you can set up your own online business store.