davidjohn6366
72 posts
Oct 11, 2022
10:21 AM
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Why should I get a merchant account?
Customers want a convenient and safe way to send payment. Money orders and checks are not very convenient nor are they safe. As a vendor, you want to close the transaction quickly. If you have to wait for the customer to remember to mail you a payment, there are too many things that can break the sale. So credit cards are a method by which the customer can place the order quickly.
What about payment services like PayPal?
Yes, payment services such as PayPal will work and is in fact the method of choice for most customers. But there are drawbacks. Often both buyer and seller must register for an account with the same service. The charge may appear on the customer's card as a charge from the service - not the actual merchant. Sellers complain about payments being accepted into their accounts which they do not want, such as payments from unverified accounts with unconfirmed addresses. Sometimes a minor problem leads to an entire account being restricted (something which should never happen with real become an iso merchant services accounts) and payments continued to be accepted into these restricted accounts (which would NEVER happen with a real merchant account). Payment services often allow scammers to hide their identities. Disputes often go from the buyer to the buyer's credit card to the payment service and then to the seller. There are too many points along the line where the ball can be dropped and an innocent party made to pay for it. There is little incentive for the service to fight on behalf of the seller. Even if all the proper efforts are made, it is often determined that a scammer used a loophole in the system to perpetrate the fraud. If there is no money remaining in the scammer's account (and there wouldn't be) the victim loses.
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