Is Your Merchant Account a Deductible Business Expense?
Thinking of opening a merchant account for your business? One main reason why you should consider opening a merchant account is that it’s a tax deductible business expense. That’s right, you can deduct all of the monthly fees like gateway fees, transaction fees, equipment expenses, set up fees and so much more.
How Long Does It Take To Set Up A Merchant Account?
From the first day that you apply for a merchant account it typically takes five days total for your application to be approved. Most merchant processors charge a setup fee of $25 or more (depending on the company) and the average merchant processor offers a 98% approval rate so even merchants with not the best credit can get their merchant accounts approved.
Shop Around For the Best Rates
Businesses shouldn’t sign up with the first merchant account company that they find. They should shop around for the best merchant account rates because, thanks to the power of the internet, there are now many merchant processors to choose from.
You Have A Merchant Account. Now What?
Once the new merchant account is approved the next step is for that business to create a page on their website for their online shopping cart then start uploading product pictures and information to their shopping cart. Total set up time for a new online shopping cart can take one day or longer depending on how many products that a merchant has to sell.
What to Do When the Shopping Cart Is Online
Most people who visit a website over a period of time won’t notice changes to that website unless the merchant notifies them of those changes. Merchants should promote their new shopping cart by emailing customers on their email list, releasing a press release and publicizing in their store that customers now have the option of purchasing products from them online 24/7.