Internet Merchant Facilities (IMF's) are required for anyone looking to accept payments in an e-commerce environment (this includes online retail, billing systems, recurring transactions and so on) and are different to traditional merchant facilities in that they consider additional risk factors inherent to online shopping and card not present transactions. These risks are also reflected in the pricing structures of these types of facilities and also undergo a different and more stringent application process.
An internet merchant facility will allow you to process payments via the internet in a secure environment. With the reported occurrences of fraud on the rise, providing potential customers with this option is not only preferable, it is required. Obtaining this service for your business will not only streamline the payment process, it will afford you and your customers with fraud protection, give you full-time payment support, and in many cases offer alternate payment methods that make your business even more appealing.
Most banks have a similar pricing structure with some differences around monthly fees and establishment costs. There are a number of other fees associated with an IMF and are explained as follows:
There are two ways which a bank will offer merchant service fees. There is the blended rate which is the most common rate offered to merchants and is a flat rate for all credit card transactions.
The other option is a split MSF which takes into consideration the number domestic vs premium/international credit card transactions processed by the merchant. Split merchant service fees will offer the merchant separate rates:
Premium and International rates will tend to be higher than the standard card MSF and it is recommended you understand what your split will be to find the most suitable Internet Merchant Account for you business.
In order to apply for an IMF you will need to contact your bank or business banker direct, or ask your gateway to get you in touch. Whichever path you take, it helps to be prepared with a few essentials that will help you speed up the process and hopefully lower the fees.These essentials include:
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