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Obtaining a merchant business relationship might be both expensive and challenging. This is particularly true for service providers, small-scale business organization owners, and independent contractors. Withal with the challenges and the expense that come with obtaining a merchant card, more and more people are using credit cards to make purchases every mean solar day. This makes people desire to know of other alternatives on how to accept payments without a merchant account. The question is whether information technology is possible to have payments without a merchant account?

The respond is yep, it is possible to get credit carte payments without necessarily having a merchant account. Owning a merchant account is no longer the only pick on the table, all thanks to tertiary-party payment gateways. In this article we lay out what is the merchant account requirements and provide a listing of 8 culling ways to accept credit bill of fare payments.

What a merchant account is and how it works

Let'southward clarify what merchant account is first. A merchant business relationship is a blazon of depository financial institution account. Information technology allows merchants to accept credit card payments online. How does a merchant account work? The entire process includes six stages:

1. Customer purchases products/services on your website.
2. Your credit card processor sends the transaction to the credit menu network (Visa or MasterCard).
3. The credit carte network then routes it to the client's issuing bank for approval.
4. Once canonical, the transaction funds are deposited into your merchant account.
5. Then the credit card processor transfers the funds from your merchant account to your concern banking company account.
6. Then, and only then, you tin use your money.

The starting time four stages take no longer than a few seconds. The 5th stage, though, unremarkably takes from two upwardly to 14 days. Yes, you've heard information technology correct. It might take you two weeks to use the hard-earned money. That'southward one of the reasons why some people prefer to use alternative means to take credit card payments (more on them below).

What are the requirements to become a merchant account

To open up a merchant account in 2020, you need to provide the following documents:

1. Certificate of Incorporation;
2. Document of incumbency;
3. Local documents equally per visitor jurisdiction which displays company directors and owners;
4. Utility pecker/Bank argument/Rental agreement under corporate names proving company location;
5. Valid ID copies for all company directors and owners.

There are also specific website requirements you have to stick to. Otherwise, your website won't compile with all the Visa, and MasterCard demands. In such a case, your application won't be approved. Another website requirement is to create Terms & Condition and a Privacy Policy folio.

How to accept credit card payments without a merchant business relationship

The merchant applying process is not equally complicated equally it seems. Withal, information technology may take a long fourth dimension to go through the paper difficulties. Service providers' verification steps could be extensive besides. They vary from the quality of your documents, site performance(if one), type of business, and others. Don't desire to open up a merchant account?

Using an intermediary is the solution for you.

A payment aggregator acts as an intermediary. It is a service that collects all online funds received on business relationship of a website, an online store, and and so transfers them to the accounts of the customer visitor. It is what allows you to piece of work not merely with cash on commitment but also quickly establish electronic payment acceptance.

When choosing a payment aggregator, consider the following factors:

• Security.

Payment security should exist a priority for any merchant.

Therefore, when choosing a payment system, y'all must be certain that it tin can provide the necessary level of protection. Security methods may vary:

1. Instant authorization of the customer.
2. Encryption of financial data on the Cyberspace;
3. Special certificates.

• Payment flexibility.

1. The company must accept a transparent payment policy. Besides, be aware of hidden fees.
2. The flexibility of recurring payments.
3. Does the company provide financial statements?
   

• The convenience of contacting customer support.

The possibility of quick contact by phone, alive chat, email or other preferable for customer methods. Back up must promptly resolve problems.

• The limitations on the maximum amount of bill of fare payment.
  

• The convenience of the interface both for clients and merchants.
  

6 proven means to accept credit card payments without a merchant account

The bulk of these payment aggregators offer online services and each one of them comes with its own pros and cons. All in all, these platforms make payment transactions much easier than they always were before and they save small-scale business concern people the agony of opening merchant accounts.

• PayPal
  

  PayPal is by far one of the nearly mutual and largest payment processors in the globe. It rose to its prominence after collaborating with eBay and many other online merchants. All you lot need when using PayPal is the details of your debit or credit card and your bank business relationship. From there y'all become your own secure data virtually your PayPal account that you do not take to share with anyone.

  Signing up with PayPal is free and it does non require any almanac membership fees. Y'all besides practice not pay any processing fees or service charges. If you are a modest business organisation owner, you lot never have to worry nigh the challenges of opening a merchant business relationship.

  The benefits of using PayPal are:

i. Credit card security. Since you don't disclose your personal cyberbanking information, your account cannot exist hacked.

two. Flexibility. You will never take to face the agony of having your credit card declined. With PayPal, you tin accept several banking company accounts as well as credit and debit cards linked to them. If the beginning attempt fails, PayPal will request funds from your other accounts depending on your society.

3. Information technology's free. PayPal is free of charge, and there are no almanac membership fees.

iv. Instant international transactions. You can send or receive coin in nearly any land in the earth. The transfers are instant, and yous can check your residue with one click. This makes information technology significantly ameliorate than other plush payment methods like Western Union.

• Square
  

  Square is the number i selection for minor business owners. It does not require much paperwork and the fees charged are minimal. The Square, which is a bill of fare-swiping device, turns your smartphone or tablet into a cash register. The card connects with the device of your selection to carry out all kinds of payments. The companies' services are especially popular in street food stands, restaurants, java shops, and many other small businesses. Through their Greenbacks App, you receive payments as well as electronic invoices. Probably the main advantage of using the platform for entrepreneurs will be synchronization with the POS organization of outlets. You can accept both flake cards and NFC payments for contactless or traditional operations with chips and pin codes. Moreover, you lot can admission your income the very adjacent business mean solar day after the payment.

• Skrill
  

  Skrill is the best alternative to PayPal. Some of the features that make Skrill stand out are its instant deposits and withdrawals. The transaction fees are minimal making it perfect for small business organization owners. With Skrill, you can too send text messages from your business relationship. The organization process payments in 40 currencies. Skrill also has an incredible referral program that allows you to collect 10% of all the friends' transactions. To use this payment system, you practise not need to install anything on your computer – no programs, plug-ins, etc. A typical browser and Net access are enough.
  The entire interface is on the official website of the company. Moreover, for personal not-commercial accounts, there is no commission for using the system. The only limitation of Skrill is historic period. It is impossible to annals in the organisation if your historic period is less than 18 years.
  The security service scrupulously checks all user data. Therefore, if you enter incorrect information, your account volition exist blocked.

• Google Wallet
  

  If you do not have a merchant account, yous tin can also use Google Wallet to receive your payments. Google Wallet is another popular online payment service that is uncomplicated to apply, safe and very fast. You can apply your smartphone to bear out your transactions using Google Wallet. The service also allows you to connect debit, credit, gift and loyalty cards to your account.
  Google tech experts merits that when you pay at a store, Google Wallet does non provide your real card details to anyone. Instead, the shop receives a unique encrypted number. This approach allows you to continue data most client payment data secure. Besides, the service has a smart authentication function, which enables you to decide whether the device is in a safe country and decides whether to request data from the user to unlock the screen.
  To pay for goods using this service, your smartphone must have an Android platform version 4.4 and college. Likewise, NFC wireless technology is a must.

• Stripe
  

  Stripe has been around for a couple of years now, and it is another mode of accepting payments without opening a merchant account. Information technology has a flexible and powerful API that makes all transactions easy to make.
  The flexibility allows you to tailor the Stripe platform to your needs. It is easily integrated with many other applications, which means that even if you lot are not tech-savvy, yous tin comfortably start using it to exercise your business organisation. Information technology has no set-up, or monthly fees as well as any other subconscious costs. Small business concern owners that find it hard to open a merchant business relationship will definitely honey this easy-to-use platform.

• Apple Pay
  

  Another selection to take into account if you don't want to open a merchant account but want to procedure online payments is Apple Pay. All you need to start receiving online payments is a impact ID confirmation. This means that simple payment processing is literally at your fingertips.  Though the platform needs a lot of comeback, it is by far ane of the fastest-growing payment systems.

You might also like Top 10 PayPal alternatives

How to accept alternative payment methods without a merchant account

Visa and MasterCard payments are traditional. However, you should not underestimate the alternative payment methods. Alternative payment methods are cardless and cashless ways of paying for products and services online. As stated by Manufacture data, upwardly to 55% of global transactions will be fabricated via culling payment methods past the end of 2019. Check out the list of the most popular alternative methods by region.

The good news is, you can accept alternative payment methods without a merchant business relationship.

Wrapping information technology up

Sure thing,  merchant account holders have access to a large number of advanced payment methods simply the approving fourth dimension tin can be a real pain in the neck. Depending on the payment service provider, information technology might take weeks to get approving to open a merchant account. Besides, it is also expensive, especially for small-scale business owners. Tertiary-party gateways offer the best culling to merchant accounts. Though they might not come with the same avant-garde payment tools and services, they are affordable, fast and secure. They as well give merchants the option of managing the transactions using their mobile devices. Gateways without mobile reader solutions offer the same services via a website.

When choosing a service for accepting payments, pay attention to the simplicity of the procedure for connecting a payment aggregator, the convenience of the interface of your account, and the time for crediting payments. An important factor is besides the security of greenbacks flows passing through the service.

Therefore, if you are starting up a business or are all set to run your own business concern but cannot afford to open a merchant account, the platforms above will show yous several ways how to accept credit card payments without a merchant account.

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