How to Accept Credit Card Payments without a Merchant Account?

by | Feb 20, 2023 | merchant account

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How to Accept Credit Card Payments without a Merchant Account

Are you looking for the answer to your question, how to accept credit card payments without a merchant account? This blog is for you. Business owners must target customer convenience as a part of exemplary customer service. Is payment about currency alone? The shopping experiences include all aspects, from the time customer enters the store to checkout. A merchant account has become a focal point of customer engagement. PSPs (Payment Service Providers) offer rich data highlighting crucial moments in a customer’s journey. PSPs center their products or services around payment solutions. How to accept credit card payments without a merchant account? It is an apt description of a payment service provider. 

Small businesses have become the cornerstone of quality and innovation. They invest in technology to make up for experience and expertise. Business owners have two options: Open a merchant account with a merchant service provider or a payment service provider. Things have become a lot more interesting lately. Merchants don’t consider banks in the list of options. Not at this point in their entrepreneurial journey. Entrepreneurs want to focus on how to attract customers and win their confidence. They can do it by saving time and resources on their end. 

PSPs like Stripe offer dynamic features to help merchants scale their operations. They have simplified the process: Application, set-up, and recurring billing. The idea of accepting payments without a high risk merchant accounts excites merchants. It shows there was a demand for merchant accounts with no frills. The onus is on merchants to begin the operations on a winning note. They have the technology, security, and features to make their products stand out. 

How to Accept Credit Card Payments Without a Merchant Account: No Qualification Rounds 

“How to accept credit card payments without a merchant account”. Their business type doesn’t disqualify them or make things difficult. Merchants should understand what’s a merchant account and how it works. A merchant account keeps the fund secured before passing them on to your business account. When a customer makes a transaction at your store, the money first goes to the merchant account. You need a merchant account to process and accept payments. 

Having a full-blown merchant account with a bank is half the work done. Merchants need a payment gateway next. It is where PSPs sensed an opportunity and exploited the markets for the good. PSPs offer a complete package to manage payments. The immediate relief is that merchants don’t have to spend time and effort obtaining a merchant account. 

Why Merchant Accounts Became Less Popular among Audiences?

The chances of fraudulent activity with the number of players involved- Credit card issuer, payment processor, and merchant account are high. Business owners don’t want to have an additional sense of fear when they can do without it. A merchant account with a PSP can mitigate all risk factors and offer assurance. What matters in payment processing is peace of mind. 

What’s One Thing That Puts Off Merchants?

The strict underwriting process makes merchants wonder whether their accounts will be approved or up and running in time. Why do banks have such a lengthy and stringent selection procedure? Banks consider several aspects, such as the business type, number of years, and credit history. Merchants continue to feel lost about whether they will qualify for a merchant account. The application process doesn’t support the case of entrepreneurs looking for a second start in their lives. 

How to Accept Credit Card Payments without a Merchant Account: Messy Fee Structure

Merchants have complained about merchant account fees- Both hidden and revealed. There seems to have no end in sight. A business owner with an average credit history expects to pay a higher amount in comparison. As you begin thinking, you find yourself standing on the losing side. Take a look around. PSPs offer liberty against long-term contracts. Why would you approach banks for a merchant account? A business owner starting an online or offline store can access all features without putting himself through a tormenting experience.  

Business owners have the comfort of knowing how to accept credit card payments without a merchant account. They don’t find their options limited. When selecting a service, they can negotiate better credit card processing fees. They can save money and have advanced features. It proves an uplifting experience coming from the memories of opening an account with banks. What a turnaround. Do business owners want a personal merchant account? They don’t. They want to offer customized shopping journeys and checkout experiences. A payment service provider offers all features at lower rates. 

Why PSPs and Small Businesses are a Perfect Match?

Small business owners couldn’t have asked for more. First, they got an option to skip a merchant account with banks. Second, they can manage site-wide activities from a single dashboard. Top PSPs offer customized reporting options. Merchants have a better idea of how the customers are interacting and what’s influencing their decisions. The breakthrough happens when they identify the problem and the cause behind it.

How to Accept Credit Card Payments Without a Merchant Account: All Features Packed In One

Payment service providers (PSPs) have taken the intricacies out of the system. Merchants don’t have to open separate accounts with banks and payment gateway services. Imagine the amount of time and energy you can save. Top PSPs didn’t stop there. They pack all features to fuel the growth of the next innovative marketing campaign or launch your product on subscriptions. Expect a PSP to manage payment-related activities at the backend. Apart from accepting payments, you can track shopping patterns on your site. PSPs strategize your business growth backed by technology and product innovation. 

Business owners can think of everything from payments to customizable checkout experiences. How to accept credit card payments without a merchant account was the beginning point. What clicks for businesses is the no-time and no-brainer merchant account activation. They can fill out the form and start accepting payments at the same hour. They can think of opening a personal merchant account when they achieve their goals. Till then, they have the best merchant account

Conclusion:

How to accept credit card payments without a merchant account? The question posed a threat and offered no respite at one point. Payment service providers have made it about businesses and their unique business requirements. Today, small businesses have access to features to take their ventures to the next level. The security and billing features enable growth. They have more chances of entering and capturing market share in new territories. Open a merchant account with a PSP to fast-track your growth. Contact us at Your Merchant Services Rep to know more.

FAQs 

How to accept credit card payments without a merchant account?

Business owners can accept credit card payments without a merchant account. PSPs offer payment solutions to all merchants under an aggregated merchant account.

How to Get a Merchant Account with Payment Service Providers?

Select a top PSP and fill out the online application form. You need basic personal and business information to start accepting payments on the same day.

Do PSPs offer all features of a merchant account?

The advantage of having a merchant account with a payment service provider is to have essential and exclusive features in a single account. 

Can I get approval for a merchant account with PSP right away?

Low-risk businesses can apply and get approval for a merchant account with PSPs straightaway.