Merchant Account Setup:

Why So Many Questions Just To Accept Payments By Credit Card ?

BY: LES COWIE Business Development Director, Worldwidebrands

Credit Card payments are the most popular method of buying stuff on the Internet. You want to
protect your income, and your customers certainly want to protect their credit card accounts
from fraud. Many potential customers will move to another website to buy if you don’t offer
credit card payment options. So setting up a Merchant Account for accepting payments by credit
and debit cards is a serious matter. Just as serious as setting up your business bank account
or each wholesale supplier account.

The challenge comes when you have to fill out that Merchant Account application. You will find
that there are many questions that you may not be expecting. We often get the question: Why so
many personal questions just to accept payments by Credit Card on your website? The answer is
that there are many steps that take place in those few seconds after a customer clicks Process
Order Now . Each critical component needs information from you to make sure the payment is
processed correctly and you receive your money.

Let’s take a closer look at the critical components needed to accept a payment from your
customer through a credit card:

A Shopping Cart A Payment Gateway A Credit Card Processor A Credit Card Issuer
Your Bank Account.

1 . A Shopping Cart You must use ‘Shopping Cart’ software on your website. There are many
providers of ‘Shopping Carts,’ . Some are actually already integrated into the site like
Yahoo! Merchant Solutions (aka Yahoo! Store) for example, godaddy and
authorize Shopping Cart software:
o Keeps track of items as the consumer adds to cart on your website
o Progressively adds up the amount of a customer’s order, including shipping and tax
o Allows shoppers to securely enter address and credit card information.

2. A Payment Gateway This software interfaces with your shopping cart software and transports
encrypted information electronically and securely to a payment processor to be routed for
authorization of payment.

Quick note: If you are a Worldwide Brands member, you have access to one of the best in the
industry through QuickBooks Merchant Solutions, an Intuit Company or Innovative Merchant
Solutions, an Intuit Company.

3. A Credit Card Processor A Credit Card Processor handles the computer transactions that
first check if the consumer has sufficient credit to make a purchase. This is known as
authorization. The Credit Card Processor then securely captures all the payment details and
processes the payment. The Credit Card Processor handles the transaction with the Credit Card
Issuing Bank via Visa, MasterCard, Amex or Discover, etc. The Credit Card Processor is
responsible for collecting and depositing your payments into your merchant account and then
transferring the balances electronically to your designated bank account.

4. A Credit Card Issuer This is the bank that issued the credit card to your consumer and has
the authority to make deductions and payments through the credit card company to the Credit
Card Processor who then ensures you receive your payment.

5. Your Bank Account Finally, one of the critical parts of this process is your Bank Account.
The Credit Card Processor needs to know where to deposit the payment it just collected from
your consumer.

As you can see, there are many pieces to the puzzle just to simply collect a payment through
credit card from your customer. This is why you need to complete a Merchant Account
Application Form accurately and in detail.

Payment Processing is a vital part of making money online. Lets face it! Acceptance of credit
cards can make or break your business.

Here are some tips for accepting credit cards on your site: 1. If you’re just setting up a
merchant account for the first time, make sure you fill out the application in detail so that
all the pieces of the puzzle have exactly what they need to set you up right the first time.

2. If you already have a merchant account, take a moment to really look at what you’re paying
out in processing fees. You might find a great way to increase your profit margins is to
change your merchant account provider. It’s easier than you think. If you’re a Worldwide
Brands member, you have access to one of the best rates in the industry. You might
significantly lower your current costs and get better terms by just simply switching.

3. Make sure to use security seals on your shopping cart to increase conversion. McAfee Secure
for example has shown to increase sales conversion by 5%-20% (Look out for more information
coming on McAfee Secure soon)

4. Use available resources to help you understand the payment process better.

5. Sign up for one or both of our webinars featuring renowned Payment Processing Expert, Paul
Levine, President of Innovative Merchant Solutions, an INTUIT Company. Sign up information is
on the left under the eBiz solutions section ———————->

Video

As writers and hosts of Product Sourcing Radio and our many alliances in the eCommerce
industry we always run into very interesting eBiz Solutions.

Here is our latest recommendation that can help you grow your eBiz!

Preferential Rates for Worldwide Brands Members – QuickBooks Merchant Services

Worldwide Brands recently concluded a Referral Agreement with Innovative Merchant Solutions
LLC, allowing Worldwidebrands.com to refer Members to QuickBooks Merchant Service and
Innovative Merchant Services. Innovative Merchant Solutions has agreed to provide special
rates and terms to benefit Worldwidebrands.com Members. Included in these benefits is a FREE
copy of Intuit’s famous QuickBooks accounting software, either ‘QuickBooks Simple Start’ or
‘QuickBooks PRO 2009’.

Here’s a great video that helps explain the necessity of having a merchant account.
Video

Members login to your Member Center for more details.
memberlogin
Webinar Information

Worldwide Brands.com introduces Credit Card Processing expert, Paul Levine, President of IMS
of Superior BankCard Services (an INTUIT company) for two webinars regarding Merchant
Processing.

April 9, 2009 at 4pm EST For Experienced Sellers: Who Takes The Biggest Slice of Your Profits?
Paul Levine, along with Tisha Rogers, Director of Operations for Worldwide Brands, will talk
about how to negotiate the best Merchant Account deal and also how to minimize the impact of
‘charge backs’. Paul will also answer your payment processing questions. Sign up Here

April 9, 2009 at 6pm EST For Beginners: “Every Seller Must Have One Paul Levine, along with
Colette Marshall, President of Worldwide Brands, will outline the basics of card processing
and how to ensure you are dealing with the right person to secure the best deal. Paul will
also answer your payment processing questions. Sign up Here

Here’s a great video that helps explain the necessity of having a
merchant or Wholesaler account.

Watch the Video to learn more about How to Get a Free Copy of
QuickBooks with a Merchant Account setup.

Worldwide Brands, Inc.
2250 Lucien Way
STE 250
Maitland
Florida 3275

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