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Obtaining a merchant business relationship might exist both expensive and challenging. This is peculiarly true for service providers, small business owners, and independent contractors. Yet with the challenges and the expense that come with obtaining a merchant card, more and more than people are using credit cards to make purchases every 24-hour interval. This makes people want to know of other alternatives on how to accept payments without a merchant account. The question is whether it is possible to accept payments without a merchant business relationship?

The answer is yes, information technology is possible to get credit bill of fare payments without necessarily having a merchant account. Owning a merchant account is no longer the but option on the table, all thanks to third-political party payment gateways. In this commodity we lay out what is the merchant account requirements and provide a list of viii alternative means to have credit card payments.

What a merchant account is and how it works

Let's clarify what merchant account is first. A merchant account is a type of bank business relationship. Information technology allows merchants to have credit menu payments online. How does a merchant account piece of work? The entire procedure includes six stages:

Client purchases products/services on your website.
Your credit carte processor sends the transaction to the credit card network (Visa or MasterCard).
The credit card network then routes it to the client'due south issuing bank for approving.
Once approved, the transaction funds are deposited into your merchant account.
So the credit card processor transfers the funds from your merchant account to your business organization bank account.
Then, and only then, yous tin use your money.

The first 4 stages take no longer than a few seconds. The fifth stage, though, ordinarily takes from two up to 14 days. Yes, you've heard it right. It might take you 2 weeks to use the difficult-earned coin. That'south 1 of the reasons why some people prefer to use alternative ways to accept credit card payments (more than on them below).

What are the requirements to get a merchant account

To open a merchant business relationship in 2020, you demand to provide the post-obit documents:

Certificate of Incorporation;
Certificate of incumbency;
Local documents as per company jurisdiction which displays company directors and owners;
Utility bill/Bank statement/Rental agreement under corporate names proving visitor location;
Valid ID copies for all visitor directors and owners.

There are as well 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 awarding won't be canonical. Another website requirement is to create Terms & Status and a Privacy Policy page.

How to have credit card payments without a merchant account

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

Using an intermediary is the solution for you.

A payment aggregator acts as an intermediary. Information technology is a service that collects all online funds received on business relationship of a website, an online store, and then transfers them to the accounts of the customer company. It is what allows you to work not merely with cash on delivery merely also quickly plant electronic payment acceptance.

When choosing a payment aggregator, consider the following factors:

Security.

Payment security should be a priority for whatsoever merchant.

Therefore, when choosing a payment organization, you must be certain that it can provide the necessary level of protection. Security methods may vary:

Instant authority of the customer.
Encryption of financial information on the Cyberspace;
Special certificates.

Payment flexibility.

The visitor must accept a transparent payment policy. Also, be enlightened of hidden fees.
The flexibility of recurring payments.
Does the company provide financial statements?

The convenience of contacting customer support.

The possibility of quick contact past telephone, live chat, electronic mail or other preferable for customer methods. Support 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.

half dozen proven ways to accept credit menu payments without a merchant account

The majority of these payment aggregators offering 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 ever were before and they save small business organization people the agony of opening merchant accounts.

PayPal

PayPal is by far one of the about common and largest payment processors in the earth. It rose to its prominence after collaborating with eBay and many other online merchants. All you need when using PayPal is the details of your debit or credit card and your bank account. From there y'all go your own secure information nigh your PayPal account that you do non accept to share with anyone.

Signing upwardly with PayPal is gratuitous and information technology does not require any annual membership fees. Yous besides do not pay whatever processing fees or service charges. If yous are a small business owner, you never accept to worry virtually the challenges of opening a merchant account.

The benefits of using PayPal are:

1. Credit card security. Since you don't disclose your personal banking information, your account cannot be hacked.

2. Flexibility. You will never have to face the agony of having your credit card declined. With PayPal, you can take several bank accounts equally well every bit credit and debit cards linked to them. If the get-go attempt fails, PayPal volition request funds from your other accounts depending on your order.

3. It's gratuitous. PayPal is free of charge, and there are no annual membership fees.

4. Instant international transactions. You can transport or receive money in about whatever country in the world. The transfers are instant, and you tin can bank check your residuum with 1 click. This makes it significantly better than other costly payment methods similar Western Union.

Square

Square is the number one choice for pocket-size business owners. It does not require much paperwork and the fees charged are minimal. The Foursquare, which is a card-swiping device, turns your smartphone or tablet into a cash register. The carte du jour connects with the device of your choice to acquit out all kinds of payments. The companies' services are especially popular in street nutrient stands, restaurants, coffee shops, and many other pocket-size businesses. Through their Cash App, you receive payments every bit well as electronic invoices. Probably the main advantage of using the platform for entrepreneurs will be synchronization with the POS system of outlets. You can have both chip cards and NFC payments for contactless or traditional operations with chips and pin codes. Moreover, you can access your income the very next business organization day afterward 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 owners. With Skrill, you tin can likewise send text messages from your account. The system process payments in 40 currencies. Skrill also has an incredible referral program that allows you lot to collect 10% of all the friends' transactions. To utilise this payment organisation, you practise not need to install anything on your computer – no programs, plug-ins, etc. A typical browser and Cyberspace access are plenty.
The entire interface is on the official website of the company. Moreover, for personal non-commercial accounts, there is no commission for using the arrangement. The only limitation of Skrill is age. It is incommunicable to register in the organisation if your historic period is less than eighteen years.
The security service scrupulously checks all user information. Therefore, if yous enter wrong information, your business relationship will be blocked.
Google Wallet

If you do not have a merchant account, y'all can likewise employ Google Wallet to receive your payments. Google Wallet is another popular online payment service that is unproblematic to use, condom and very fast. You lot tin use your smartphone to acquit out your transactions using Google Wallet. The service besides allows yous to connect debit, credit, gift and loyalty cards to your account.
Google tech experts claim that when you lot pay at a store, Google Wallet does not provide your real bill of fare details to anyone. Instead, the store receives a unique encrypted number. This approach allows you to keep information about customer payment information secure. As well, the service has a smart hallmark role, which enables you lot to determine whether the device is in a safe land 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 iv.4 and higher. As well, NFC wireless applied science is a must.
Stripe

Stripe has been around for a couple of years now, and it is some other style of accepting payments without opening a merchant business relationship. It has a flexible and powerful API that makes all transactions easy to make.
The flexibility allows you lot to tailor the Stripe platform to your needs. It is hands integrated with many other applications, which means that fifty-fifty if you are not tech-savvy, yous can comfortably commencement using it to exercise your business organization. It has no set-up, or monthly fees too as any other hidden costs. Small business owners that find it difficult to open up a merchant account will definitely dearest this like shooting fish in a barrel-to-use platform.
Apple Pay

Another option to take into account if you don't want to open up a merchant business relationship just want to process online payments is Apple Pay. All you lot need to start receiving online payments is a affect ID confirmation. This means that unproblematic payment processing is literally at your fingertips. Though the platform needs a lot of improvement, it is past far one of the fastest-growing payment systems.

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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. Equally stated past Industry data, upward to 55% of global transactions volition be made via culling payment methods past the terminate of 2019. Bank check out the list of the most popular alternative methods by region.

alternative payment methods

The good news is, y'all can accept alternative payment methods without a merchant account.

Wrapping it up

Sure thing, merchant account holders have admission to a large number of advanced payment methods but the approving time can be a real pain in the neck. Depending on the payment service provider, it might take weeks to become approval to open a merchant account. Besides, it is also expensive, especially for small-scale business owners. Third-party gateways offering the all-time culling to merchant accounts. Though they might not come with the same advanced payment tools and services, they are affordable, fast and secure. They also give merchants the selection 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 attending to the simplicity of the process for connecting a payment aggregator, the convenience of the interface of your account, and the time for crediting payments. An important factor is also the security of cash flows passing through the service.

Therefore, if you are starting upwardly a business concern or are all set to run your own business organization merely cannot beget to open a merchant business relationship, the platforms in a higher place will evidence you several ways how to accept credit card payments without a merchant account.