Being able to take payments via credit card is essential to growing a successful online business. Having the facility to accept credit card payments on your website will increase your sales substantially. In order to take online credit card payments, you must have a credit card merchant account.

A credit card merchant account is connected to a payment gateway that allows your online store to accept credit card payments. When a customer pays with their credit card, the credit card merchant account takes the money from the customer's bank account and deposits it in your business's account. You can usually get a credit card merchant account from your existing bank, but expect to pay more for this service!

One way to save money on credit card merchant accounts for your online business is by finding a Merchant Account and payment gateway in one package. There are several companies who offer you a place to store your business income and also create the portal for your website. Often you can save money using one of these services, because you will not be paying double fees for two separate services.

What fees should you expect to pay for your credit card merchant account? Most accounts will charge a fee each month for sending you the statement that includes all of the transactions your account handled. There is sometimes an application fee that you pay when you apply to open an account. If you are approved, there might also be a setup fee to build your account. Credit card merchant accounts almost always include a discount rate. This is a percentage that the company providing the account deducts every time you make a sale. While small, these discount rates add up, so make sure you are being given a fair rate. There may also be a transaction fee added to each transaction in addition to the discount rate. This ensures that the credit card merchant account provider makes money, even if you only make tiny sales.