How to get an automotive merchant account picture (2)Just like a lot of other accounts in the merchant arena, if you plan on accepting credit or debit cards, you are going to need a merchant account. Don’t panic when you are told that you could be high risk, because a lot of day to day services are in that same pool. It does not mean that you personally are high risk; it means your services are. So, don’t take it to heart, just do some more research so you understand why.

Getting your merchant account

Having a merchant account does several things for your business. First and foremost, it opens your store all week long, all day long. For twenty four hours a day, you are working, without raising a finger. Isn’t that nice?

Secondly; it gives your customers options. They love options and when they get a chance to search your store, it will be on their schedule. From the ease of their favorite chair, they may be after a fan belt for their Audi, or a seat cover for their Excursion. Whatever it is, you have it on your site, and it will process through your automotive merchant account by way of your virtual terminal and the safety of your encrypted gateway. Aren’t you glad you decided on this?

What the heck are you talking about?

By getting the automotive merchant account, you are protected from fraud,  and you have a gateway that keeps all purchases private from prying eyes, and your funds will be delivered to your account when complete. Safety with a merchant account is the number one necessity.

The Virtual Terminal is the button needed on your website provided by the merchant account servicer,  that guides the customer through the payment process. The Gateway is the pathway that all the information travels in-house and is encrypted to keep hackers away from that information.

Check the percentages

Before you choose that merchant account servicer, make certain that they are a good fit for your automotive business. Whether you rent cars, or sell them, or are just in the parts area, you have to be sure you understand all the fine print in the contract.

You need to know what percentages each transaction will cost you, whether you have per transaction fee and if you have a monthly fee. It will help you decide whether or not you feel ok with the company you chose.

Start with your bank or credit union

Shop your local bank and see if they do merchant accounts. Then check online for other options. You have to be prepared for what you are looking for.


If you are new to the business, you will be putting money into a reserve or escrow account. Each day, a small percentage will be placed into that account for the trial period that you have been asked to be in. Anywhere from 10%-20% will be what is displaced, so be prepared for that shocker for your wallet. But know, at the end of the three to six month period, that money will be returned to you in full. At least there is a rainbow at the end of the tunnel.

So, don’t dismay when the idea of a merchant account comes about. There are tons of options. You just have to be smart enough to find the path that works for you and your business.



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