Posted on 01. Dec, 2013 by admin.
Mastercard is a renowned brand when it comes to credit cards. All over the world, MasterCard is widely accepted and using it gives you easy access to funds wherever you are. Many businesses accept credit and debit cards issued by MasterCard and this has provided them with a lot of benefits. This article highlights some very useful facts about Mastercard Merchant Accounts you should know.
What is a Mastercard Merchant Account?
A Mastercard Merchant Account is provided for businesses, small or big, that want s to accept MasterCard’s credit/debit cards in payments for goods and services from customers. This means that the merchant (business, company, retailer etc) will accept processing of payments to its products and services via MasterCard.
This account is signed up through agreement with an acquirer (a bank or financial institution) or with a member service provider (MSP), who function as a sales agent or third party contractor working on behalf of the acquirer. The bank or MSPs help merchants to process cards used in transactions over the MasterCard network between the merchant and their clients.
Benefits of using the Mastercard Merchant Accounts
The following benefits would be enjoyed by your business if you decide to set up MasterCard merchant account.
- Efficient financial transactions – with this account, your financial transactions would become efficient. This is true because they are done electronically. The stress and rigors of handling paperwork would be minimized even as you now save valuable time that can be channeled to other productive ventures.
- Security of cash – This account allows you to handle less cash hence, preventing incidence of fraud, pilfering and theft.
- Quicker transactions – setting up this account for your business will enable you to attend to your customers quicker and speedily. The incidence of delays for customers while you are counting money is reduced.
- Increased sales and profits – Your customers can now buy more from you because they are not restricted by cash. With MasterCard at their disposal, they can purchase from you whenever they like even without cash.
- International business promotion – with this account, your business can extend beyond the shores of the country where you live. Customers from other countries can pay you and while the MasterCard will convert such payment in your own currency.
So, there are whole lots of benefits applicable to you will enjoy when you decide to sign up for Mastercard Merchant Account. The account will take less than one month to set depending on the type of business you operate.
Finally, more information about how to sign up for this account can be accessed from the website of MasterCard.