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BECOMING AN ONLINE CREDIT CARD MERCHANT
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"How do we become an online
credit card merchant?" That's one of the most common question our clients ask us.
There are many ways for you to become an online credit card merchant. Some of the common
ways are listed below: |
| 1. |
Contact your existing
credit card merchant This is probably the
most convenient way to become an Internet Credit Card merchant but most likely the least
successful method. Most banks in the Asian region tends to be extremely conservative and
apprehensive about transactions conducted over the Internet.
One tip: The longer you have been a credit card merchant
with your existing bank the more likely are they to consider your application to be an
Internet merchant.
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| 2. |
Seek an aggressive and
less risk averse bank in your country If you
are lucky, you may have one or two banks in your country who are willing to pioneer
Internet commerce with you. If you are a company in Malaysia or Singapore, don't hesitate
to contact us, we'll try to put you in touch with the
relevant bankers.
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| 3. |
Find a merchant credit
card broker in your country There are many
people who are willing help you set up an Internet merchant account - for a fee. Some are
good. Some are sharks. Basically, their role is to set you up with a bank who is able to
take someone with your credit history, and is comfortable with Internet transactions.
These people make money by earning a finder's fee from the Bank and through the sale of
the credit card transaction software to you. Once they have set you up with a bank and
sold you the software, they basically disappears from the picture.
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| 4. |
Contact A Commerce
Service Provider (CSP) If you are from
Malaysia or Singapore, you will be happy to know that CSPs have been set up to enable
e-commerce in the region. The function of the CSP is to provide the online
transaction server linked directly to the local acquiring bank's credit card clearing
server. Having establish the system, the CSP will in turn "rent" our the
Credit Card transaction services to e-commerce merchants who are not able to obtain
merchant accounts directly with the banks.
The available service providers are KUB Sistem Sdn Bhd in KL, AsiaOne by SPH and NCS in Singapore. You could
either contact them directly or through Cyber Village who will negotiate the most
appropriate package for you. Different CSP will offer differing services, cost and
packages.
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| 5. |
Set up your Internet
Merchant account in the United States Now,
if are unsuccessful with all of the above, this method might prove to be useful if you are
really serious about creating a successful e-shop.
To setup an account in the US, you are required to have an
US company presence. So the first thing you will have to do will be to set up your company
in the US. But before you scream how that's going to cost you a bomb, you can set up your
company in the US for less than US$500-00 without have an actual presence there.
After you have set up your company, you will need to
contact the relevant merchant brokers in the US to set up your Internet merchant account.
They will put you through to a Bank who is willing to sign you up as a merchant. Click here to find out more about the estimated overall cost
of setting up your account in the US (if you are not from the US) or contact us directly. |
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