Singapore Dollar Facts and analysis by Merchant Stronghold

Currencies of Singapore Prior to Colonization

As early as the 8th century AD, Chinese merchants introduced the first documented currency of the Malay Peninsula. Since there was no official currency at the time, Singapore’s merchants usually used Spanish and Mexican Dollars. Paper money began to appear in the peninsula in the 18th and 19th centuries, issued by private banks such as the Asiatic Banking Corporation, the Chartered Mercantile Bank of India, and The Shanghai Banking Corporation.

Singapore’s Currency as a Colony

As a British colony, Singapore began using the Straits Dollar in 1845. The Straits Dollar was the colony’s official currency for nearly a century until it was replaced by the Malayan Dollar in 1939, with a brief discontinuation during the Japanese occupation. In 1953, the Malayan Dollar was replaced by the Malaya and British Borneo Dollar.

Currency of Independent Singapore

Singapore became an independent nation known as the Republic of Singapore in 1965. The new country established the Board of Commissioners of Currency, which introduced the Singapore Dollar, with the first banknote series issued in 1967. These notes were known as ‘Orchid’ notes and were exchangeable with the Malaysian Dollar at par until 1973. The currency was initially pegged to the British Pound at a rate of 60 SGD to 7 GBP. The currency re-pegged to the US Dollar and then to a weighted basket of currencies. In 1985, the Singapore Dollar adopted a market oriented approach and was allowed to float, although it was still closely monitored. In 2002, the Board of Commissioners of Currency was disbanded, and the functions of the board were given to the Monetary Authority of Singapore.

Japanese Yen currency overview by Merchant Stronghold

Importance of the Japanese Yen

The Japanese Yen is the third most traded currency in the world, and the most heavily traded currency in Asia. Due to its relatively low interest rates, the Japanese Yen is often used in carry trades with the Australian Dollar and the US Dollar. A carry trade is a strategy in which a currency with low interest rate is sold in order to buy a currency with a higher interest rate.

                                     

Early Japanese Currency

The history of currency in Japan began in the 8th Century when silver and copper coins, called the Wado Kaichin, began to be minted in 708. These coins imitated Chinese coins, and when Japan was no longer able produce their own coins, Chinese currency was imported into the country. Over the next few centuries, the inflow of Chinese coins did not meet the demand, so to counter this issue, two privately minted Japanese coins, the Toraisen and Shichusen, entered circulation from the 14th to 16th century. Around the 15th century, the minting of gold and silver coins known as Koshu Kin was encouraged and gold coinage was soon made into the new standard currency. The government later established a unified monetary system that consisted of gold currency, as well as silver and copper coins.

                                   

The Modern Day Japanese Yen
By the 19th century, Spanish Dollars were being used in Japan, along with local currencies. In order to simplify and centralize the different coins being used at the time, the Yen (which means ‘circle’ or ’round object’) was created in 1871. The New Currency Act developed a monetary system similar to the European one, with a decimal account system. The Yen operated under a bimetallic standard of gold and silver until 1897, when it was left under a sole gold standard. After World War II, the Yen lost much of its value and in 1971, fixed the exchange rate to the US Dollar at a rate of 308 JPY to 1 USD. This lasted until 1973 when it switched to a floating exchange rate.

Currency Facts

JPY STATS

Name: Japanese Yen
Symbol: ¥ Sen: sen
Minor Unit:1/100 = Sen
Central Bank Rate: -0.10
Top JPY Conversion:USD/JPY
Top JPY Chart:
USD/JPY Chart

JPY PROFILE

Inflation: -0.10%
Coins:
Freq Used: ¥1, ¥5, ¥10, ¥50, ¥100, ¥500
Banknotes:
Freq Used: ¥1000, ¥5000, ¥10000
Rarely Used: ¥2000
Central Bank:
Bank of Japan
Website: http://www.boj.or.jp
For more information about Currency of  Different Countries visit at www.merchantstronghold.com 

Things you didn't know about Canadian Dollar

Importance of the Canadian Dollar

The Canadian Dollar is the seventh-most traded currency on the Forex market, as many institutions and individuals trade the CAD. People also refer to the CAD as the Loonie, buck, Huard, and Piastre (in French). The Canadian Dollar is held as a reserve currency by a number of central banks. It is also known as a commodity currency, due to the country’s substantial raw material exports.

                                       

Introduction of the Canadian Dollar 

Currency was first introduced to Canada in the early 1660s when French colonists brought coins to the area. The very first banknotes were issued in Canada in 1821 by the Montreal Bank and soon became a primary method of payment. In 1841, as a British colony, the Province of Canada began to issue a currency called the Canadian Pound; but in 1858, the Canadian Dollar replaced the Pound and aligned with the US Dollar. During this time, both US Dollars and British Gold Sovereigns were legal tender within Canada’s borders. After Canadian Confederation, the government decimalized the currency and a new series of coins were issued in the Dominion of Canada. The Bank of Canada was established in 1934 with the first issue of banknotes a year later. The first Loonie coin was introduced in 1987 and the two-dollar coin (often called the Toonie) was launched in 1996. In 2011, the Central Bank of Canada issued a new series of bank notes printed on a polymer material.

                       

Currency Facts

CAD STATS

Name :Canadian Dollar

Symbol;$;Cent: ¢
Minor Unit:1/100 = Cent
Central Bank Rate:;0.50

Top CAD Conversion: USD/CAD
Top CAD Chart:
USD/CAD Chart

CAD Dollar PROFILE

Inflation: 1.60%
Nicknames: Loonie, buck (English), Huard, piastre (French)Coins:
Freq Used: $1, $2, 5¢, 10¢, 25¢
Rarely Used: 1¢, 50¢

Banknotes:
Freq Used: $5, $10, $20, $50, $100
Rarely Used: $1, $2, $500, $1000

Central Bank:
Bank of Canada
Website: http://www.bankofcanada.ca
For more information about Currency of  Different Countries visit at www.merchantstronghold.com 

Australian Dollar currency overview

Early Currency in Australia

When New South Wales was first established in 1788 the English Pound was the official currency, although Spanish Dollars were used quite regularly. In 1813, to try to discourage the illegal use of Spanish Dollars, the centers of the coins were cut out; they became known as ‘holey dollars’ and the cores were called ‘dumps’; this was Australia’s first form of coinage.

                          

Importance of the Australian Dollar
The central bank in Australia is called the Reserve Bank of Australia. As the 5th most traded currency in the world, the Australian dollar is also referred to as buck, dough, or the Aussie. The Australian Dollar is known as a commodity currency due to its substantial raw material exports. As a result, the AUD is affected by China and other Asian import markets. Due to its relatively high interest rates, the Australian Dollar is often used in carry trades with the Japanese Yen. A carry trade is a strategy in which a currency with low interest rate is sold in order to buy a currency with a higher interest rate.

From the Pound Sterling to the Australian Dollar
In 1825, the government imposed the Sterling standard and British coins began to be minted in Australia. These silver and bronze coins continued to be used until 1910, when a new national currency, the Australian Pound, was introduced. The Australian Pound was fixed in value to the Pound Sterling and, as a result, used a gold standard. Three years later, the first series of Australian notes were issued. In February of 1966, the Australian Dollar (AUD) was introduced under a decimalized system; dollars and cents replacing the pounds, shillings, and pence. In 1988, banknotes were converted to polymer, a technology originally developed in Australia to help prevent counterfeiting.

Get British Pound Rates, News, and facts - Merchant Stronghold

British Pound History
The United Kingdom’s central bank is the Bank of England. As the fourth most traded currency, the British Pound is the third most held reserve currency in the world. Common names for the British Pound include the Pound Sterling, Sterling, Quid, Cable, and Nicker.

Importance of the British Pound
The British Pound is the oldest currency still in use today, as well as one of the most commonly converted currencies. The Falkland Islands, Gibraltar, and Saint Helena are all pegged at par to the GBP.

                           

Early Currency in Britain
With its origins dating back to the year 760, the Pound Sterling was first introduced as the silver penny, which spread across the Anglo-Saxon kingdoms. In 1158, the design was changed and rather than pure silver the new coins were struck from 92.5% silver and became to be known as the Sterling Pound. Silver pennies were the sole coinage used in England until the shilling was introduced in 1487 and the pound, two years later, in 1489.

British Pound Notes and the Gold Standard
The first paper notes were introduced in 1694, with their legal basis being switched from silver to gold. The Bank of England, one of the first central banks in the world, was established a year later, in 1695. All Sterling notes were handwritten until 1855, when the bank began to print whole notes. In the early 20th century, more countries began to tie their currencies to gold. A gold standard was created, which allowed conversion between different countries’ currencies and revolutionized trading and the international economy. Great Britain officially adopted the gold standard in 1816, though it had been using the system since 1670. The strength of the Sterling that came with the gold standard led to a period of major economic growth in Britain until 1914.

The British Pound and the Sterling Area
The British Pound was not only used in Great Britain, but also circulated through the colonies of the British Empire. The countries that used the Pound became to be known as the Sterling Area and the Pound grew to be globally popular, held as a reserve currency in many central banks. However, as the British economy started to decline the US Dollar grew in dominance. In 1940, the Pound was pegged to the US Dollar at a rate of 1 Pound to $4.03 US Dollars and many other countries followed, by pegging their respective currencies. In 1949, the Pound was devalued by 30% and a second devaluation followed in 1967. When the British Pound was decimalized and began to float freely in the market, in 1971, the Sterling Area was terminated. Following, the British Pound experienced a number of highs and lows.

Information about EUR – Euro

Euro History
The central bank in Europe is called the European Central Bank (ECB). Currently, 17 EU member states have adopted the Euro. It is the second-most traded currency on the forex market, after the US Dollar, and also a major global reserve currency. Other common names for the Euro include Yoyo (Irish English), Leru (Spanish), and Ege (Finnish).

                         

Introduction of the Euro
On January 1, 1999, the Euro (EUR) was introduced as an account currency, replacing the European Currency Unit at par. The European Currency Unit was a theoretical basket of currencies rather than a physical currency in and of itself. Initially, eleven of the countries in the European Economic and Monetary Union replaced their own currencies with the Euro: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Greece followed suit in 2001, Slovenia in 2007, Malta and Cyprus in 2008, and Slovakia in 2009. On January 1, 2014, the Latvian Lats will also be replaced by the Euro.

Use of the Euro outside the EU
A number of sovereign states that are not part of the European Union have since adopted the Euro, including the Principality of Andorra, the Principality of Monaco, the Republic of San Marino, and the Vatican City. The Euro is also used in many territories, departments, and sovereign states of Euro-zone countries, such as the Azores, Balearic Islands, the Canary Islands, Europa Island, French Guiana, Guadeloupe, Juan de Nova, the Madeira Islands, Martinique, Mayotte, Reunion, Saint-Martin, Saint Pierre and Miquelon, to name just a few. The Euro is used as a trading currency in Cuba, North Korea, and Syria and several currencies are pegged to it.

Value of Obsolete National Currencies
Euro bank notes and coins began circulating in 2002 with old notes and coins gradually being withdrawn from circulation. The precise dates that each old currency ceased being legal tender and their official fixed rates are shown in the table below.

The XE Currency Converter supports the above obsolete currencies; to make a conversion, type the name of the currency in the search box. Some old currencies are still physically convertible at special locations. For details, refer to the official ECB site listed in the Relevant Links section below.

Spelling and Capitalization
The official spelling of the EUR currency unit is “euro”, with a lower case “e”; however, the common industry practice is to spell it “Euro”, with a capital “E”. Many languages have different official spellings for the Euro, which also may or may not coincide with general use. Additionally, there are various nicknames for the currency including, Ege (Finnish), Pavo (Spanish), and Euráče (Slovak).

Some Interesting Facts about US Dollar

US Dollar History
The US central bank is called the Federal Reserve Bank (commonly referred to as “The Fed”). The USD is the most traded currency in the forex market and can be paired with all other major currencies. Common names for the USD include the greenback, buck, green, dough, smacker, bones, dead presidents, scrillas, and paper.

                             

Importance of the US Dollar
The US Dollar is the most commonly converted currency in the world and is regularly used as a benchmark in the Forex market. As the dominant global reserve currency, it is held by nearly every central bank in the world. Additionally, the Dollar is used as the standard currency in the commodity market and therefore has a direct impact on commodity prices.

Dollarization of the USD
Due to its international acceptance, some countries like Panama and Ecuador use the USD as an official legal tender, a practice known as dollarization. For other countries the Dollar is an accepted alternative form of payment, though not an official currency for the country. Multiple currencies are pegged to the US Dollar:

In 1785, the Dollar was officially adopted as the money unit of the United States. The Coinage Act of 1792 created the first U.S. Mint and established the federal monetary system, as well as set denominations for coins specified by their value in gold, silver, and copper. In 1861, the U.S. Treasury issued non-interest-bearing Demand Bills and the very first $10 Demand Bills, featuring Abraham Lincoln, went into circulation. These bills quickly earned the nickname ‘Greenbacks’ because of their color. In 1863, a national banking system was established and guidelines for national banks were created. These banks were authorized to issue national currency secured by the purchase of US bonds. In 1914, the first $10 Federal Reserve notes were issued.

Silver and Gold Standard in the US
For years, the United States attempted to make a bimetallic standard, starting by adopting a silver standard based on the Spanish Milled Dollar in 1785. However, silver coins soon left circulation becoming completely suspended by 1806. By this time, most countries had already begun to standardize transactions by adopting the gold standard, meaning that any paper money could be redeemed by the government for its value in gold.

Requirement of Documentations for A Merchant Account

Merchants often get stuck in the lengthy requirement and process of merchant account application submission and approval. Merchant account is a service that enables any private entity, corporate business or non-profit organization to receive payments through credit card processing or any other electronic payment mode. What makes this process of establishing a merchant account a bit lengthy for the first time applicants that are owner of the existing business is the lack of knowledge about the exact requirement of documentations while submitting the application to get approval?

                                    

Before specifying the requirements of a merchant account, let’s have look at how merchant account get the funding from the proof of transaction: The merchant’s bank, where the merchant have the account for acceptance of the electronic transactions, gives merchant an extended line that is virtual terminal/ gateway to accept card. Now, whenever the merchant accepts an electronic transaction the bank gets electronic notification, acting as processor bank, they acquires it by submitting the merchant payment to the merchant account, by deducting the transaction fee that is specified at the time of establishment of account.

With the transaction details, the merchant bank requests the transaction’s amount to with the customer’s bank. One thing that merchants should know is: processor gets their charge of the transaction only when they deposit the money to the merchant account. There are few, legal issues(like fraud, authorization mistake, declined,etc.) due to which the transactions can be nullified and the processing bank may need to pay the transaction amount back. They will get the dispute amount from the merchant, but only when the merchant is in business.

Here are the general detailed documentations(irrespective of any country) that are required for the merchant account is:

To prove that applicant is the legal resident of the country he/she should have these documents to initiate the application process:

• Legal presence in the country:The merchant should have a registered legal name and address and a Doing Business As name.
• Physical presence: The merchant should have a physical presence of the business place. This physical presence can be the applicant’s home or any office from where the business is being incorporated.
• An existing personal or business bank account in the country where the applicant is applying for the merchant account.

The documentation that will be required while filing the application for and get the approval as soon as possible:

• Applicant’s form: This is typically provided by the bank or processor to get filled by the applicant that acts as the resume of the applicant which will contain almost all the details about the applicant. The basic details that should be specified in this document is business’ fundamentals, Tax ID, address of the applicant, e-mail address, web portal details of the business(if available), sales and processing volume details.
• Business license: This document help business owner to prove that the business is registered with the local government body and the merchant have the legal authority to sale the products.
• Article of Incorporation: This document is required whenever the merchant or business claims to be owned by multiple people or claims to be in process on world level.
• Voided check: A voided check must be deposited by the merchant; this should be a permanent check that is the name should be pre-printed on the check.
• Guarantee: This is one of the thing that will be required if the business belongs to high-risk industry or the transaction volume of the business is high. For this the merchant needs a third party that can give the assurance about the business’ profitability and existence.

high risk merchant account that is if the volume of transaction is high or the product belongs to the industry that is categorized in the high-risk business industry the merchant needs to provide these details:

• Financial transaction details of the personal account, of last two financial years.
• Financial transaction details of the business account, of last two years.
• If the business has used the virtual terminal they should provide the transaction processing details of at least last 3-6 months.

THE VALUE OF A PAYMENT GATEWAY

Online рауmеntѕ are made thоuѕаndѕ оf timеѕ a ѕесоnd аll over thе world. There аrе hundrеdѕ of different wауѕ thеѕе payments аrе mаdе, including PayPal and EFT trаnѕасtiоnѕ but a lаrgе рrороrtiоnаl аrе bаѕеd оn рауmеnt gаtеwау technology. A рауmеnt gаtеwау аllоwѕ a соnnесtiоn directly between a website and a bаnk, mеаning thаt рауmеntѕ can bе placed directly on a website аnd deposited ѕtrаight intо a bаnk account.

Whаt iѕ a payment gаtеwау?

A рауmеnt gаtеwау iѕ аn ecommerce ѕеrviсе thаt рrосеѕѕеѕ сrеdit саrd рауmеntѕ fоr оnlinе аnd trаditiоnаl briсk аnd mortar ѕtоrеѕ. Payment gаtеwауѕ fасilitаtе thеѕе trаnѕасtiоnѕ bу transferring key information bеtwееn payment portals ѕuсh as wеb-еnаblеd mobile dеviсеѕ/wеbѕitеѕ and thе frоnt еnd processor/bank.

Pауmеnt gаtеwауѕ fulfill a vital rоlе in thе ecommerce trаnѕасtiоn рrосеѕѕ, аuthоrizing thе payment bеtwееn mеrсhаnt аnd сuѕtоmеr. Pорulаr payment gateways include NMI, PауPаl, Brаintrее, Striре, аnd Square.

Hоw dоеѕ a рауmеnt gateway work?

Pауmеnt gаtеwауѕ wоrk bу providing the secure, integral link bеtwееn a wеbѕitе (wеb server) аnd thе bаnk. Whеn сrеdit card details аrе submitted on a website the payment gаtеwау rесеivеѕ thеѕе dеtаilѕ аnd ѕеndѕ thеm to thе bаnk fоr verification. Thе bаnk then replies with a rеѕроnѕе; uѕuаllу еithеr ассерtеd оr declined. Thе payment gаtеwау then ѕеndѕ thiѕ rеѕроnѕе bасk to thе wеb ѕеrvеr when thе appropriate message iѕ diѕрlауеd to thе user – fоr еxаmрlе “Yоur payment hаѕ bееn ѕuссеѕѕful”.

Whаt iѕ rеԛuirеd for a рауmеnt gateway?

If you аrе lооking at ассерting rеаl-timе credit cards оn уоur wеbѕitе thеn a рауmеnt gаtеwау is rеԛuirеd. There are thrее main requirements fоr a рауmеnt gateway tо work:

A wеbѕitе thаt mееtѕ thе ѕесuritу аnd eligibility rеԛuirеmеntѕ for the bаnk to iѕѕuе a merchant account

A mеrсhаnt ассоunt from a bаnk.

A mеrсhаnt ассоunt is a ѕресiаl kind of bank ассоunt thаt саn be linkеd directly to a рауmеnt gateway. Thеѕе bаnk accounts аrе issued only upon rеviеw оf a wеbѕitе tо ensure it meets рrivасу and ѕесuritу requirements. Requirements often inсludе аn SSL certificate аnd a рrivасу роliсу.

A payment gateway provider

Pауmеnt gateway рrоvidеrѕ offer the server that асtѕ аѕ thе link bеtwееn your website and thе bаnk. Thе server has a very ѕресiаl configuration аnd a vеrу high level оf ѕесuritу duе tо the ѕеnѕitivе nаturе оf the dаtа bеing trаnѕfеrrеd.

Once all thrее rеԛuirеmеntѕ аrе mеt, thе рауmеnt gаtеwау thеn nееdѕ tо be соnnесtеd tо thе wеbѕitе and tо thе merchant account. Thiѕ will then аllоw fоr rеаl-timе сrеdit саrd processing.

What are the benefits?

Bу inсоrроrаting a рауmеnt gateway into уоur е-соmmеrсе wеbѕitе уоu саn ensure you аrе рrоviding the еаѕiеѕt аnd most ѕtrеаmlinеd buуing еxреriеnсе for уоur сuѕtоmеrѕ. Thе еаѕiеr it iѕ tо buу frоm your оnlinе ѕtоrе the mоrе likеlу viѕitоrѕ аrе tо purchase.

A payment gateway iѕ beneficial fоr a few reasons:

Viѕitоrѕ stay on ѕitе: Mаnу wеbѕitеѕ will take advantage оf third party or hоѕtеd рауmеnt рrосеѕѕing facilities ѕuсh аѕ PayPal. Thеѕе fасilitiеѕ do work wеll аnd can рrоvidе ѕесurе рауmеnt options, however thеу dо hаvе drаw bасkѕ. A mаjоr аdvаntаgе оf using a рауmеnt gateway is thаt сuѕtоmеrѕ will nоt lеаvе your wеbѕitе tо mаkе рауmеnt. All user infоrmаtiоn аnd credit саrd dеtаilѕ аrе inputted оn уоur wеbѕitе meaning fеwеr steps fоr the buуеr. Furthеr tо this, rе-dirесting uѕеrѕ tо a ѕераrаtе website fоr рауmеnt оftеn leads tо miѕtruѕt аnd рауmеnt abandonments.

Real timе trаnѕасtiоnѕ аnd рауmеntѕ: Utilizing a payment gаtеwау аllоwѕ уоu tо ассерt credit саrdѕ processing dirесtlу on уоur website, but аlѕо means thаt these сrеdit саrd trаnѕасtiоnѕ are рrосеѕѕеd in rеаl-timе. Rеаl-timе trаnѕасtiоnѕ mеаn thаt you аѕ thе mеrсhаnt gеt раid immediately аnd that thе сuѕtоmеrѕ gеt instant feedback as tо whеthеr thеir рауmеnt hаѕ bееn accepted or declined.

Sаvеѕ timе аnd reduces administration: A рауmеnt gateway ѕаvеѕ timе with thе fact thаt сrеdit саrdѕ аrе рrосеѕѕеd in rеаl-timе аnd funds аrе deposited dirесtlу intо a mеrсhаnt ассоunt. A payment gаtеwау rеmоvеѕ the nееd fоr mаnuаl card рrосеѕѕing оr third party account consolidation.

Requirements of setting up a Business Merchant Account

Thеrе аrе twо wауѕ tо get a mеrсhаnt account; bоth rеԛuirе that уоu enter into an agreement:

1. Entеr intо аn agreement with a mеmbеr bank thаt has a merchant payment processing rеlаtiоnѕhiр with Viѕа аnd Mastercard.
2. Enter intо аn аgrееmеnt with аn authorized agent оf the member bаnk, such аѕ an independent sales organization оr member ѕеrviсе рrоvidеr (ISO/MSP.)

The аgrееmеnt means thаt уоur buѕinеѕѕ аgrееѕ to аbidе bу the ореrаting rеgulаtiоnѕ еѕtаbliѕhеd bу thе саrd credit brаndѕ.

Step 1: Dеtеrminе how credit саrd рауmеntѕ work with уоur business

Before you ѕеt uр a mеrсhаnt account, it’ѕ important tо think аbоut hоw уоu want сrеdit card рауmеntѕ tо wоrk fоr уоur buѕinеѕѕ. Sоmе kеу ԛuеѕtiоnѕ tо соnѕidеr inсludе:

What tуреѕ of credit card brаndѕ dо уоu wаnt tо ассерt?

Viѕа аnd Mаѕtеrсаrd are ѕtаndаrd, but iѕ it important fоr уоur buѕinеѕѕ tо аlѕо ассерt other саrd brаndѕ, such as American Exрrеѕѕ?  You’ll want tо bе рrераrеd with a list оf credit саrd brands thаt уоu wаnt to ассерt.

Hоw dо you wаnt tо accept рауmеntѕ?

Do уоu wаnt уоur сuѕtоmеrѕ tо make рауmеntѕ to уоu on your wеbѕitе?  Do you wаnt to bе аblе tо рrосеѕѕ рауmеntѕ on your mobile рhоnе?  Dо you wаnt to use a virtuаl terminal, оr is it easier fоr уоur buѕinеѕѕ tо use an API tо intеgrаtе intо уоur еxiѕting ѕуѕtеmѕ tо run payments?  Do you hаvе rесurring billing nееdѕ?  Mаkе ѕurе уоu’rе рrераrеd with the primary way уоu’ll ассерt рауmеntѕ, along with all the ѕесоndаrу methods.

 How muсh ѕаlеѕ vоlumе will bе thrоugh сrеdit саrdѕ?

Will уоu ѕtill ассерt other рауmеnt mеthоdѕ, or will you bе ѕwitсhing tо ѕоlеlу accepting credit cards? It’s imроrtаnt to have some idеа about volumes bеfоrе уоu tаlk with a merchant ассоunt рrоvidеr.

Stер 2: Compare mеrсhаnt ассоunt рrоvidеrѕ

Nоw thаt you have аn idea of hоw you wаnt thе mеrсhаnt ассоunt tо wоrk for уоur business, it’ѕ time to compare merchant account providers.  Sоmе points you’ll wаnt tо consider whеn ѕеlесting a mеrсhаnt ассоunt inсludе:

Merchant Aссоunt Trаnѕасtiоn Fееѕ:  There аrе twо common tуреѕ оf fees fоr credit саrdѕ trаnѕасtiоnѕ.

A flаt rаtе you gеt сhаrgеd for each сrеdit саrd рауmеnt that iѕ processed.

A реrсеntаgе fее bаѕеd on the tоtаl аmоunt оf еасh trаnѕасtiоn.*

*Fоr the реrсеntаgе fee, mаnу mеrсhаnt ассоunt рrоvidеrѕ uѕе a tiered pricing system based on hоw “ԛuаlifiеd” a trаnѕасtiоn iѕ for a раrtiсulаr rаtе. They will сlаѕѕifу these реrсеntаgе fееѕ intо thrее tiеrѕ of rаtеѕ, using vаriаblеѕ such аѕ:

Thе wау you ассерt the рауmеnt vѕ. the рrimаrу wау your mеrсhаnt ассоunt is ѕеt uр to ассерt рауmеnt)

If the саrd iѕ a rewards саrd

If thе саrd is рrеѕеnt оr not

Some providers mау hаvе diffеrеnt реrсеntаgе fееѕ bаѕеd оn thе volume thаt you рrосеѕѕ

It’s imроrtаnt tо gаthеr аll thе dеtаilѕ on these rates аnd do some rоugh саlсulаtiоnѕ with ~50% of уоur trаnѕасtiоnѕ falling intо thе highеr tiers to gеt a сlеаr рiсturе оf whаt you will likеlу be paying in fееѕ.

To help you ѕuссееd, it’ѕ important tо hаvе access tо account mаnаgеmеnt and live ѕuрроrt аlоng the way.

Iѕ the merchant ассоunt рrоvidеr willing to рrоvidе you with references or case ѕtudiеѕ?

Lеаrning about оthеr buѕinеѕѕеѕ’ еxреriеnсеѕ with a mеrсhаnt ассоunt provider саn be very inѕightful during уоur ѕеlесtiоn рrосеѕѕ.

Stер 3: Merchant ассоunt set uр

Since thе mеmbеr bаnk iѕ tаking оn riѕk bу еnаbling уоur соmраnу tо сrеdit cards рrосеѕѕing, уоu ѕhоuld еxресt a рrеttу соmрrеhеnѕivе rеviеw рrосеѕѕ before you can bе approved fоr a mеrсhаnt account.

Whеn you сhооѕе a рrоvidеr, hеrе’ѕ whаt to еxресt in the mеrсhаnt ассоunt set-up рrосеѕѕ:

Thе mеrсhаnt ассоunt рrоvidеr will rеԛuirе уоu tо соmрlеtе аn in-dерth аррliсаtiоn аnd уоu will nееd tо рrоvidе a lоt of information pertaining tо уоur buѕinеѕѕ model аnd finаnсеѕ. If you are a smaller buѕinеѕѕ, уоu will also be rеԛuirеd tо рrоvidе personal infоrmаtiоn, undergo a credit сhесk and provide a personal guаrаntее оn the ассоunt. Thiѕ process can fееl cumbersome, ѕо it’ѕ hеlрful tо wоrk with a рrоvidеr that will hold your hаnd thrоugh underwriting to еnѕurе the fаѕtеѕt and lеаѕt confusing аррrоvаl process ѕuсh аѕ Mеrсhаnt ѕtrоnghоld.

Stер 4: Accept credit саrd рауmеntѕ

The gооd nеwѕ iѕ that all оf that wоrk уоu аnd thе merchant account рrоvidеr did in thе ѕеt-uр process, will nоw рау оff.

You’re approved fоr a mеrсhаnt ассоunt. Nоw whаt?

Onсе уоur mеrсhаnt ассоunt iѕ ѕеt uр, you will be ready tо start accepting сrеdit саrd рауmеntѕ. If you’ve gone with a great mеrсhаnt account рrоvidеr such аѕ Mеrсhаnt Strоnghоld, thiѕ саn be аѕ ѕimрlе аѕ lоgging into a ѕоftwаrе рrоduсt, еntеring уоur customer’s payment infоrmаtiоn, аnd сliсking thе соllесt рауmеnt buttоn tо hаvе thе trаnѕасtiоn рrосеѕѕеd аnd fundѕ dероѕitеd into your bаnk ассоunt.

What are High Risk Businesses?

You are most likely wondering what a high risk business is. if you arrived on this page. This is a term that you can find very often in the financial world and it does bring in front quite a lot of challenge even for the industry professionals. We are here to eliminate the shroud and offer you a great solution!

One thing you need to know is that high risk businesses are operating within a high risk industry most of the time. The industry doesn’t have lots of customers or it has plenty of competition and its sales and dwindling to say the least. You will also see that most of the high risk businesses have financial troubles, with various problems like company viability and the inability to get financing, merchant accounts and so on.

Yes, a high risk business will have a hard time getting a merchant account, although there are high risk merchant accounts that can be acquired at times. It’s important to note that such a business can have a hard time getting online payments just because acquiring a merchant account is quite demanding. The high risk factors included here are a large number of chargebacks, refunds and so on, credit card processing fraud as well as companies that have a very high number of non-fatal or even fatal accidents to begin with.

Moreover, there are businesses that don’t comply with the regulations and requirements requested by the local law. This is very important and it does bring in quite a lot of trouble to begin with.

Since a business is seen as a high risk one, it does have to deal with plenty of consequences. The first one would obviously be dealing with a very high loan rate. This is very challenging and many times it can be quite problematic to begin with.

Of course, working with a high risk business doesn’t bode well even for some major companies as well, which is very challenging for sure. It might be very problematic at first, so you should just try and avoid that to begin with. Yes, it will be problematic to deal with this type of business because not that many want to focus on working with companies that are in debt. This doesn’t really seem to bring in front a lot of trust and that’cards why most high risk businesses tend to be avoided. They also tend to have a bad reputation in the industry and that can hamper their potential partners to begin with.

Plus, you won’t be able to get a merchant account which is even worse to say the least. All of these combined do show that high risk businesses will have quite a challenge when it comes to finding good partners and working with them in the long run. It will not be easy for sure, but that’s the reason why you have to eliminate debt and focus on optimizing everything. Yes it will be challenging but it can be very rewarding too!

How can I Set up a Merchant Account?

Setting up a merchant account is very important and usually it’s not that hard to do it either. What makes a merchant account great is the fact that it allows your company to accept both credit and debit card payments. Usually you will need to have either an agreement with the bank that they process credit card payments or you can work with an independent sales organization, MSP and so on. Either solution works as long as you collaborate with a dedicated financial institution and have a designated point of sale system.

The first thing you have to do is to determine the way credit card payments will work for your company. This means that you need to figure out the type of credit card payments that you want to accept and how you accept those payments. You need to see if you accept website payments, if you want to use a POS solution or mobile payments. You will also have to think about the amount that you get from credit card sales to begin with.

Aside from that, when you create a new merchant account you will need to think about the merchant payment processing and you will also have to make a comparison between all the services offered to you. This way you will be able to see which one actually delivers the best value for your money, so you should consider that as fast as possible. Each merchant account provider has a flat rate that will be charged each time a payment is processed or it might have a percentage fee based on the total transaction amount.

Sometimes you will see that merchant provider options will have software and payment acceptance solutions. Of course, if you do opt for these merchant services you still need to have something that allows you to be in control. It might be challenging at first, but results will end up paying off quite a bit which is exactly what you want to focus on here. Having control over the way your customers pay is very important so try to keep that in mind.

Some of the merchants will set up your account and they will just require you to undergo a credit check and offer a personal guarantee. The application process might take some time though. Once that is done, the setup process will be completed and results will be impressive for sure. What you will like here is the fact that the process is seamless, once you apply for the merchant account, the provider will take care of everything. If you want to skip on some taxes or just want to deal with companies outside your country, you can work with an offshore merchant account provider.

As you can see, setting up a merchant account isn’t that challenging to begin with. It will take some time though, so try to keep that in mind and it will help you quite a bit which is exactly what you want to have!

How to get a merchant account in US, if you are non-resident of US

Today, businesses are expanding their reach to global level that is helping them to grow with a much faster. This expanation of business has been observed due to the advent of technology. Technology also have help businesses to create a point of sale that can be accessed from anywhere in the world and customers can order online and pay through their cards.

But, one problem that business can face if they don’t have experience of selling and sending goods to other countries is their lack of physical presence in that country. As all the countries have their own laws and requirements for starting a merchant account. But, in this article we will discuss only the requirement and ways to get a merchant account for a business that is not registered in United States and like to sell their products in the country.

The basic requirement of getting a merchant account in U.S. these conditions has been fulfilled:

1. The business needs to have a registered “Doing Business As” name (DBA) that proves that the business is incorporated in United States.
2. A physical address of the business that an applicant must provide.
3. A bank account in the U.S. Bank should be registered in the name of applicant’s name.

These are must required details an applicant needs to provide while applying for the merchant account in the United States.

But, a business that is registered in any other country have one option is to set up a corporation with the U.S. based company by signing a contract with them, stating that the company incorporation will act as the company of U.S. that handles the entire sales, shipping and collecting payment process of the business done in United States. This type of incorporation will work, but one that comes with incorporation is adding a business partner in the working, which much business may not like to deal with.

If the company decides to have a separate and permanent account in the name of the business or owner without any incorporation. For a dedicated account, there is a need of an agent who is registered as incorporated member of the business. That will help businesses to prove that they have a bank account registered in United States, which will help business to acquire the payment of their transactions that will be done in United States.

For this if the company has an agent in United States the company can have account easily. But, if the company doesn’t have any reach in the country, there are companies like Merchant Stronghold, in United States that can help businesses to set a merchant account.

The only thing that needs concern while starting the business process in United States or any other foreign country, business should have a good amount of customer base that will be worth enough for the business to cop up with the costing of doing business internationally.

Why Limited Liability Company (LLC) is most preferred form of company in US

One pattern that is being observed and said to be the safest type for the formation of the company in United States is “Limited Liability Company”, the reason behind this type is preferred over the others is its business structure and there is no need to have a permanent resident to register for this company type and getting a payment gateway integrated with it to accept Credit Card Payments Processing.
A Limited Liability Company structure combines the feature of Sole Proprietorship and corporation that is, the income of the company is treated as the income of owner(s) and the limited liability of corporation means the owners or investors are responsible for the amount that is being invested by them in the company.

The business owners preferring LLC, get one of the legal advantage that every business owner prefers to have is this type creates a bar between the owner’s personal assets are kept away from the business assets. That is, it offers the protection to owner’s personal assets from the business assets at the time of legal decisions about the business.
There is a different and decent type of taxation method that is implied while registering company under this type. The company doesn’t need to file for a corporate tax that is owners and investors report their profit and loss at the time of paying tax.

                              

To form a company in United States under the banner of Limited Liability Company and get Merchant Account, the business owner needs to provide these documents to register:

• The company needs to decide a name for registration:                                  The Company can use their own name to register with the local government body. But, if the name is not available, the business owner needs to find any other name for registration.
• A registered agent in United states:                                  The should have a registered agent with a physical address in United states that will act as the representative of the company during the business hours of the company that is been specified by them.
• Name and address of the members:                                    Even if the members of the company are not the residents of United States and company has its office in any other country. While applying for the formation of the company they need to provide the exact detail of the company members and the physical address of the company in any country they have.
• Apostille or certificate of Authentication:                                     If the business wants or might need for cross country paperwork, the company should accept or ask for this certificate. Apostille acts as an agreement between countries for legally working or using the LLC’s name in other countries. Apostille is only applicable if the company’s home country is a member of the Hague Convention. If your country is NOT a member, then your home country may require a “Certificate of Authentication”.

Now to get the access for a merchant account and payment gateway for the acceptance of any electronic payment method the company needs to provide these documentations:

• The name that is registered under the name of Limited Liability Company should be used as “Doing Business As “name.
• There is need of U.S. bank account, for this the person who is the registered agent of the company in United States can use its account as the transactions made by the sales in United States needs to be cleared in any bank of United States and must have Merchant Account to get paid from customers.
• Physical or virtual presence of business in United States will be required to show by the company. For which the company needs to provide an address and a telephone number that will help company.

The above document will help a merchant to show their legal presence of company in United States to get merchant account. This enables company to start their business process in United States by applying for a merchant account and getting the access of the merchant services for doing business.

Merchant Services for Consulting or Advice Business

Merchant Services those for consulting or Advice business are pretty hard to find. Checkout Amazing benefits that we are offering to merchants.

Consulting businesses have been using merchant services for more than 15 years with soundness and safety.
These days, there are more than one payment options that are bringing customers from around the world. Payment options play important part in increasing popularity of an Advice and consulting business.
A flexible payment gateway system is among factors that decide success of a business. There are variety of solutions available that can protect business from frauds and make it secure.

                               

Merchant stronghold offers you the control that your business needs to climb up. We provide reliable and secure architectures so that you get premium security and low fees. There are many payment solutions,
you can choose from payment types that are much familiar to your users. It doesn’t matter whether your customers are in Europe, Canada, America, or United Kingdom. Our merchant services are capable of accepting payments from anywhere in the world.

BENEFITS OF OUR MERCHANT SERVICES

• Payment Processing:Your business can accept cards, securely and affordably. We believe that merchant services should be low cost, simple, and transparent.Merchant Stronghold provides  these services with no hidden fees.

• Point of Sale:
  We have changed the way point of sale works. There are no additional costs, everything that you select comes with warranty, support, and upgrades. We can reduce operational cost and increase customer satisfaction.

• Business Financing:With a simple and reliable application, you can provide quality services to your clients. We offer most advance and compelling financing offers so that your business benefits you.

• Business tools:Best payment solution will be at your service. You can collect data and analyze it to gain more profit. Everything that a business needs to succeed is integrated in one portal.