Accepting credit cards is an important factor to any business, especially if you have an online business. MasterCard is only second to Visa card in popularity. This article explains how to accept Mastercard via PayPal, Google Checkout, or merchant accounts.

Visa may be the most popular credit card brand in the world, but MasterCard is not too terribly far behind. Indeed, many customers are likely to have a MasterCard, and European customers are especially likely to use a MasterCard. If you want to allow your business to have a global reach, with customers in a number of different countries, then you need to accept credit cards. MasterCard is just one of the cards that you can accept.

Accept MasterCard

Even though you have to set up separate merchant accounts to accept different credit cards, one of the advantages of MasterCard is that often the people authorized to help you process MasterCard transactions are also able to help you process Visa card transaction. This is the reason you so often see the two mentioned together, even though they are not the same company.

In order to start accepting MasterCard, you have to work through an acquirer that has been authorized by MasterCard to help you start processing transactions. The acquirer will help you set up a merchant account to accept MasterCard. You have to register in the Referral Program at the MasterCard Web site in order to start working with an acquirer. The acquirer sets up the account – not MasterCard. If you already have a bank that is an approved acquirer, it might be worth it, and be more efficient, to go ahead and go through that bank.

As with all merchant accounts that allow you to process credit card transactions, there are fees when you accept MasterCard. Some of the fees you might encounter, depending on the acquirer you work with, include:

• Transaction fees: These are fees charged for each credit card transaction.
• Discount rate: This is a percentage of your credit card sales. Every time a customer uses a credit card, a percentage of the purchase is deducted and goes to the processor.
• Monthly fees: These fees might include statement fees, batch fees, or even minimum fees. Make sure you understand the fees involved before you sign up for a merchant account.
• Chargeback fees: If you have to return money to your customers' accounts, you will likely be charged a fee.
• Set up fees: Depending on the acquirer you use, there may be a set up fee. Others set up your account and equipment for free.
• Rental fees: If you plan to rent or lease your equipment (like the terminal and/or printer), you will pay fees. This can be helpful if you are concerned about getting regular upgrades. However, if you don't want to rent the equipment, you can usually buy it.

Make sure to compare acquirers. Some might have different fees structures that will work better with your business. You want to be sure you are getting the best price. In some cases, it might work better not to set up a traditional merchant account. Instead, you can sign up with Google Checkout or with PayPal and accept credit cards in that manner. However, there are some inconveniences with this system, even though it can be cheaper.

Ultimately, you should do your homework and research your options. Then you can choose the best merchant account option for your business.

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