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Accept Payments on Your Website without a Merchant Account: Choose a Third Party Payment Processing Partner or Service Provider

If you want to accept payments on your website—which is a must if your company makes revenues from selling virtually any type of product—then you have two basic options. Option one is to establish a merchant account with a bank. This strategy tends to be costly and requires a substantial amount of time, paperwork, and overall legwork to get everything set up. Option two is to opt for a third party payment processing partner.

A third party payment processor will process your online transactions on your behalf. You will essentially be harnessing this partner’s resources and technology to accept online credit card or debit card payments. More accurately, you’ll be using the partner’s merchant account to process your payments. In other words, you will reap the benefits of being online-payment friendly without having to jump through the hoops that are often required to arrange for online transactions.

Who Can Benefit from Working with Third Party Payment Service Providers?

Are third party payments a good fit for your business? It depends on where your company is regarding growth and evolution.

These services are most popular among entrepreneurs or new, budding businesses. Sometimes, it doesn’t make sense to have your own merchant account—especially if your business is just starting out. There are usually monthly fees associated with merchant accounts, which may not be affordable or worthwhile for newer or smaller businesses. Sometimes, merchant accounts also come with monthly minimums—dollar amounts you must meet every month with your transactions to avoid penalties. If your transactions wouldn’t get you to the minimum, you probably don’t want to get a merchant account just yet.

In any of these situations, it might make a lot more sense to team up with a third party payment processing partner. This partner can process your payments for you and help you avoid the steep setup costs, monthly fees or minimum transaction requirements that merchant accounts bring. Of course, the service won’t be free, but it might be more financially viable than the obvious alternatives.

Choose Promtel as Your Third Party Payment Processor

If you are looking for a third party payment service provider, look no further than Promtel. We can help you accept and process online payments in a way that is affordable and sensible for your business. We also help you avoid some of the most-cited ‘drawbacks’ of using a third-party payment processing partner.

For instance, you might trade security for monetary savings and convenience when you choose a third party processing company. At Promtel, we have gone to great lengths to ensure that every transaction we process for a client is secure, private, and protected against fraud and identity theft.

If you have been looking for a way to process online transactions and have been leaning towards third party payments, reach out to Promtel today. We would love to tell you more about our services and the benefits they provide.