I feel a need to go back to the basics. After years of hearing the phrase high volume merchants, I still encounter some perfectly running businesses who have not acquired their own high volume merchant account. When I tell execs about the possibilities it offers, they say they will consider applying for one. It seems to me that these businesses have reached their equilibrium, and at this point wish nothing but to maintain it. I say otherwise. Equilibrium in business is death. Seek constant disequilibrium -- that's a way to survive. We all live in a cycle and once this cycle becomes static and reaches plateau, there's nowhere else to go but down. Right, Tom Peters?

WHAT'S YOUR BEEF?

My friend is downright frank with me. He says it has nothing to do with equilibrium. It's just that these businessmen haven't caught up with the trend of accepting credit cards online. Sure they accept credit cards, apart from the usual checks and the occasional debit cards, but they only use a POS and other manual processing equipment. And even though they've heard of virtual processing, they are iffy about applying because of the high incidence of fraud associated with it.

HIGH VOLUME IS NOT HIGH RISK?

So maybe they have not educated themselves well enough about high volume merchant account. Or maybe they got it wrong. Let me just make it clear. Some of these execs may have even mistaken high volume for high risk. This is kinda funny. HIGH VOLUME identifies itself uniquely from all other high risk merchant accounts. How? By the mere fact that it doesn't have to involve so-called illegal activities like gambling, pornography, etc. High volume simply means your business transacts from a minimum of $10,000 USD monthly to maybe $10 million USD and even exceeding that.

If your sales are considered high volume and you're still not enrolled to a high volume merchant account provider's services, where have you been hiding?

Now, let me list down the benefits of having a high volume merchant account:

1. VIRTUAL TERMINAL

Once the merchant account is up and you are ready to accept credit cards, it's likely that your provider will let you process checks and other forms of payment using a virtual terminal. If you do the math, not only will you preserve the old-age functions of your business, you will also likely quadruple your sales as soon as you acquire your virtual terminal.

2. SAVINGS AND REDUCED RATES

High volume merchants profess that the new account has helped them save thousands of dollars per year, with discounts and promotions. Moreover, if your business is considered high risk and you're enrolled in an offshore bank, you get the privilege of reduced tax and non-governmental interference.

3. STATEMENT/ACCOUNT HISTORY REPORTING

Keeping count of your transactions whether it's daily, weekly, monthly, or yearly is extremely valuable to your business. Account providers ease your burden plus give you quick access to your account statements if you wish to view it online.

4. PROTECTION FROM FRAUD

It's mere common sense to apply only for a high volume merchant account that offers protection from fraud. This is the number one reason why some merchants don't want to take the first step towards application. A sophisticated system like SSL or 128-bit database encryption will ensure no identity theft will happen. This results in less chargebacks.

5. SHOPPING CART

How you do your business remains the same except that your customers will find more ease in buying your products and services. For a discussion of online shopping cart, see "Streetsmart Tips in Choosing Your Online Shopping Cart".

Bottom line: It simplifies your business process. Of course, if you can't help but be dubious, you always have an alternative: Buy your own payment gateway system. In the end, the real underlying benefit of acquiring a high volume merchant account is that pretty much all the investment that you put returns to you and in the long run, will reduce your costs while exponentially helping your sales increase.