Managing an American Financial Merchant Account

Video Transcript

"This is Financial Advisor Patrick Munro talking about managing a financial merchant account. Financial merchant account is where a financial company starts to take credit cards. These Mastercard, American Express using a terminal that is in their business for the purpose of credit cards and individuals are able to pay for their goods and services using their credit card account. As a merchant you need to manage this process because the bank will charge you a monthly fee for you to have your terminal and they also charge you a commission based on the using of the credit card. American Express has the highest rates to the merchant. In fact many people do not take American Express at their business for this specific purpose. Also, we have companies such as American Express and Visa and Mastercard have lower rates for you. So it's a management process if you are a financial merchant and you have an account for that. This is Financial Advisor Patrick Munro."