Merchant accounts are a smart way for Toronto companies to facilitate customer transactions. With a merchant service account, a business person can set up a participating bank or credit union or ISO that will allow customers to buy goods and services via credit and/or debit cards. You don't have to wait for that elusive cheque that's "in the mail" or trying to cash a cheque that ends up bouncing, forcing you to wait for your money. You can simply open your credit card processing account and you're ready for business!

To qualify for a Toronto Merchant Account, a business owner must show that he or she has a  credit history, POE (proof-of-existence - typically done through a photo-copy of your business registration),operates an acceptable business rather than porn, drugs, or spam, and is able to pay set-up and monthly fees in conjunction with the services that accompany merchant status.

Many merchant accounts cost little to establish or maintain. You will have to find the  credit card companies that best suit your business interests, of course, and then compare fees to get the best terms for your account. Usually you can expect to pay (in  Oct 20, 2008) a transaction fee of perhaps 35 cents or less, and a percentage of all your sales (2%-5%) know as a "Discount Rate". These rates are for normal type businesses that would not fall under the "high risk" umbrella. Usually there is also a monthly gateway fee ($10-$40/month) and perhaps a set-up fee ($100-$250). Every credit card processing company structures their costs differently and you may want to use a merchant services calculator to compare fees.

Depending on the type of company you operate, you may even decide to get a wireless credit card  POS Terminal for merchants on the go who can't be held up by wiring.