What is a Merchant Account?
A merchant account is a type of business bank account that allows you to accept payments online via credit or debit cards. When someone pays their membership fee, their registration fee, or abstract submission fee, the money goes into your merchant account first. After processing fees are deducted, the funds are transferred to your primary bank account.
Merchant accounts are essential for online transactions, providing a secure way to handle payments, prevent fraud, and ensure compliance with financial regulations. For associations operating on small budgets, finding a cost-effective and reliable payment processing provider is key to getting started.
Popular Payment Processing Providers for Small Budgets
Some popular and budget-friendly payment processing providers include:
- PayPal: Offers a straightforward setup process, no monthly fees, and charges a transaction fee of about 2.9% + $0.30 per transaction.
- Stripe: Known for its developer-friendly API and flexibility, Stripe also charges around 2.9% + $0.30 per transaction and has no monthly fees.
- Square: Ideal for associations that might occasionally accept in-person payments (e.g., at conferences). Square also charges 2.9% + $0.30 for online payments, with no monthly fees.
These providers are known for their reliability, ease of use, and transparent fee structures, making them excellent choices for associations with limited resources. Our Conference Manager Software comes with out of the box integration with most popular payment processors.
