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What Is a Real Estate Merchant Account?
To facilitate customer payments for your real estate business, you need both a merchant account and access to a payment gateway. In the real estate sector, a merchant account functions as a specialized business bank account that incurs fees for accepting various forms of customer payments. This necessity spans across realtors, title companies, investment firms, property management services, agents, and brokers.
Traditionally, significant real estate transactions relied on bank transfers, checks, or cash. However, contemporary practices have diversified, encompassing a wide array of payment options, including online, over-the-phone, and in-person transactions. These options are facilitated by mobile apps, NFC contactless payments, online shopping carts, and virtual terminals.
Mega Payments offers a comprehensive suite of payment options tailored to the needs of your real estate business. Whether it’s processing online transactions, accepting phone payments, or facilitating in-person sales, we provide flexible solutions to meet your requirements. Open a merchant account with us today and commence processing customer payments as soon as tomorrow!
We are Proud to Partner with some Great Companies
Read what our satisfied clients have to say about their experiences with us.
Amazing service and customer support! I signed up with this company 6 months ago and everything they told me has been spot on! I was getting sick of there companies promising to save me money and after a month they would change my rate! Midwest Merchant Services is the company to go with! Thank you guys for taking good care of me
Donovan ShammamiJune 15, 2023
Great service. Definitely would recommend
Simeon PeevOctober 15, 2023
Montana helped me switch my merchant services to Midwest. Couldn’t be happier, no more credit card fees! Also, love my new clover system works great and super easy to use. What I love about the company is getting support from a real local person not like my old company when I would have to speak to someone from a foreign country that I couldn’t understand. Highly recommended, if you’re considering do yourself a favor and make the switch
Vincent CholaghJanuary 15, 2024
Types of Real Estate Businesses We Support
• Title companies
• Realtors & Agents
• Brokers & Managers
• Commercial Property Rental Companies
• Condo Sales/Rentals
• Residential Property Rentals
• Rental & Management Services
• Apartment/Housing Rental Companies
• Association Fees/Dues
Why Is the Real Estate Industry Considered High Risk?
Real estate enterprises face categorization as high-risk entities by financial institutions, payment processors, and regulatory bodies due to the myriad of potential legal disputes inherent in the industry. Unfortunately, real estate is also a magnet for fraudulent activities and identity theft.
Moreover, real estate operations carry various liabilities, including licensing and tax issues, audits, and penalties. These factors contribute to the difficulty of securing a merchant account within the real estate and property management sector. Even after enduring the entire application process and operating for months, your account could face closure. Additionally, providers often impose higher-than-average processing fees to offset the increased risk, ultimately eating into your profit margins.
This treatment extends beyond financial services and can affect other aspects such as loans and insurance coverage. Thus, it’s crucial to partner with a reputable merchant service provider equipped with the expertise to navigate these challenges and keep your business on solid ground!
Property Management & Real Estate Merchant Account Types
Midwest Merchant Services will assist your real estate business in accepting customer payments online, over the phone, or in person.
Online For real estate eCommerce merchants, Midwest Merchant Services’ payment gateway solutions simplify the process of accepting card-not-present payments. We provide you with all the necessary tools to securely input customer details and accept payments online via a virtual terminal, phone, or email. Our user-friendly interface ensures ease of use and quick adaptation.
In Person We offer a comprehensive range of real estate POS devices to facilitate payments for various customer transactions, including brick-and-mortar storefronts, pop-ups, and field offices. Our stationary and mobile card readers are intuitive and adaptable to any market environment.
Over the Phone Give your customers the convenience they desire by allowing them to make payments over the phone, place orders via email, or utilize a virtual terminal for card-not-present transactions. With our MOTO merchant account, you can efficiently input customer payment details manually through our fast and user-friendly virtual terminal interface.
What Is Required for a Real Estate Merchant Account?
Suppose you possess a solid credit history, stable financial standing, and the requisite documentation. In that case, obtaining a merchant account for your real estate company should pose no significant challenges. The essential documentation typically includes:
• Proof of Identity: government-issued photo ID, etc.
• Three-to-six months of bank processing statements
• A signed merchant application
• Corporate documents
• A voided check or bank letter
• Address verification; such as utility bill
• Sales tax certificates
• Other potential financial documents
• A list of suppliers
