Why Your Business Is Losing Sales By Ignoring Credit Card Merchant Services

Credit card merchant services act as middlemen between a business and a customer’s credit card company or bank. A credit card merchant service will process the payment, meaning the money is withdrawn from a credit card account and placed in the business’s merchant account. Once the money passes all the checks, it can be transferred from here to the business’s regular bank account. The service provider takes a percentage commission when doing this.

Who should use a credit card merchant service?

Credit card merchant service providers are an option for nearly all types of businesses, including traditional bricks and mortar, mobile and online businesses. In this day and age, if your business is trading only on cash sales then you are severely limiting your sales potential. More and more Americans are paying for services with a credit card, both to budget for big ticket items more effectively and protect their purchases.

Which credit card merchant service is right for me?

There are several different types of credit card merchant services, and you will need to consider your business’s specific needs and then opt for the right one for you.

• Retail merchant account – this option is typically used for store-based businesses, where the customers’ cards are physically swiped
• Internet merchant account – this type of account is for businesses that are run purely online. It allows that business to collect and process credit card information from their e-commerce website
• MOTO (Mail or telephone order) merchant account – these accounts are for businesses taking payments via the phone.

What else do Credit Card Merchant Services provide?

In addition to payment-processing services and holding accounts, a credit card merchant can also provide additional services such as the equipment needed to accept card payments, and a number of fraud prevention tools also.