To most small businesses, getting the proper payment processing solution is key. But how do you find a company with a good reputation and fair charges? And then there’s the confusion over what you get with merchant services and what you don’t because the term encompasses much more than processing credit cards these days.
Let’s dive into answering some basic questions about payment processing and merchant services:
What Are Merchant Services?
Merchant services is a term referring to products and services allowing companies to accept various types of payments – the most common, of course, being credit or debit card transactions. If you want to be able to accept payments at point-of-sale, a merchant services provider will take care of all the back-end work required to produce the transaction. There are third-party merchant service providers that can be banks or independent organizations, manufacturers of POS systems, or payment gateway providers.
What Needs to Take Place to Process Electronic Payments?
One of the most obvious reasons a business will partner with a merchant services provider is to obtain the equipment needed to accept payment transactions. Some provider companies also offer industry-specific solutions, such as restaurant and retail-specific POS systems. Most equipment can either be rented or purchased. Some of the products a merchant services provider generally offers include:
- POS Systems
- Pay-accepting card readers to accept debit or credit cards
- Application software that helps manage inventories, sales, and other related business functions.
- E-commerce solutions coupled with payment gateways to collect orders online.
- Marketing options through gift cards, promotional offers, or a loyalty program.
The payment processing equipment decides which one of them would give you the most hours saved on paperwork and help your business operate more quickly.
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