Merchant Account Services in other words are banking services that allow the payments process through the electronic methods. It includes debit cards, credit cards, and mobile payments. Apart from the transaction processes, it also covers the software and hardware that is needed to facilitate the electronic transaction. This whole process is taken care of by the firm, better known as merchant service providers or MSP.
Out of many MSP in the market, Merchant Service Broker Solutions is known as one of the finest and reliable firms. It has been tagged as the best merchant service providers for its transparent and reliable services.
Merchant service providers are an important tool in businesses for it allows smooth and safe transactions. To present you in a simpler term, let’s break down the credit card transactions process.
The processing of credit card involves three stages. They are as follows.
- Authorization – The customer first initiates the payment which is done either by the online or in-store method. The processor then sends the transaction data to the credit card firm. The information is then passed to the issuing bank, after which the bank either approves or declines the payment process accordingly.
- Settlement – The authorized transactions are sent to the payment processor company. The issuing bank also called as the customer bank charges the account of the customer for the purchase made.
- Funding – The funds are then transferred to the business owners' bank which is usually less than the interchange fees. Finally, the bank deposits the amount in the minimum period of 48 hours.
Qualities to Look for Merchant Service Provider
- it must support your transaction type such as Apple Pay, Google Pay, etc.
- transaction fee charge
- customer support
- waiting time for your funds
- PCI compliance
- Analytics and reporting features
- Quality ratings and reviews
- Easy to use and understand
These are the least features one must expect in the merchant service provider company. To know more about it, contact MS Broker Solutions, they are ready to aid anytime and anywhere.
