Merchant account services offer a service that allows merchants to accept credit card payments from customers and clients. Payment processors provide merchants with payment gateways, which can be used for accepting online payments. The merchant account services provider works as the middle-man between you and your customer's bank or credit card issuer so it can process credit card payments on your behalf.
How does it work?
One of the greatest challenges most businesses have is accepting credit cards as a form of payment. Banks are hesitant to give these types of resources to smaller companies because they are very large risks for them to take on. To make this process simpler, merchant services act as the middle-man between the merchant and bank to provide a much easier process. Since the service is used for accepting credit card payments, usually businesses must apply and be approved by their merchant services provider before they can use their services. Once you have been approved, your business will then purchase a credit card machine that allows your customers to swipe their card themselves or punch in their credit card number. Some machines even allow your customers to punch in a PIN for a debit transaction.
This machine connects directly to the merchant services provider, who then gives you a terminal ID and password. The customer will simply swipe their card through the slot on the front of the machine, enter their PIN for debit transactions or punch in their card number for credit card transactions, and sign their name on the machine to complete their purchase. The merchant services provider will then give you a file of the transaction that includes the customer's name, credit amount, and date as well as your processing fees.
What is the role of a credit card processing company?
The credit card processing company is responsible for authorizing or declining the customer's purchase, as well as depositing the funds into your bank account. They will also charge you a fee for their services, which is usually a percentage of each transaction plus a flat fee.
Merchant Services Broker Solutions offer a variety of merchant account services that can help your business to start accepting payments by credit card.
If you wish to
sign up with one of the best online credit card
processors, call Merchant Services Broker Solutions at 888-912-6727.
