merchant service provider

Guide on Merchant Services to Small Businesses

Mike Myer, Leave a comment
Best small business merchant services

The merchant services also called or known as credit card processing is a type of application used to accept all modes of payments like a credit card, debit card, phone payments, and any other type of electronic payments. Being a small e-commercial owner accepting online payment methods, it is obvious to understand all about the best small business merchant services. 

What is a merchant service provider? The company that offers the solutions on all the payments and transactions to the merchant is referred to as a merchant service provider. Being a small business owner, one should be aware of having the best merchant service company.

What are the aspects of a company being a merchant service provider?

The merchant service provider acts as hardware used to process all the payments made. One can connect to the merchant account and then the payment gateway by just having access to the internet.

Any online transaction that accepts the only card requires a virtual terminal to process the credit or debit card payments.

A software that encodes all the information data provided by the customers during the transactions is the payment gateway. There are also forge detection, fake address verification, and many more advanced features available in the payment gateway.

The merchant services also have a payment processor that validates and protect the payment. The payment processor acts as the medium between the customer’s information and the banks.

There are also merchant accounts where the money is deposited as the payment is made and then is deposited to the respective banks.

How does the merchant services work?

When the customer makes a purchase, the payment is made through the virtual terminal or the credit card terminal from where the data provided by the customers are transferred to the payment gateway. And then it is sent to the payment processor for authorization. After this, all the data is transferred to the network and to the customer’s bank where it is checked that enough fund is available in the account to complete the transaction. After the transaction is approved, the money is transferred to the merchant account completing the payment.

How do you choose the merchant service providers?

Considering the fees charged, all the needs of the business, the modes of payments available, and all the other things required to have a business are to be seen in merchant service providers.

One such best small business merchant services are provided is the Merchant Services Broker Solutions Company.

Factors to Consider in Selecting Credit Card Processing Companies

Mike Myer, , Leave a comment
best credit card processing companies

If you are planning to accept credit and debit cards by phone, online, or in person, then you will be introduced to many best credit card processing companies. Initially, you will be paying some credit card processing fees and upfront costs, but it will boost your business to a higher level, as it will open new business doors, and also your customer base will be expanded.

As per the experts of popular MSP firm – Merchant Services Broker Solutions, about 83% of the small businesses that started accepting credit/debit cards, saw a high increase in their sale margin. If you want your business to reach a higher level and stay strong in the market, then it is best advised to adapt to the new technologies. The experts state that online credit card processing for small businesses is a blessing in disguise as they will be able to open their doors to a new market world. It will also attract young shoppers who prefer online shopping more. This way, the customer’s needs are met and your business also reaches a higher success level.

To choose a merchant service provider and a credit card payment processor is not an easy job. Even a small mistake can land you up in big trouble. Therefore, the following prime factors will help you choose the best credit card processing companies for your business.

Know the fees and other related costs

The following are some of the important credit card processing fees.

  • Interchange Fees – It is the fee that charges for every transaction. The payment processor pays this fee to the card-issuing bank. The fee can range from 2%-3% for every transaction.
  • Monthly Statement Fees – It is charged by the credit card processing company for covering the expenses of the statement mails.
  • Application and Setup Fees
  • Monthly Minimum Fee
  • Monthly Gateway Access Fee – Few companies charge monthly for providing a payment gateway.
  • Early Termination Fee – Some processors will charge for early contract cancellation.

How long will it Take to set?

The time taken for setting up must not take long and must be completed at the earliest time possible. Also, ensure the processors support you through this process both in person and on phone.

Types of payment accepted?

Depending upon your business, check with the processors as to what are the types of payment that can be accepted. It must include all major debit and credit cards so that none of your customers face difficulties of any kind.

How is Customer Support?

They must be available 24/7/365 and must take heed to solve your issues anytime and anywhere.

With the above factors, one sure will be guaranteed to find the best and reliable credit card processing companies. Make sure to take it slow and steady and choose the firm that suits your business well.