What Does a Merchant Account Provider Provide?
Merchant Account Providers offer merchant accounts that are ideal for small to medium businesses. Every Merchant Account Provider has different perks and benefit structures. Whether for brick and mortar, mobile or online stores, or any combination of them, a merchant account can open a business up to new possibilities and opportunities for growth.
Accept card payments with a merchant account
The main thing that Merchant Account Providers do is to allow businesses to accept credit and debit card payments, whether at their premises, online, or on the go. By accepting card payments, a business invites more sales across a wider platform, allowing them to grow and expand their operations. Most consumers today prefer the option to pay using their credit or debit card, especially for online purchases, making card payment facilities and a merchant account a profitable decision for businesses. Here are some of the main benefits that a merchant account can offer a growing business:
Equipment and resources
When signing up for a merchant account, a business also receives all the equipment or software needed to accept credit card payments, which can include POS systems, card readers, or online software, depending upon the merchant’s need. Businesses can also usually use equipment that they already own, although it may need to be reprogrammed for compatibility with the Merchant Account Provider’s software or peripheral hardware. Some Merchant Account Providers (such as Charge.com, for example) offer reprogramming for free. In addition to setting a business up with all the tools for accepting card payments, most Merchant Account Providers also offer support structures by providing some sort of technical support.
Affordability
Merchant Account Providers are a generally more affordable option than other kinds of payment facilitators for almost any size business. For each transaction, a business usually pays a small percentage of the sale, plus a per-transaction fee. Some Merchant Account Providers use a tiered pricing model to calculate a business’s processing costs, which is a good option if a large percentage of customers typically pay in person with regular credit and debit cards. For businesses with customers that frequently pay using rewards or corporate credit cards, a Merchant Account Provider that uses the interchange-plus model instead of the tiered model may be the best option, and most Merchant Account Providers will provide a customized interchange-plus quote upon request, even if they don’t normally offer it. Some Merchant Account Providers also offer volume-based discounts or will be willing to renegotiate a business’s rates as it grows and increases its transaction volumes.
Security
Merchant Account Providers can help you comply with Payment Card Industry Data Security Standards, or PCI DSS. These are the standards that govern how credit card information is used and stored to ensure secure data management and the prevention, detection and intervention of security threats.
For more information about accepting card payments or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.