What is a Merchant Account Service and Why Should I Use it?

A merchant account service offers merchants, or businesses, a link between credit card holders and an acceptor, a bank, who in turn links all the aforementioned to payment brands, or credit card providers like American Express, Discover, MasterCard and Visa. This process is all controlled by strict agreements and regulated by laws and compliance regulations established by financial services boards and card processing associations.

If you want to accept credit or debit card payments for goods or services sold, you have to engage the services of a merchant account service to be able to do so. Merchant account services provide you with all the software, equipment or accessories necessary to accept credit card payments and they also protect your business’s integrity by ensuring that all card payments accepted are secure.

There are numerous ways that you can accept credit card payments. These include online, which is linked to your website and processed through a secure payment gateway, or point-of-sale by payment terminal where the card is swiped and mobile processing via your mobile phone or tablet. A merchant account service provider will be able to advise you on what the best option will be for your business.

If you want to match your competition you have to accept card payments

No business can survive in this day and age without accepting cashless payments. That is what consumers want! Consumers have moved past drawing cash before they shop, and if your business does not give consumers what they want your business cannot survive.

Selecting a reputable merchant account service provider is vital. You should compare service fees, contractual responsibilities, setup fees, cancellation fees, technical support services, and market reputation when making your decision. Another vital factor is to confirm compliance with prescribed regulations as well as prescribed certifications.

Bear in mind that if your merchant account service provider does not offer optimal service it can negatively affect customer perception of your business. If a customer who paid by credit card at your business falls victim to credit card fraud, their eyes may turn your way, because customers typically have no knowledge of who your merchant account service provider is. So, you may wish to do your homework and choose well.

Choose a merchant account service provider that is evolving

Evolving – evolving with what? Choose a merchant account service provider that evolves with changes in technology. It is vital that you have the peace of mind that the merchant service provider is at the cutting edge of technology, keeping up-to-date with industry changes and introducing new services and security protocols as they become available.

Your business must be your core focus, so ensure that the service providers supporting your business know what is going down in their industry all the time! Credit card payments are a constant hunting ground for scammers and these scammers are always at the top of their game. You need to have a merchant account service provider that constantly keeps you updated on the security front of card payment systems, security and regulations. When it comes to your business integrity and your customer’s data security, you don’t just need a merchant account service provider – you need a partner.

For more information about merchant accounts or to sign up for a merchant account, please call (888)924-2743 or go to Charge.com.

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