Merchant Services: Streamline Your Payment Processing System

You’ve heard all about how merchant accounts can increase your sales and expand your customer base. But here’s another bonus you may not have thought of: Security.

One of the primary advantages of having a merchant account is that all of your credit card transactions are recorded in one secured location and handled by one secured entity. Unlike cash or check deposits, which may be made by different employees, or which may be lost or stolen, merchant accounts keep all of your credit card transactions safely recorded, and transfer the money from the transactions directly to your bank account, with no risk of being stolen or lost along the way.

Today, different types of merchant accounts allow you to accept credit card payments from a wide variety of locations, yet keep all of your account data in one location.

Consider the following types of merchant accounts your business could use to create more income and increase profits while keeping your payment process streamlined and centralized:

Retail Merchant Account

If you operate your business from a so-called brick and mortar location, this is the account for you. The retail account uses a POS terminal (for Point-Of-Sale) with a slot that reads data from a credit card when it is swiped through. Data is transmitted via a phone line to the card issuer, which then approves or declines the transaction and transmits its response, along with a transaction code to the merchant account, and then to the merchant’s terminal or cash register.

Internet Merchant Account

Internet merchant accounts link to your website’s shopping cart system, and come in two basic types: those that use a gateway provider to allow “instant,” real-time credit card processing, and virtual terminals, that store up credit card information, allowing it to be entered manually by the business owner or sales clerk at the end of the business day. Both types of accounts have their advantages: because it processes credit card transactions in a completely automatic environment, the gateway provider option is a good bet for businesses with heavy daily sales volumes, but it costs more than the virtual terminal; the virtual terminal, while less expensive, requires human intervention to key in credit card information, and therefore is better for businesses with lower volumes of sales.

Wireless Merchant Account

The wireless account is the newest entry into the merchant account industry, and allows businesses to accept and process credit card transactions wherever they may be, either through a cell phone or other mobile or handheld device, or through a laptop with a wireless internet connection. Another option uses a cell phone or handheld device, but involves use of an attached terminal to input credit card data.

Mail Order and Telephone Order Merchant Account

Also called MOTO accounts (for Mail Order/Telephone Order), these accounts rely on the virtual terminal concept, allowing account representatives to accept orders over the phone or via mail and enter them into a computer terminal all at once for processing (or, in the case of telephone orders, entering the information right away but delaying the actual transmission of data until the end of business).

Bundled Accounts

If your business uses more than one of these types of shopping options – a combination, say, of retail and Internet for instance – you should look for a merchant provider that offers bundled services. Often, bundles – combinations of more than one type of account service – are offered with reduced costs and fees, so be sure to look specifically for account providers that offer bundles, and then compare the cost of their bundles with the cost of purchasing these services separately from them, or from other account providers. Be sure to compare carefully, since not all account providers who bundle services offer discounted fees.

No matter what type of account you opt for, or how many types of services your business requires, your merchant account provider will assure that your payments are processed smoothly and efficiently. At the end of each business day, all of your credit card transactions from all sources are added up, any transaction fees and discount fees are deducted, and the remaining amount is automatically deposited directly into your business bank account.

By rolling all of your credit card processing options into one merchant account provider, you can streamline your payment processes and receive one comprehensive monthly statement detailing all of your account details and listing all of your business’ credit card transactions. If your merchant account provider handles debit card transactions and you decide to include that option in your account, your statement will include information about those sales, as well.

Sure, merchant accounts can increase profits and help you grow your customer base. But by keeping all of your payment processing activities in one centralized place, you can streamline your payment process and add an element of stability and security to your own business.

Karen Zabel is a freelance writer who writes about Merchant Credit Card Processing Services.

Article Source: http://www.marketingarticlelibrary.com

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