Merchant services is a fairly broad term that refers to the services businesses use to accept and process payments, usually known as payment processing.
In other words, merchant services allow business owners to accept credit cards, ACH, or checks and eventually get paid for these transactions.
If you are a small business owner, one of the most important parts of your daily operation revolves around how you accept payment for goods or services.
What Is a Merchant Service Provider?
There is, understandably, a bit of confusion regarding the different financial services used by business. As a merchant services provider, ABCCP acts as the middleman between your business and the financial institutions that issue credit and debit cards, prepaid cards, digital payments and checks.
When a customer uses their credit card for a transaction, the entire payment process occurs within a matter of seconds. The company that handles the transaction is known as a merchant service provider or payment processor. In other words, ABCCP facilitates this process so that businesses have the capability to accept credit and debit card payments from their customers.
Types of Merchant Services
A few years ago, this term was limited to the services needed to accept credit card payments. Since technology has evolved, however, it now encompasses a number of different payment solutions. We have included some of the merchant services offered by ABCCP below.
Credit Card Terminals
A credit card terminal is the machine a business owner uses to accept in-person payments; it is the device used by customers to swipe, tap, or insert their credit or debit card. When a merchant uses one of our terminals, it connects directly to ABCCP, so that we can complete the process for verifying and receiving a payment. Depending on your business, you can opt for a main terminal or a handheld device that allows for more flexibility.
Point of Sale (POS) Systems
A point of sale system comprises both the software and the hardware necessary to accept payments and manage a merchant’s daily sales. The credit card terminals where customers pay for items are a part of merchant’s POS system that can also run reports, track inventory, manage employee schedules, and even accept gift cards.
Payment Gateways
In order to accept online payments, your business needs to have a payment gateway. Essentially, a payment gateway is the software that interacts with your website or e-commerce store that allows you to process credit card payments online. At ABCCP, we offer the Payeezy Gateway for merchants who require a simple and secure online payment solution.
Mobile Payments
Increasingly popular these days for businesses on the go, mobile payments make things simpler for merchants and customers by enabling wallet-free transactions. Customers upload their debit or credit card information to their mobile wallets and then scan their phones at checkout. Some of the more popular mobile payment services include Apple Pay, Samsung Pay, and Google Pay.
By eliminating the need for customers to carry physical credit cards in stores, mobile payments cut down on fraud and identity theft. In addition, merchants have the added benefit of using their own mobile devices to accept payments while they are out on location.
Merchant Cash Advance Program
A Better Credit Card Processing also offers a merchant cash advance program in which we provide business owners capital in exchange for a percentage of the business’ future credit card sales. If you need money to buy more inventory, remodel your workspace, or purchase additional equipment, a cash infusion from ABCCP may be the perfect solution for your business.
How Important Are Merchant Services to Your Business?
Not only are consumers are less likely to use cash, but they also want choices when it comes to paying for items. Most people use debit or credit cards, electronic payments or checks instead of cash nowadays. And the last thing you want to do is make it tougher for your customers to use their preferred payment solution. Instead of adapting to you, they may just take their business elsewhere. As your business grows, your credit card processing system should grow along with it. At ABCCP, our merchant services enable businesses to accept and process payments securely whether you are an e-commerce business, a brick-and-mortar retailer, or you sell your goods out on location.