Merchant service providers are third parties that process transactions on behalf of a company or individual. They receive a fee for each transaction they process and can accept credit card payments from a variety of card issuers.
A merchant service provider, which can be an independent sales organization, credit card processor, or other entity that specializes in processing payments for other companies, will enable a business to accept credit cards through its Web site or retail location. It makes sense for many small businesses that are likely to process a few transactions each month — such as electronic equipment manufacturers that do not have a brick-and-mortar presence.
Merchant service providers add fees to each transaction, but for many small businesses — especially those that do not have a physical presence — the added revenue from increased sales makes using a third party worthwhile.
Kinds of merchant services
Virtual credit card terminals: These machines allow a business to swipe a customer’s credit card through a machine that accepts the payment and then prints out a receipt. Virtual credit card terminals can be used for taking payments from customers face-to-face or remotely via telephone, fax, email, or the Internet using an encrypted connection. Credit card processing rates will vary depending on whether the transaction is swiped, keyed in, or card-not-present.
POS systems: A point-of-sale (POS) system is a physical machine that combines credit card processing and other functions such as inventory management, customer relationship management, and end-of-day reports. POS systems generally allow businesses to process debit and credit cards, which can be expensive for companies with low transaction volumes.
If you are thinking of partnering with one of the best credit card processing companies for small businesses, get in touch with Merchant Services Broker Solutions. We have been delivering top-notch, secure credit card processing solutions to businesses across the country. We offer a simple and affordable alternative to merchant accounts for small business owners by helping them find a provider that offers excellent rates for debit and credit cards as well as competitive pricing on virtual terminal services, mobile apps, and other related products. Call 888-912-6727 for more information.
