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From stalls to retail stores, restaurants to contractors, more businesses accept credit cards because more consumers want to pay with them. Credit cards aren’t just one of the most convenient ways to pay, they allow both businesses and consumers to track spending, earn rewards and enjoy a host of security benefits. Businesses that don’t accept credit cards risk sending their customers to the competitors that do. That is why owning a credit card processor is a must as a business owner whether you need credit card processing products or credit card processing for gas stations.
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What Are Merchant Services?
If you have merchant service status, you can accept credit card payments from your customers. Merchant services may be offered by your bank or by specialized merchant service providers or independent sales organizations that offer payment processing. If you go through a merchant service provider rather than a financial institution, you may have the ability to buy or lease your credit card processing equipment, establish both a merchant account and an Internet Merchant account, take a wide range of credit and debit cards, and offer a wide range of other services such as telephone and mail services and mobile services.
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How does credit card processing work?
Here's how the process works. Your customer pays with their credit or debit card. CardConnect, as your payment processor, receives the payment details and reviews them for potential fraud, before forwarding them to the card association or bank that issued your customer's card. Once we are able to verify your customer's credit card details, we relay that information back to you the merchant via one of our secure, online payment gateways, who may then complete the transaction. If verification is denied by the card association/issuing bank, we will relay that information to you (the merchant) who can then decline the transaction. All of this happens in a matter of just a few seconds.
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- Remember to choose a secure merchant services provider that offers a PCI compliant payment gateway, along with integrated payment services to optimize your processing solutions. Also, ensure that your processor offers flat rate pricing and in-house customer support.
- Rate locks: Require that your provider offers a lifetime rate lock on fees. This way, your fees will remain the same every month. Service providers often tempt business owners with low initial costs, Brad Franzen said. But over time, these rates slowly creep up. Before long, business owners are paying far more than they expected.