Essential Questions for Selecting Merchant Services
‘All small businesses require some form of payment processing. Understanding how to select merchant services can impact your sales revenue and profit.
1: What are merchant services? Merchant services enable you to process credit card payments from your customers. It’s a special account tied to a credit card processor that works with your customer’s bank to help route payments into your bank account.
2: Is a merchant account required to accept credit cards? No. One option is to contract with companies providing payment processing on your behalf. Their prices are higher from taking a larger percentage of the ticket price. All credit card providers charge your small business a percentage of each credit card payment received. If you are considering selling on the Internet, a merchant account provides a better professional image. If you allow a third party company to process your payments, you have to put your order form on the payment processing site…’
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