Echeck And Merchant Services Providers

A merchant is an integral part of the payment processing cycle. Merchant simply signifies the business owners who hire payment processing services to facilitate a method of processing monetary transactions. Merchant account services, like a bank etc. provide merchants with an account through which they can accept payments via credit/debit cards, e-wallets and a number of other modes of electronic payment. Merchant accounts are essential for a business to accept  online payments. These accounts are specifically used for conducting business related transactions and are provided by merchant acquiring banks to business owners. What are virtual merchant accounts? Virtual merchant accounts are those accounts which serve virtual merchants (online storefronts). These merchants can accept payments from anywhere. Virtual terminals, ecommerce websites, credit card terminals, point of sale (POS) terminals and mobile apps are all examples of virtual merchants. A single virtual merc...

The online business arena has eventually embraced payment processing solutions in a wholesome manner. Not because they had a choice in this as there is no alternative but rather because it is a necessity and an imperative requirement to thrive in today’s digital world. There are a number of players in this industry which and are called payment processing companies. What is payment processing? Payment processing is a service provided to businesses to furnish them with the capability to carry out monetary transactions with ease and efficiency. There is a need for a separate industry for this service because the payment process is complex and involves multiple players and technologies for security and other purposes. Payment processing ensures that transactions are carried out securely and confidential data of users is kept out of unwanted hands. The companies that offer payment processing services carry out financial transactions on behalf of the merchant at a minimal fee. These tra...

Every business needs a credit card processor. Plastic money is so much more convenient and offers a lot of flexibility and advantages to the customers. However, small or high-risk businesses that have more probability of shutting down find it hard to find a reliable credit card processing service. Different processing rates, terms of contract and variation in fees tends to bewilder the merchants in finding a suitable and cheap processing service. Small or new businesses need to save money and for this reason they look for cheap credit card processing companies . A business owner can either opt for a traditional merchant account or choose a payment service provider (PSP) to process payment. Let’s understand what these are: Merchant Account A merchant account is the traditional way of going about payment processing. As a merchant you are given a unique identification number. They are costly in the sense that you would have to keep paying a certain recurring fee apart from the other ...