Credit Card Merchant Service Provider: What Services Does it Offer?
Merchant service providers (MSP) provide businesses for merchant accounts that facilitate credit card, debit card and check payment. Without these accounts, a merchant loses customers who prefer not to pay with cash, consequently leading to the cancelling out of a significant source of revenue. The service option a business requires from an MSP depends on several factors, particularly: where it sells, what it sells and how its customers prefer to pay. To account for these factors, a provider of merchant services offers the following account options.
Retail Processing
Retail processing allows businesses to accept credit and debit card payments using card terminals that are usually stationed at point of sale (POS) counters in a storefront setting. Research shows that the average cash purchase is nine dollars and the average credit purchase is forty dollars. By accepting credit payment, your business profits from the spendthrift habits of credit card holders. At AVPS, we offer small business credit card processing in addition to standard credit card processing.
Electronic Check Processing
Electronic check processing allows businesses to accept paper and virtual check payment securely. Check processors can be stationed at POS to turn checks into electronic transactions that eliminate the possibility of bad checks. If you think that check payment is dead, think again. According to a study by Transunion, eight million consumers have given up credit cards in the last year to encourage responsible spending, which involves paying by cash, debit or check.
Internet Processing
Research shows that businesses that accept online credit payment can increase sales by over seventy percent. Sound incredible? It is because credit is the preferred method of online payment, and that an ecommerce website can literally reach billions of consumers. If your business sells products or services to consumers and it does not sell them online, erecting a website and receiving an Internet payment gateway from a credit card merchant service provider should be its following moves.
Mail Order / Telephone Order Processing
Mail order / telephone order (MOTO) processing allows businesses to process mail and telephone based debit, credit and electronic check payments using a virtual terminal or manual terminal. Using a virtual terminal is optimal, as it accommodates recurring MOTO payments and simplifies data storage.
Wireless Processing
Wireless processing allows businesses to accept credit and debit payment at remote locations such as trade shows, kiosks and residences. If your business sells goods or services on the go, a wireless card terminal will allow its employees to accept credit and debit payments and avoid carrying large amounts of cash from sales.
AVPS has the Account Options You Need
At AVPS, we recognize that different businesses have different account needs. That is why we offer the account types above and the equipment that supports them. We also offer special services such as merchant cash advances and hard to place merchant accounts to help merchants succeed at what they do.
AVPS has over twenty-five years of experience in Small Business Merchant Accounts and servicing merchants. If your business needs credit card processing or another type of processing, contact us today.
