If you are debating about adding credit as a customer payment alternative, it helps to know what merchant account choices are available to your business. There are many types of accounts you can utilize to increase profits and offer more convenience to customers. Services may be applied to online, in store, phone, and mailed payments. How you collect the card information as well as perform each transaction determines which merchant account services category you will fall into. By learning which category fits your business situation, you can have a better understanding of what to expect when utilizing these services. Initial categorization begins with how the card information is captured. Additional categorization occurs based upon your particular business environment and the selected technique for processing.
Credit Card Merchant Account: Transaction Handling Classifications
If you will be having direct interaction with customers when the payment is made, this is considered a swiped transaction. The card is present while you are capturing the consumer’s payment data. A customer pays for their purchase by running their card through a terminal or physical sale system. Card present processing can be categorized as retail, restaurant, mobile, or lodging. A retail merchant conducts payments in a store or office environment by swiping and interacting with the payee. Restaurants accepting tips have to have the ability to authorize the transaction along with a provided tip. Mobile accounts are designed to process transactions wherever you are located. They involve setting up a wireless terminal so payments can be accepted on site and in real time. Lodging businesses need the ability to charge a card for additional nights when customers remain with them longer. This involves being able to adjust the transaction a few days after they have checked out. The general nature of your business greatly determines which credit card merchant account will be most beneficial.
A keyed transaction is often collected when the customer is not present. The information may be collected by phone, mail, or in person. A face-to-face transaction results in a future interaction with a customer to provide a service or product. The information is collected prior to the service without the card being present. An order might be received by phone, mail, email, or online. You can create an account to key cards received by mail or phone for services. An internet credit card merchant account is the final option. It is utilized for ecommerce on a business website. Information entered online is collected and then processed without ever meeting the customer. Every online transaction is processed in real time through a payment gateway. The gateway is built into the shopping cart shown on the website. An order is confirmed and charging occurs instantaneously.
As a merchant account services provider, AVPS can help you select the best option for your business. We can supply a traditional account or even assist with a high risk situation. Cash advancement and other services allow you to truly get the service which matches the demands of your business. Call us today to learn how our offered merchant choices can help you begin the journey to increased profits and wider business opportunities.
