Retail Merchant Account FAQs
What is a retail merchant account?
Designed for stores and retail businesses of all sizes, a retail merchant account is a system that allows you to accept credit or debit cards for sales of products and services.
How does this type of account work?
Your customer or employees, depending on your specific policies, will swipe the credit or debit card presented for payment through the merchant account equipment. Once the transaction is initiated, the issuer checks for security and fund availability. If everything is in order, the issuer authorizes the transaction and it continues to completion. However, if there are problems with the account or sufficient funds are not available, the issuer declines the transaction.
What type of equipment is necessary?
To process credit and debit cards at your business, you will need the appropriate equipment. The EMV changes announced by Visa and MasterCard have been implemented, and all terminals have been updated. Merchants with terminals that do not accept EMV chip cards have been notified that they must upgrade or face fines. Therefore, it is crucial for businesses to ensure their payment processing systems are up-to-date and compliant with the latest security standards.
How is a retail account different than an online merchant account?
While a retail merchant account is essential to operating, you can further expand your business by offering products and services online. Moreover, having an online merchant account allows you to reach a broader audience and tap into the potential of e-commerce. With both retail and online payment options, you can cater to diverse customer preferences and boost your overall sales, you need eCommerce solutions. Enabling the acceptance of e-commerce digital payments mirrors the process of handling payments at a physical point of sale in your store or establishment.
Do customers always have to input their card information?
In some situations, your regular customers do not have to put their card information in every time they make a payment. An online merchant account application makes it easy for customers to process their payments from their phones or tablets just as easily as they process them from a laptop or PC.
For answers to your questions and to discover more about merchant accounts that can aid in building your business and achieving your success goals, feel free to call 1-800-7919-9198.