Being able to collect and process payments from customers is a key function of any business, regardless of its size or type. With the number of options available for payment processing expanding on a regular basis, it could not be more important for company owners to understand the different methods available for them to choose from. The question “what is merchant processing?” is often asked by those who are new to setting up their own business. The answer is relatively simple.
Merchant processing refers primarily to the ability of a merchant to accept a transaction payment through a secure channel. The types of payments that are covered include:
• Credit cards
• Debit cards
• ACH transactions (sometimes called EF)
• E-checks
For those merchants who operate online, a virtual payment terminal is an ideal solution to allow the acceptance of new payment channels such as Credit and Debit cards. This form of merchant processing helps to increase the customer’s confidence in a product or service while facilitating a convenient way for clients to make payments for their purchases over a secure channel. Working very similarly to a POS system, these web-based alternatives offer a secure and simple way for credit card transactions to be processed by customers by simply entering their details. Virtual payment terminal can be accessed by customers on a 24/7 basis, which then allows merchants to increase revenue through the ability to accept payments at anytime.
Although merchant processing services are virtually essential to be successful in the world of business these days, it is vital to choose a reliable and trustworthy provider of these solutions. Suppliers, such as REPAY, can offer a range of impressive products to suit the needs of all kinds of merchants to simplify the payment process and improve outcomes for both retailers and their customers.
For those who were asking, “what is merchant processing?” this guide will have hopefully helped to explain the basics and outlined the benefits that utilizing these convenient services can bring for both merchants and their clients.