What is a Merchant Account? A retail establishment is able to accept credit cards, debit cards, electronic gift and loyalty cards through the medium of a "merchant account" established with a credit card processing firm. Merchant how to start a payment processing company accounts or credit card processing services are provided by merchant banks or Merchant Service Providers (MSP).
A merchant or retail establishment benefits from subscribing to credit card processing services by tapping into the huge potential held by sales generated through card transactions. Retail establishments with card processing services are a preferred choice among shoppers. Providing such payment options invite the shopper to spend a little extra than planned.
Credit Card Processing
The technology used to make acceptable credit card transactions involves a credit card terminal. This is a single piece of electronic equipment with a telephone like keypad connected to a power supply and a telephone connection. A credit card can either be swiped on this machine or details of the card can be manually keyed -in. The telephone connection is required to verify the validity of the card and authorize the transaction. Advancement in technology allows the same verification process to be completed through the internet or cellular networks.
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Requirements for an Online Credit Card Merchant Account
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Posted 03 October 2022 - 10:08 AM
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