Credit Card Processing Merchant Services for Your Business?
In today's business world accepting electronic payments via credit cards, electronic check service or even crypto currencies is practically a necessity but requires some form of merchant account. A merchant account is an account you acquire with a merchant service provider that gives your business access to the payment card networks established by Visa, MasterCard, American Express and Discover. These payment networks have the ability to authorize and/or decline your payment transactions based on numerous variables.
The merchant account temporarily holds the funds for the approved transactions that are typically settled on a daily basis before transferring them to the business checking account of choice. There are other methods of settlement and funds transfer but usually this is how credit card processing is done. In simpler terms, a merchant account is a special type of bank account that allows your business to accept payments made with credit and debit cards. It's like a bridge between your customers, their banks, and your business bank account.
In order to check the balance, authenticity and validation of the credit or debit card you are trying to charge you need access to the card issuers networks. That is why you need a merchant account, to access the card brands networks to clear funds into your business bank account.
Selecting a merchant service provider is not always an easy task, especially as your transactions scale and the transaction volume increases over time. This is where Mission Critical comes in. We're here to help you grow. Our success relies on your success. We strive to bring you the lowest possible rates, best customer support & service, unbeatable security, and easy integrations with all the heatures your business requires.
Why Does My Business Need a Merchant Account?
Some of the benefits of accepting electronic payments include:
- Accepting Credit Card & Debit Card Payments
- The most obvious reason: if you want to accept credit or debit cards, you need a merchant account. This opens up your business to a wider range of customers, as card payments are incredibly popular.
- Expand Your Business to a Global Wide Market
- A merchant account also allows you to take your business online. It's essential for e-commerce and allows you to accept payments from customers all over the world.
- Boost Customer Confidence
- Being able to accept card payments makes your business seem more professional and trustworthy. It gives customers the confidence to make larger purchases, knowing their payment is secure.
Mission Critical is Here to Help Your Business:
A common misconception is that merchant accounts are for big businesses and large corporations. The reality is, with our help, you can get a merchant account no matter how large or small your business is. Here are some common concerns and questions we deal with.
- Can I get a merchant account if I have bad credit?
- Absolutely, there are lot's of options during the underwriting process to help those with bad credit obtain merchant accounts for their businesses. Where other merchant service providers avoid your credit situation, Mission Critical is here to help. Call us Today.
- How long does it take to get a merchant account?
- The approval process varies, however, it can often be done in 3-5 business days of the completed application package submission.
- Can I use a merchant account with my existing Point of Sale system?
- We have access to numerous gateways and platforms and can make your POS integration simple, seamless and seecure.
- Are merchant accounts secure?
- Advanced encryption and security protocols protect you and your customers 24/7/365 and PCI Compliance and breach insurance is included with your merchant account.
What Types of the Merchant Accounts are There?
Depending on your industry, the types of cards and the ways the cards are entered/input, you might need a specialized merchant account.
- Retail, Card Present Face to Face:
- Retail credit card transactions are where the card holder is present and swipes or dips (EMV chip transactions) their card into some type of card reader or credit card terminal.
- Mail Order / Telephone Order:
- MOTO Transactions are when the cardholder provides the credit card number, expiration date and CVV code either over the phone or on paper and the business owner keys them into a terminal or software at the time of sale.
- e-Commerce:
- e-Commerce transactions are the most diverse. These transactions are where the card holder inputs their credit card information into some type of form over the internet. This can be a shopping cart, a kiosk, behind a QR Code, or a simple web page. E-commerce transactions require some level of gateway integration. Mission Critical is here to help you navigate the options and challenges presented with e-commerce payment processing.
- ACH Merchant Accounts:
- ACH or Automated Clearing House transactions are payments made using bank account information as opposed to credit card payment, or crypto currency payment. These e-check payments may be taken over the phone using a bank routing and bank account number, or might be scanned into a computer in the case of hand written checks. electronic checks can also be used over the internet depending on the business needs.
- What are Omnni Commerce Transactions?
- Omni Commerce transactions refer to a single merchant account for all three types of transactions, Retail, MOTO and e-commerce all processed into one merchant account for easy reconciliation and reporting on all transactions including cash and check transactions.