If you are like most business owners, you hear the phrase “merchant services” and wonder what that even means. Merchant services are used every single day – millions and millions of times. You have seen merchant services in action, and if you are a business owner, you may even have your own merchant service provider. What is it then? Most people will tell you that it just allows you to accept credit card transactions. In reality, merchant services are basically a collection of different methods and products used to process payments. From credit cards, to POS systems, and even cash advances – merchant services will have your business covered.
If you aren’t sure whether you will need an actual merchant service provider, you may consider asking yourself a few questions: do you plan on being able to accept card payments? Do you have the upfront capital needed to buy the hardware and software needed? Most successful businesses understand the need to be able to accept multiple different types of payments and that there isn’t a benefit to purchasing costly equipment upfront when a merchant service can do it all for free. If you have come to the decision to start looking for a merchant provider, you will want to start by asking around and looking online.
When you start shopping around online for your merchant services provider, you will probably notice their website is organized into their merchant services, business solutions, and processing equipment. A great example of this kind of organization is the website for the Financial Innovations Group.Merchant services usually encompasses credit and debit card transactions, secure check processing, gift card payments, merchant cash advances, automated clearing house, and several different POS systems and equipment.
Merchant services, business solutions, and processing equipment usually go hand-in-hand when it comes to finding exactly what your needs are. Different combinations of these services allow every single business to have a tailored merchant service to fit your business. Your business may not need the flexibility of a portable POS hardware and software, but you may need several payment terminals. Or maybe you run a restaurant and need a system that can keep track of tables, bills, and orders. Whatever your needs are, make sure that you speak to your provider and give them all the details they will need to tailor a package exactly to your needs.