Merchant Credit Processing Information
Finance Credit

Merchant Credit Processing Information

Published at 03/29/2012 22:27:30


Merchant Credit Processing Information

Carrying plastic rather than cash is the wave of today. Stores, brick and mortar and the internet, rely on the use of credit cards rather than check or cash. Purchasing power increases with credit cards. Customers find it convenient and easier to carry a plastic card rather than cash or a check book.

Business is built around the power of merchant credit processing, whether it is credit cards or the buy-now, pay-later services. With the advancements in technology, it is possible to apply for credit at several merchants. Monthly installments are automatically deducted from checking accounts or credit cards.

Searching for merchant credit processing services may seem a bit daunting, especially reading the fine print and learning about the hidden fees. There are some resources available to help shorten the learning curve, but overall you have to read the small print of the merchant credit processing company.


Merchant Credit Processing Information

The act of extending credit to a customer dates back as far as merchants selling goods. The record of extending credit appears as far back as Columbus when he set out for America. The use of a credit chit in place of a paycheck occurred with Western Union, the drawback to this system was it could only be used in stores operated by Western Union. The last few decades have seen an increase in credit cards. Department, jewelry, banks, and various merchants have created a way to help customers buy and charge more. outlines a history of legalities and advancements. The changes in how credit cards are processed that have occurred over the past couple of decades is due to issues with processing paper records. Technology advancements took credit card processing from using card swipe machines to computerized terminals. The old machines used carbon paper and a slider. This caused problems when the imprint of the card was not clear on the bottom copy causing loss in revenue. Electronic terminals have changed that. Another advancement in merchant credit processing is the creation of software programs for online shops. Both the pay-later and immediate payment options are available at various merchants.


Merchant Credit Processing Information

The advances to extending credit to customers into online shops, software programs and electronic equipment, more options become available. A selection of merchant credit processing options includes the banks that issue the cards and merchant account suppliers. Electronic machine manufacturer's supply the equipment to the banks to offer to customers and wholesalers may offer the machines directly to the customer.

For instance, the Merchant Warehouse offers a selection of specialized credit card processing machines and merchant accounts. Flagship Merchant Services lists the top ten reviewed and rated merchant credit processing services fees are charged for monthly use of the equipment and the service. The amount in fees varies. Some merchant accounts charge a percentage plus the rental of the machine or online membership, while others charge a flat rate for the service.

Tips and comments

Before you settle on a merchant credit card processing account, read the fine print. Some questions you may wish to ask:

  • What are the security measures used to protect credit card transactions?
  • Are there other fees I need to know about?
  • How much are the monthly fees? Do these fees include the equipment?
  • Will your company install the shopping cart and merchant credit processing programs on my website?
  • Is there an added fee to install the programs on my website?
  • Do you offer training and ongoing support?
  • What is the process to solving transaction issues?
  • How are charge backs handled? Is there a fee?
  • Is there fraud protection? Do you need to consider insurance to protect against fraud?

Consider if your sales will help cover the costs of a merchant credit processing account. Balance the cost with the increase in sales to determine which services will work best. Talk with the agents of the company. Check with your bank.


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