What is a Merchant account, or Merchant Service, You inquire?
A merchant is a business owner who accepts a payment for goods or services. Merchants who would like to have credit card payment options need something called a merchant account. It is important to choose the right type of account or accounts for your unique business needs.
How do I get a merchant account and how do I decide which account options to choose?
Merchant Processing Service accounts can be applied for through a credit card company, bank, or through a process like Merchant Processing Services. We at Merchant Processing Services would be glad to help you in the process of choosing the account appropriate to your business.
What account options are there?
There are two fee structures: retail or swiped merchant account, and there isd a moto or keyed merchant account. With this in mind, please refer to the account options below.
Retail Merchant accounts: This account is usually defined for stores, hotels, and restaurants. The retail account has the lowest discount rate and transaction fees of the Visa and Mastercard, due to the card being present at the time of the sale. There are three different discount rates with the retail account. Transactions that are swiped through the credit card machine have a qualified or main rate charge. If a credit card is keyed in on a retail account this is considered a mid-qualified transaction will incur an additional fee. The third discount rate is a non-qualified transaction. This is an additon fee that applies to government, business, or international credit cards.
Moto Merchant accounts: Merchants who would not typically see their customers, or their credit card, due to mail and phone orders benefit most from this account type which only has two different discount rates. The qualified and non - qualified. As you are supposed to be keying in on this account type there is no mid - qualified rate.
Dual Merchant accounts: If you have a retail account and find that you are doing more and more keyed in transactions you would most beneift from this account type. Instead of accumulating a lot of mid-qualified fees you can make it so your business has retail and moto accounts on a single machine. The Lipman Nurit credit card machines share this feature.
Store and Forward accounts: This feature makes it possible to have retail rates even if no phone line is available at the time of the transaction. This account is best suited for things like trade shows, flea markets and home parties. The merchant can swipe the card through the terminal at the time of the transaction and the information is stored in its memory banks, when a phone line becomes available the merchant can easily forward the stored credit card transactions for approval and deposit to the bank.
This can work in two ways: One is The Nurit 2085 machine. It has the store and forward feature, however, needs power at the time of the transaction. Two, the Nurit 8320U machine. It has a battery pack for when there is no phone or source of power.
account with a Tip Feature: This machine is designed for merchants in nail or hair salons, retaurants or other businesses that include tips as part of their transaction process. Our credit card machines are able to add a receipt line for tips. As a result, at the end of the day, the merchant does not have to go through the counting and splitting of monies at the end of the day.
account with 3RD Level Data: Merchants who handle business, goverment and international credit cards regularly, can avoid the non-qualified charges with this program. Our terminals will prompt the merchant for additional information like an order number, a tax id number and even the ACS/CVV2 numbers. This program will allow for the merchant to not only save money but to have a more secure transaction with the additional information being requested.