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Merchant Services and Credit Card Processing

Merchant accounts and credit card processing accounts are also sometimes known as merchant processing accounts.  Whatever name is used to describe this type of account that allows merchants to be able to access the worldwide payment system the outcome is still the same; a business will be able to provide merchant services in order to market their product or service to customers globally.

This system allows businesses to access multiple payment types from around the globe in the form of loyalty cards, rewards cards, checks, debit cards, credit cards, rebate cards, ACH debits along with a variety of other payment options that are used globally. This is the best way for a business to accept credit cards from around the globe.

Merchant services can be offered in many different ways and will vary according to the merchandise or service that is being purchased as well as the type of payment that is being used. There are a variety of different types of merchant accounts including retail merchant accounts, restaurant merchant accounts, card not present merchant accounts, high risk merchant accounts and internet payment gateway merchant accounts. The type of account that you will need is going to depend on the type of business that you conduct as well as the way in which your business is conducted.

A retail merchant account is best suited for any business that handled most of their transactions in person. This is a great type of account for a store with a physical location. This type of account will allow you to also factor in tips for business such as beauty salons, barber shops, restaurants and any other type of physical business where tips are typically given.

A lodging or restaurant merchant account is quite like a retail merchant account in many ways. However, this type of account is specifically designed for business that fall within the food industry and lodging industries. If you have this type of account you will also have the ability to offer advantages such as authorization of reservations, checking in and out and server tracking just to name a few.

A card not present merchant account is also commonly known as a mail order telephone order or MOTO account. This type of account is designed for businesses that do not accept most of their payments face to face and instead focus on collecting their payments online or through telephone sales. This is the best type of merchant account for any business that operates virtually with little or no face to face contact between the customer and the business.

An Internet Payment Gateway merchant account is a type of account that is very similar to the MOTO or card not present merchant accounts. With this type of merchant account you can access payments online or from telephone sales just like a MOTO account; however, you can also us this type of merchant account to make use of software payment options as well.

High risk merchant accounts are for those types of businesses which are considered a high risk investment. These businesses that fall into this category typically have a higher rate of fraud or credit card chargebacks then many other business categories. Another reason that you may need to have a high risk merchant account is if your business or personal credit score is not high enough to warrant any other type of merchant account.

While a high risk merchant account is not the idle type of account for most companies; it is a good solution for those who are not eligible for any other types of credit. Obtaining a high risk merchant account will give a business the opportunity to accept credit cards which is the primary goal of any business. There are a variety of different types of businesses that fall into this category regardless of your personal or business credit score such as credit counseling companies, debt consolidation companies, ravel companies gambling services and adult websites just to name a few.