Why merchant services

Merchant services solutions can give you the power to manage and grow your business Merchant services solutions can give you the power to manage and grow your business Merchant services solutions can give you the power to manage and grow your business. You are using an unsupported browser version. Learn more or update your browser. Accept payments in store and online Merchant services solutions can give you the power to manage and grow your business Merchant services solutions can give you the power to manage and grow your business Merchant services solutions can give you the power to manage and grow your business.

Here are some common merchant services solutions we recommend to businesses. Credit and debit cards eliminate these issues. It takes just 1. Worldwide, First Data processes more than 88 billion transactions per year, so we have extensive experience with popular payment systems. We can help your business accept card payments from nearly any financial institution or credit card issuer, including:. Ask us about it. We work with nearly every well-known financial institution across the globe.

You value your customers, but how well do you show your gratitude? Let your customers know you appreciate their repeat business by offering loyalty programs with exclusive discounts and rewards. We can create a custom loyalty program that benefits your customers while increasing your profit margin. We also offer gift card solutions for small and large businesses. Gift cards encourage customers to share your business with loved ones, and they eliminate the risks associated with credit, debit and check payments.

Your customers want to shop at their convenience, even if your brick-and-mortar stores are closed. Online payment solutions make it possible for shoppers to update their living rooms at 2 a. We realize some businesses are hesitant to offer online payments due to potential security issues. Payment gateways transfer data between payment processors and websites or mobile devices.

A merchant account — aka merchant services account — establishes a business relationship with a merchant services provider, like a bank, and enables a business to accept debit and credit cards, Apple Pay and other contactless payments, eCommerce transactions and more.

Your bank may feel like the logical place to go for merchant services and credit card processing. After all, you already have a relationship with them and trust them to help with your business needs. But when it comes to accepting payments at your business, your bank relationship may not mean as much as you think it does.

At your bank, you need to apply for a merchant account to accept credit cards. Applications for merchant credit card services can include credit histories, employment history, bank statements and more.

Plus, it may take several days or longer for your merchant account to be approved, depending on the type of business you have and your experience.

More likely, the bank will refer you to an acquiring partner. This means that your payment processing, hardware and software may be sold as one big package but are actually all from different companies. You have to pay for that out of pocket. Plus, keeping all those systems working together over the long haul can mean lots of expensive maintenance.

Another thing to watch for is whether your bank — or acquiring partner — sourced credit card processor allows you to accept all major credit card brands. If not, you may need to apply to those networks separately. Finally, you need to get all the different pieces certified as PCI compliant.

Now you can finally accept cards at your business, but what are the pros and cons of accepting payments through your bank? Sometimes, you may find yourself on the radar of an independent sales organization, also known as an ISO. Most of the time, an ISO approaches you proactively. Other times, you may reach out directly to the ISO, finding one through either advertisements or by searching online.

To start, you still need a merchant account. You may need to fill out a long application that includes bank statements and employment histories. A representative from the ISO will likely help you do this. While the credit card processing rates may seem low, you often find yourself hit with a bevy of additional fees. If you work with an ISO, you need to be very careful to have a full understanding of the terms of your contract and the fees that you may need to pay.

Like the bank, the ISO bundles hardware, software and credit card processing together from different companies. Finally, you need to ensure that your end-to-end payments system is PCI compliant. Again, not being PCI compliant means you could be subject to heavy fees and fines. The fully integrated system of hardware, software and credit card processing works together seamlessly. Long-term contracts Banks often leverage long-term contracts that include a termination fee.

Long-term contracts with buyout fees Nearly all of these card processors and hardware options come with a three-to-five-year contract. If you wish to leave the contract, most ISOs force you to buy out the rest of it.

No long-term contracts There are no long-term commitments with Square and the only fee you pay for accepting cards is for a transaction.

Your call. This could mean that your system might not work as easily or seamlessly as those that are built to work together from the start. Plus, a bundled solution requires more setup time and more maintenance. Three different systems: hardware, software and payment processors ISOs bundle point-of-sale hardware, the software to run it and a card processor.

As with the bank, this can mean that setup, training and maintenance is a headache.