Every year thousands of businesses are opened by
entrepreneurs who are skilled at delivering a product or service, but may not
know as much about running a business.
For instance, if you are selling something you know that you’ll
need to accept purchases from those who pay with a credit or debit card, as
well as many of the new online wallet apps like Apple Pay and Google Pay. But
how does all that stuff actually work?
We get it. That’s why, at Cliq, we always start with the
basics when meeting with a potential new client. We know you will now have to work with
equipment and systems that you’ve never used before, and that the prospect can
Here is an overview of what merchant processing services
are, and what they do.
Start here: merchant services are not one solution but a
broad range of financial solutions used by businesses to handle monetary
transactions. Companies generally use one provider for whichever solutions they
need. These are the most common:
Credit and Debit Card Processing
You’ve used these terminals at thousands of stores so you
know how they work. They are usually referred to as Point of sale (POS)
systems. Prior to the creation of debit cards, businesses relied on dedicated
credit card terminals, as that was the only option for payment outside of cash.
Now, with debit cards, gift cards and other payment methods, POS systems were
designed to handle several types of transactions through one terminal.
What if you sell online as well as in a physical location? A
payment gateway is software installed on your company’s website or e-commerce
store that allows for online transaction processing.
Check Guarantee and Conversion Services
While paying by check has largely fallen out of favor as a
payment method, it still pops up from time to time, and you don’t want to turn
away those customers. The solution here is Automatic
Clearing House (ACH) check processing. This system will electronically
deposit checks into your bank account, while providing the authorization that
the check can be accepted.
Perhaps you don’t have a physical business but you still
need a way to accept payment for purchases outside of your website. With mobile
payment processing you can take your business wherever you go.
What Do All These Services Cost?
Depending on how you wish to acquire the merchant processing
services you need, there will be processing fees, and there may be monthly fees
as well. They are determined by what the provider charges and which services
Cost is an important factor in selecting a provider of
payment processing services – but it should not be the only one. The time it
takes to process payments should be considered, as well as how well each
company provides security for each transaction.
Finally, as you’ll be processing payments every day –
perhaps hundreds or thousands of transactions – you should work with a company
that also delivers great customer service and support.
We hope, when it comes time make that decision, that you
will give Cliq a chance to earn your business. We are eager to meet with you
let you know how our team can help simplify payment procedures for your
business, all while providing excellent service to your customers.