Merchant Services payment processing has become a big payment mode in today’s trade or business practice. Merchant Services processing is a simple payment method that requires the swiping of the customer’s Merchant Services by the trader, through the Merchant Services processing machine.
Since this Merchant Services processing procedure involves a widespread network of bank and merchant account holder’s, credit cards have become a growing craze among customers and thus Merchant Services payment is the most preferred mode of payment among customers and traders across the world today.
This processing network basically comprises of Merchant Services holder, Merchant Services provider or bank and the merchant account owner or trader. The process of attaining payment through a Merchant Services is to perform the exchange of information and money transaction from the customer’s bank account to the trader’s merchant account.
Procedure of Merchant Services payment in actual comprises of a series of steps taken by the bank or the Merchant Services company. Following are the steps that are performed before a customer gets to enjoy his/her purchase:
– The trader swipes the customer’s card through the Merchant Services processing machine and then he dials the Merchant Services number himself or asks the customer to do so.
– The bank or the Merchant Services company scans or scrutinizes the customer’s account details, the amount of money available in his/her account, the validity of the card and the credibility of the card being used for purchase.
– Once the bank is done with its inspection, it gives a green signal to the trader to accept the customer’s purchase and to release the service to him/her.
– The moment the Merchant Services payment takes place, bank also adds the pre-settled commissioned amount to the trader’s merchant account.
Thus, the easy looking payment is not just easy but also a quick one. While the customer is busy glancing at one product or more, the trader is ready with authorization from his bank for accepting the payment.
Merchant Services payment processing is not just a comfortable mode of payment but also a safe one too. These series of steps behind the finger snapping speed of payment via Merchant Services does not just save a trader from fraud or illegal payment but also keeps the Merchant Services number of a customer safe and allows cash free movement while shopping.
Payment via Merchant Services may sound a benefit for a customer but in reality, it supports a trader the same way it facilitates a buyer. Following are the benefits of implementing Merchant Services payment processing for both the trader and the buyer:
* It permits shopping without the need of carrying heavy cash
* It permits shopping even when a customer gets short of money
* If stolen, a customer can immediately call the bank and block the access to its account.
* It boosts the image of a business as it acts as a status symbol for shops and retail stores
* It increases the sale, as customer always tends to spend more than he or she plans
* It adds a commission into the trader or business owner’s account
* It allows trading even outside the office environment via mobile Merchant Services processing equipment.
Jamie Duncan an expert in internet payment processor and merchant services.
