Merchant services and online payment processing offer you the capacity to accept credit cards, debit cards, contactless payments. They also help combat fraudulence, ensure PCI compliance, and integrate with your ecommerce store. A merchant account is a type of business relationship between your business and a payment processor and the bank that issued the customer’s card. It enables your business to accept credit/debit card transactions as well as other electronic payments like ACH or Text2Pay.

Customers pay using various methods, such as swiping or tapping on a physical card terminal at your location (or entering payment information online), and the merchant service provider sends the transaction to a payment gateway which then moves it through several steps before sending it to the acquiring bank and card association. Funds are then sent directly into your business bank account within 48 hours – though this timeline may differ depending on which bank and payment provider you select.

Online payment processing requires many players and poses technical obstacles. A professional payment processor can take care of everything, from card details being submitted to a gateway system all the way through authorization and settlement procedures. Selecting the ideal payment processor is essential for your business’ success, so don’t settle for something that doesn’t meet both your needs and budget. Look for a partner who can support you as your business expands and evolves, as well as one whose software and hardware are compatible with any tools already used by your team.