Starting your business is a difficult process for so many reasons. But the most important thing is what are you selling, how are you going to sell and who you are going to sell it to. For all these things you need a proper plan to take your business to market and grow your brand. On top of that, the more time you spend in e-commerce, the more it feels like you're learning a new language. Terms such as "POS systems", PCI, and merchant account may be of interest to any entrepreneur. One of the common terms that you are likely to come across when setting up your business is a merchant service provider. To create a successful online strategy, you will need a payment processing solution and a merchant service provider can help with that. Today we will help you avoid confusion with merchant service providers once and for all. Here's your simple answer to the question, "What is a merchant service provider?" A Merchant Service Provider to understand what a merchant service provider is and how it can be beneficial for you, you first need to know what is merchant service. As a business that sells online, you are a merchant. Merchant services are software and hardware that allow you to make transactions. For example, credit card processing tools, POS solutions that accept debit cards, and online forms for card transactions are all types of merchant services. Prior to the era of e-commerce, commercial services were purely a stand-alone concept. You used to take money from a hardware card and you tracked your purchases that way. Today, if your business accepts payments from all around the world, you need more than one POS system. Defining Different Types of Merchant Service Providers Thus, merchant service providers are companies that help you accept visa and credit card payments online or offline. Seems simple enough, right? For today's business owners, things start to get complicated, it's that there are different types of merchant services. Different companies offer different solutions. Some are for small business owners, while others support large companies and franchises. The most common types of merchant services often fall into several key categories. This includes: The need to accept card payments online and offline has become paramount for modern businesses. However, this requires payment processing, usually provided by merchant service providers. This could be in the form of a card reader for POS (Point of Sale) physical transactions where even an app on your phone or other mobile devices can complete the transaction. Alternatively, you can also get credit card processing to run through an e-commerce site. POS processing fees are generally cheaper as the customer is physically present and therefore less likely to be scammed than anonymous online transactions. However, to handle PoS in a brick-and-mortar store, you may need to pay for additional hardware, not least a card reader. Charges can also vary based on sales volume, and it's worth keeping an eye on transaction fees. While some merchant services may charge seemingly high monthly fees, they often come with very low individual transaction costs, making them very competitive. In general, the market for merchant services is competitive and there are a lot of choices. The challenge is to find the one that works best for your business model. To help you, we have identified the best commercial services for online and offline companies. PayPal Merchant Services PayPal has no monthly fees and is best for online transactions and also receives payments outside the US. It offers the secure transactions that PayPal is known for, including fraud protection, risk modelling, and a customer service team, and allows for a variety of payment methods including mobile cards and in-store credit cards. Logically, it also supports accepting PayPal from 200 million account holders. The service is better suited for lower transaction volume and is especially well suited for e-commerce. With no monthly fees, the service is attractive to online start-ups and small businesses. Avant-Garde Merchant Solutions AGMS is another amazing Merchant service provider that offers comprehensive and custom payment gateway options. It delivers the best payments experience for your customers across every channel and every device, be it mobile, online, in-store, or self-service. From a single platform, you can use many services. Their motive is to support businesses and protects them from being taken advantage of by banks or processors for charging a high or hidden fee. It is best for small and new businesses, starting with the promise of quick setup, no long-term contracts, and no monthly fees. Square It is another trading service for a start-up with no monthly higher transaction fee. Square (formerly known as Square Payments Processing) is a service designed to “start selling fast”. Square offers a robust set of features, including the ability to send invoices (even from a mobile device) to customers for payment, card information storage for loyal customers, and support for third-party e-commerce platforms like Wix and Ecwid. It also boasts the ability to accept keyboard payments directly through a square virtual terminal without a card reader, as well as offline in cases where no internet connection is available.
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