What do merchant services do?
Merchant services companies provide businesses and individuals with the tools and requirements to accept credit cards, debit cards, and other forms of electronic payment for transactions to take place.
What is a merchant services account?
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.
How do merchant accounts work?
A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. … When a customer pays for a product or service with a credit card, the funds are first deposited into the merchant account and from there eventually transferred to the business bank account.
Why do we need a merchant account?
A merchant account serves as an intermediary between customers’ bank accounts and your business’s bank account as electronic payments, including credit card transactions, are processed. … To do so, you will usually also need some hardware, which might be available for purchase through your credit card processing partner.
How hard is it to get a merchant account?
The reality is that it is much easier to get a merchant account today than it ever has been. In fact, the requirements in order to establish a merchant account are quite easy to satisfy. Although some businesses choose to incorporate, many of our customers register their business as a sole proprietorship.
MSC Legacy Corp assists small businesses with each of their payment processing needs. In a competitive marketplace, Small Business Owners need to make the most out of their credit card processing systems, and especially look for the best bang for their buck. We assist in providing user-friendly, speedy, highly secure equipment. We guide you every step of the way, and look forward to helping your business grow.