Merchant services are financial intermediaries used by businesses in the United States. Authorized financial services that allow an enterprise to perform credit or debit card transactions through online ordering or point of sale systems are called reseller services.
A business account must be obtained to use commercial services and accept electronic payments through a company. If you search the best merchant services for small businesses 2020, we share all the details for you in this article.
The purpose of the merchant services, which is generally defined as the credit card transaction provider, is to ensure electronic payment transactions. It is provided through an account that a seller has set up to facilitate credit card transactions. Benefits of a vendor services provider include customer-centric benefits such as faster money transfer, diversity in shipping options.
How do credit card transactions work?
Approval and payment transactions of credit and debit cards go through certain stages.
You can review the steps of these processes below:
- The customer pays the seller with a payment card (or enters online payment information) for certain products or services.
- Card payment information is transferred to the financial institution of the seller.
- The payment processor sends the payment request it receives to the payment network to which the card is associated. For example; Visa, MasterCard, or Discover.
- The request sent to the financial institution that issued the credit card is put on hold for approval.
- If the transaction is approved, the bank sends a confirmation code.
- Transmits the relevant bank confirmation code to the seller’s payment terminal.
- A receipt is printed for the customer to sign through the terminal.
- The issuing bank issues an invoice to the customer for the expenses incurred at the end of the billing period.
- The customer must make the credit card bill to the issuing bank.
What are the requirements for payment transactions?
When you start working with an experienced merchant services provider, it should assist you in every step, including the setup process: such as specifying contract terms and making deposits into your bank account.
One of the most important things you should pay attention to in the best merchant services for small businesses 2020 searches is that you should get support on the above-mentioned issues.
Your merchant services representative will work with you, taking into account your business and what you want to do in this direction, as well as offering the best POS system for your business while working with you.
What does a merchant services provider do?
In general, a merchant service provider makes the following items:
- Obtains payment card information and transaction information from the seller.
- It gets authorization or denial for the transaction.
- Collects funds from the institution that issued the credit or debit card.
- Transfers money to the seller.
Online and card payment transactions have recently become a requirement for modern businesses, and merchant services play a major role in this area. You can even use the process of an application on your mobile device as a card reader as a physical POS.
POS transaction fees tend to be cheaper due to the trust and convenience provided by the physical presence of the customer. Transaction fees may vary depending on the sales volume made.
Best Merchant Services for Small Businesses 2020
- PCBancard
- Square
- Cayan
- Chase Merchant Services
You can examine the 4 merchant services mentioned above in detail below:
PCBancard
PCBancard, chosen as one of the fastest-growing companies in America, works for you to provide the best and quality service. You can determine your financial goals and new customers, new deposits, and new sources of income more easily by working with PCBancard for your small business.
PCBancard, offering Revenue Sharing Preferred Partner (RSP) and Referral Bank Partnership Program, aims to attract and retain new customers for your business. It also gives your business a sales force to help you capitalize on your brand and market presence to increase profitability.
RSP Partner Program;
RSP Partner Program offers a complete offer that allows you to focus on core banking products and services such as;
Customer service, terminal help desk, marketing materials, equipment deployment and programming, merchant training and activation, online transaction information, referral updates, and reporting.
- Increase earnings from ongoing revenues
- Benefit from brand awareness and branch distribution system
- It allows you to create a long-term service that can bring best-in-class sales, service, product, brand, distribution, and pricing to your commercial business.
Referral Bank Partnership Program;
- It allows you to provide a complete financial services package to corporate customers
- This program includes credit, debit and checks transactions
- With PCBancard, you have the opportunity to provide full service to your customers,
- It offers cash advance fee income for branch transactions
- Support industry-related processing applications including retail, restaurant, hotel/car rental, purchasing card, business-to-business, mail/telephone order and eCommerce
- Access customer service and point-of-sale help for your merchants 24 hours a day, seven days a week
Square Merchant Services
If you are looking for simple mobile merchant services so Square may be the right address for you. Square serves as a payment service provider rather than a merchant account provider. Providing payment transactions without the need for a special merchant account so Square is the best merchant service provider for small businesses.
- Integrated payment service accounts
- Payment gateways
- Online shopping opportunity
- Card readers
- Point of sale systems
- Seller financing
As a result, Square offers the most attractive business service prices and the widest range of commercial services for small businesses, though not suitable for larger businesses.
Cayan Merchant Services
Cayan, which can easily integrate with the best POS systems and payment gateways among all commercial account providers, is at the top of the list of preferences for businesses. These merchant services offer you price by bidding method depending on your business needs.
Cayan payment services, which can be preferred more for businesses that need a special payment account, are also preferred by small businesses from time to time. Unlike Square and PayPal, Cayan payment services offer more special service thanks to more special fee offers.
Chase Merchant Services
Chase payment services, acting as the receiving bank, can perform transactions without a brokerage bank. This type of business provides direct service as a processor, without dealing with different transactions when using your merchant account. In general, the commercial services market offers you many options. Among these providers that offer different pricing policies and services, we have provided you with the best merchant services for small businesses 2020 options.
As PCBancard, we help merchants to offset some or all of their merchant service fees without increasing the overall rates. Contact us below if you need help.