In a world that is increasingly reliant on online services, it provides great opportunities for entrepreneurs. There is a growing demand from consumers who tend to find the best services. Whether it is ordering groceries or buying crypto coins, users need an online platform for everything.
However, one of the most crucial parts of online businesses is the high risk payment processing. That is where a merchant services provider like Pay.cc can be of great assistance. So, what does a merchant service provider do? And why should you choose one? Find out more about it in this article.
Different Types of Merchants
Before we move on to the merchant service providers, we need to understand what a merchant means. This term can include every individual or business selling goods, whether they are selling it online or in-person. Here are the different types of merchants:
- eCommerce Merchant: Business or individual selling products online
- Retail Merchant: Business or individual buying products from wholesalers or manufacturers
- Wholesale Merchant: Organization that manufactures or acquires goods and sells them to retailers in bulk quantity
- Affiliate Merchant: Business or individual who sells products through the affiliate networks
Apart from these, there are Direct-to-consumer (DTC) merchants as well. They will sell them to the consumers directly through various sources, mainly through the Internet.
What Does a Merchant Service Provider Do?
The merchant service provider that you have by your side plays a major role in helping you grow your business. It would assist you with your credit card processing and help you by providing your business with other relevant services, such as:
- Taking payments from customers through the credit/debit card or any other electronic method for quick transactions
- Equipping your businesses with tools and technologies to keep track of payment and retrieve outstanding invoices
- Complying with the PCI DSS (Payment Card Industry Data Security Standard) during the process of storing the payment information of the customers
In addition to that, you can also get other features and tools if you partner with a reliable merchant service provider, like Pay.cc for your business. It can help you meet the specific needs of your business.
How is a Merchant Services Provider Different from a Merchant Account Provider?
Most people consider the merchant services provider to be the same thing as the merchant account provider. While both these entities overlap, there are various differences that set both of them apart.
For instance, the merchant services provider is an organization that offers a wide range of tools to help businesses. Whether it is technology integrations, business services, or payments, the merchant services provider can assist the traders with various things.
On the other hand, the merchant account providers can only help the business that wants to set up a merchant account. This bank account type allows traders to take payments from customers through credit or debit cards. So even though these terms are used interchangeably, both of them are different.
How Can Merchant Services Provider Help With Secure High Risk Payment Processing?
The merchant service provider acts as an intermediary between various stakeholders, such as your business, its customers, and the banks. It helps you in accepting the payment from the customers through their preferred mode. With a reliable merchant services provider, such as Pay.cc, by your side, you can easily get these payments into your bank account.
As soon as the customer pays through the card, the merchant services provider will move the customer’s funds into your business’s bank account. This entire process would only take around 2 business days. But there is also a possibility for businesses to get selected for next-day funding.
As a result, you would be able to receive funds much more quickly. Keep in mind that you would have to buy or rent the mobile swipers or the card terminals through the merchant service providers. In case you ran an eCommerce store, then the service provider would integrate it with your online business.
With the virtual terminals, your business would be able to take payments online or through the phone. The merchant services provider that you choose will also assist you in finding the right payment processing services. It would take into consideration your business needs and then determine the best one accordingly.
Final Words
To summarize it all, the merchant service providers offer businesses the relevant tools and technologies. Using these tools and technologies, they would be able to take payments through various types of electronic payments. As a result, it provides the customer with a convenient and streamlined trading experience.
With reliable and secure merchant service providers like Pay.cc by your side, you would be able to optimize your operations. It would allow your business to offer a streamlined user experience. Consequently, this would lead to greater customer retention.
