What is a merchant service?

Merchant service belongs to a broader category of the financial services which are intended for use by the business enterprises. To be more specific, it refers to the merchant process services which enable businesses to accept transactions through encrypted and ultra-secure payment channels which use their credit cards, RFID card, and debit cards.

The service involves the following:
Debit and credit card payment processing
Check conversion and guarantee services.
Automated clearing house and payment services.
Merchant cash advances
Online transaction processing
POS system
Online transaction processing
Payment gateway
Loyalty programs
Electronic benefit transfer and more.

There are a number of merchant service providers that work as intermediaries between people, banks and organizations that want to receive funds and those looking for purchasing services or goods. These merchant service providers would provide individuals and businesses with all the necessary requisites and accept debit cards, credit cards and several other forms of electronic payments which are completely free from hassles. For instance, if a retailer is selling products to the customers and uses a card for making a payment, it could be a merchant service provider that will move the customer funds to the retailers. The entire process can take up to two days for completion. Merchant service providers normally require the merchant to have a merchant account with the provider which can be either directly or through a referral partner.

Not many people use the mPOS or mobile pin entry devices to connect with their banks as the cost of the payment through mPOS is somewhat higher and therefore, most of the banks have done away with it. Only the businesses that don’t utilize many card transactions make use of the mPOS system.

In short, the mPOS is not a popular mode of transaction, especially with the small businesses that can opt for other payment methods. Still, some transaction procedures such as the iPhone credit card processing (Square) is immensely popular among many people.
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