Merchant Accounts

Merchant Accounts


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Electronic Money Transfer

Written by Patricia Tunstall
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Electronic Money Transfer Is Easy

Electronic money transfer to a merchant's bank account is accomplished via secure transmissions, as is all customer personal and financial information. Credit card payment processing, ACH check processing, and transfer of these payment funds to the business owner's account are handily taken care of electronically. All these features are available with affordable merchant accounts that are appropriate for any size business.

Retailers can open up their customer base by accepting all forms of payment from their patrons. Their payment processor not only captures customer credit card information and authorizes approval, but consequently "batches" payment information daily and automatically makes an electronic money transfer within 48 hours. The merchant is thus relieved of having to make any judgments about the customer's credit card, and does not have to spend precious time gathering daily reports about credit card sales.

Automatic Processes

Merchant accounts come with many features and functions that are incredible time-savers for business owners. Above all, the services and equipment that are part of these accounts work automatically to handle credit card transactions from point-of-sale to electronic money transfer to the merchant. Batch reports are prepared for current and past transactions.

"Batching" simply means the electronic procedure that enables the merchant and the credit card holder's banks to communicate the transaction information. The end result is the electronic depositing of this payment into the merchant's bank account. The merchant can "batch out" any time during the day, but the payment processing equipment automatically performs this function at a set time each day.

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