Merchant Accounts

Merchant Accounts


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Retail Merchant Account

Written by Patricia Tunstall
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Equipment for a Retail Merchant Account

A retail merchant account represents advanced technology for processing of credit card and check payments for point-of-sale (POS) transactions. Far faster than dial-up connections, electronic payment processing instantly authorizes a purchase payment. POS terminals are compact, quiet, and fast in their ability to handle credit, debit, and EBT (electronic benefits transfer) phone cards.

A retail POS system also handles check verification and processing. A large LCD display is part of a user-friendly design that also includes menu-based software, soft keys and programmable function keys. An all-in-one terminal enables the user to have an electronic wizard that processes payments, is a thermal printer, and takes up little counter or wall space.

Importance of Credit Card Acceptance

Being able to accept major credit cards is a crucial element in retail success. A retail merchant account lets a merchant handle many more transactions because of the speed of the equipment. By processing more payments, the business owner increases sales, all without hiring more employees.

By having the capacity to take credit cards, merchants encourage unplanned, or impulse, buying. Customers buy more, buy more expensive items, and spend 2 1/2 times more than non-credit card users. A merchant can do many things to attract customers to a business, but accepting major credit cards is one of the simplest, most effective means to do so. A retail merchant account enables a business owner to participate in this sure-fire activity.

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