Merchant services basically involve handling and authorizing transaction payments between a customer and a business. Mostly, merchant service processes include getting payment details of the customers, authorizing customers to make payments to a business, and depositing customer’s payment to the business’s bank account.
A business that has signed up with a merchant payment provider can accept payments made through debit cards, credit cards, amongst other forms of payment. The payment processor will collect fees from every transaction made, and deposit the remaining amount to the involved business’s bank account. You can trust us to do that.
At Riverside Payments, we offer our customers comprehensive products and customized merchant payment services that will streamline their transaction processing. Our experts initiate processing within 24 hours with less than 5 minutes of downtime, making it possible for our customers to accept popular forms of payments at competitive rates in the industry.
What are the Most Common Merchant Payment Service Options?
As a merchant, there is more than one way of accepting payments. Depending on what suits your business best, there are several merchant accounts to consider. Various accounts have different specialties. Here are some of the popular options:
Retail Merchant Accounts
Retail merchant accounts cater to average product-oriented businesses that have a physical store-front. Your account will be provided by either an acquiring bank or a third-party processor. The account will serve to connect you to the issuing banks or card networks. This option comes with card reading hardware options such as a POS system or a credit card terminal.
Internet Merchant Accounts
These are ideally for e-commerce businesses that process their credit cards online. This a cost-effective solution for businesses that are primarily or entirely online. Internet merchant accounts provide merchants with multiple payment alternatives and an online portal that customers can use to make purchases.
Can You Get A Merchant Account with A Bad Credit Record?
You can get a merchant account regardless of your credit score. Most processors are hesitant to accept merchants with bad credit unless they are willing to alleviate the risks. Majority of the merchant account providers will require you to have a second party with a good credit score on file to accept your application. Co-signers, specialists, or third-party providers will help you minimize the risks in order to get a merchant account with bad credit.
How to Increase a Merchant Account Eligibility
Owning a high-risk business will not prevent you from getting a merchant account. However, it might be a little challenging to set up one. Merchant account providers will look at your credit record history, how long you have been in the business, and the merchant accounts you had with other processors. Before you apply for a merchant account, make sure your credit report has no bankruptcy, liens, or late payment reports to impress the transaction processor.
Find A Merchant Payment Provider
Let Riverside Payments provide you with the best services and innovative equipment regardless of how big or small your processing needs are. We offer top-notch merchant payment services at customer friendly rates. Call us now at 866.720.0644.