Whether you’re a new entrepreneur or running an established business, understanding merchant services is key to accepting payments. Here’s a quick breakdown.
What Are Merchant Services?
Merchant services allow your business to accept credit card and debit card payments from customers. These services are provided through a merchant account that connects to your POS system or payment gateway.
Key Components
Merchant Account: Holds the money from card transactions before it’s transferred to your bank.
Payment Gateway: Authorizes online card transactions.
Payment Processor: Moves funds between the customer’s bank and your merchant account.
Pricing Models: – Flat Rate:
One fixed fee per transaction (e.g., 2.9% + 30¢) – Interchange Plus: Cost = interchange rate (set by card networks) + a small markup
Why Merchant Services Matter:
Increases customer convenience – Enables online and in-store payments – Helps track and protect transactions
At DepotPOS, we partner with industry-leading providers to offer you competitive merchant services tailored to your business needs.
