Business is evolving rapidly nowadays, with every coming day there’s a new product or invention in the market. To keep up with this running market, you must keep up with the technology. Technology has played a vital role in the evolution of business. Today, as we know that plastic money is the need of every customer, because in this fast-moving world nobody has time to trade with paper money. To keep up in these times of competition in the business market, you have to accept plastic money and convert your business operating systems accordingly. This is your step forward for becoming the integral part of rapidly growing digital market.
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What is a Merchant Account?
A merchant account; in simple words is defined as: a type of bank account that allows a business owner to accept payments by multiple ways. A merchant account is an accord between a retailer and a credit card processing company. A Merchant account is actually type of a bank account that allows businesses to accept payments in various ways like Credit/Debit cards and ACH payment. Some companies provide you expansive merchant account facilities and allow you to accept payments through gift cards, discount cards and loyalty cards. You could check it out on merchant account solutions. There are many merchant account options available by which you can give your customer an impression of futuristic payment.
Types of a Merchant account:
There are two types of a merchant account which are primarily based on the type of payment system which they use.
- Aggregator Merchant accounts
- ISO Merchant accounts
Aggregator Merchant accounts:
These are the merchant accounts which provide funds to other merchant accounts i.e. they are facilitating other merchant accounts. They’re also called as Payment facilitators (PF) or Payment service providers (PSP). This type of account facilitates the small businesses as they don’t get to pay fees all the time instead you have to pay only when you process the payment or transaction.
ISO Merchant accounts:
Independent Sales Organization merchant account is the merchant account for huge business setups. These types of merchant accounts are exclusive and flexible providing their owner many options. With this account the merchant can get currency conversions, customized credit limits and many more facilities.
Some merchant accounts facility providing systems for small businesses are;
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Clover:
Clover is one of the most popular systems which provide POS for merchant accounts. POS a.k.a Point of sale is the system due to which all businesses can use merchant accounts. It provides you added level of security which makes your payments even more secure. Apart from accepting payments they also provide you with transaction reports, printing and storing of receipts. They also let you keep a track of your inventory by keeping you up-to-date on your in-stock stuff. There are different types of systems provided;
Clover flex is an advanced type of POS system introduced. It is really handy for door to door businesses. It compact size makes it feasible to carry around and you can make transactions wherever you want to. It has an in-built scanner and receipt printer making it more efficient.
Other than Clover some of the POS providing systems are;
Square:
Its very user friendly and one of the best mobile credit card processors. It can easily turn your iPad or tablet into a robust mobile POS terminal allowing you to proceed with your business transactions.
Touch Bistro:
This system is specially designed to facilitate restaurants. It is specially designed to meet the need of all types of restaurants; bars, breweries, fine dining, casual eateries, food trucks and more. It also offers 24/7 phone and email support.