MERCHANT SERVICES

There are three types of merchant accounts: retail, MOTO, and eCommerce. If you take payments in person from customers, you need a retail account. If you process mail or telephone orders, you need a MOTO account. And if your business is entirely online, you’ll need an eCommerce account.

In general, the entire process from application to activation takes about two weeks. However, in some cases, it may take a little longer. To speed up the process, be sure to have all of your documents are ready to go.

Merchant services for small business are a type of payment processing service that allows companies to accept payments from customers through credit or debit cards. Banks typically offer this type of service, but there are also many independent providers who offer these services.

When you sign up for merchant services, you will be given a merchant account. This account will be used to hold the funds from your transactions. Once the money has been transferred to the bank account, you can then use it however you wish– whether that’s reinvesting back into your business, covering operational costs, or paying employees.

The cost of merchant services will vary depending on the provider you use and the type of account you have. Basically, businesses will pay a monthly fee, a per-transaction fee, and sometimes an additional charge each time a customer uses their card.

Depending on what your business needs, you can expect to pay anywhere from $20 to $100 per month for merchant services. The per-transaction fee is typically around 0.25% – 0.50%, but this will vary depending on the provider you use.

Yes, you can manually process transactions through your merchant account. You will need to provide the customer’s credit card information and the purchase amount. The transaction will then be processed through the merchant account and appear on your statement.

Manually processing transactions are often used for mail orders, telephone order businesses, or businesses that do not run a website.

Withdrawing money from your merchant account is typically done through a process called ACH (Automated Clearing House) transfers. This electronic network handles the transfer of funds between financial institutions.

To withdraw money from your merchant account, you will need to share your bank account information with the provider. Once the funds have been transferred, they will be available in your bank account within a few days.