Merchant Solutions and Credit Card Processing
Merchant Solutions And Credit Card Processing
Are you an eCommerce business owner looking for merchant solutions for credit card processing? You may be a little confused about all the words and phrases you’re encountering surrounding payment processing. Business owners have enough on their plates already concerning day-to-day business operations, let alone having to be concerned with confusing payment terminology and merchant solutions.
But the truth of the matter is, if your business has no credit card payment processing solutions, you’d be leaving a huge chunk of revenue on the table. Additionally, if you’re an eCommerce merchant, you know how difficult it can be to get online payment processing solutions for your business.
If you keep getting denied for credit card processing, or can’t keep your merchant account open through the aggregate payment processors like PayPal, Stripe, or Square, we’re here to help. Alternatively, if you’re looking for help with chargebacks, feel free to contact us for more information.
Merchant Account & Merchant Solutions Terminology
Merchant Account
A merchant account is almost like a personal bank account except it is for a business. It is the place where all your credit card sales are deposited after being processed.
Payment Gateway
A payment gateway connects a merchant’s POS or eCommerce cart software to its merchant account and initiates the payment processing journey.
Card-Not-Present
Aggregate Merchant Account
- Typically have quick approvals
- Lowest processing rates
- Vulnerable to being shut down due to chargebacks
- Won’t accept high risk or CNP merchants
Dedicated Merchant Account
- Takes a little longer for approval
- Processing rates are higher
- Resilient to chargebacks
- Accept all business types, including high risk and CNP
High Risk Business Terminology
High Risk Business
- Government regulations
- Subscription or recurring billing models
- Card-Not-Present processing
- Reputational risk
- Rate of fraud
- Merchant has bad credit
- Business does not have a long processing history
Credit Card Chargeback
- Duplicate transactions
- Item or service not as described
- Identity theft or fraud
Chargeback Fraud
Bank and Finance Terminology
Issuing Bank
Acquiring Bank
ISO
Payment Processing Terminology Video
Hopefully, by the end of the video, you will have a good understanding of the many intricacies that surround the payment processing industry. Being a registered ISO, the experts at PayKings are happy to assist your business in whatever payment processing needs you may have.
We work with all business types, from low risk merchants to high risk businesses, to provide affordable rates on your merchant account and merchant services. Apply for a quote on your merchant account through our website, or call us at 1-727-300-0277 today.