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Credit cards and merchant accounts have changed the way people shop and companies do business. Some people remember the days without “plastic”. Credit cards were first used in the 1920s. Hotels and oil companies offered cards to their customers, but they were more like today’s “loyalty” cards than credit cards. The first real credit card was issued in 1946 by Diners Club. It targeted the restaurant industry and allowed customers to pay for their meals with their Diners Club cards. It wasn’t until 1958 that American Express and Bank of America issued credit cards as we know them today. Visa and Mastercard soon followed. Traders trying to keep pace with all of these changes turned to merchant services accounts to provide them with the tools, advice, and expertise needed to keep up in an ever-changing economy.
printers
Before computers ran the world, businesses used manual printers to record customer credit card information. All the merchant had to do was to place the credit card on the face plate, lay down a carbon copy charge slip and then run the printer on the slip. The merchant sent the slip to the bank and after a few days the money was credited to the merchant’s account. Although this system worked – and is, in fact, still used as a non-electronic back-up system – it proved time consuming. Merchants wanted quick access to their money. And they needed to know if a credit card would be accepted or declined before any merchandise could be issued.
electronic authorization
Next up, merchant accounts introduced electronic authorizations. The system offered quicker approval than printed slips, but it still took up to five minutes for a clerk to text a credit card number over the phone and receive approval. For larger sales, it was worth the wait, but for smaller sales, it often was not. But, by not waiting, the merchant ran the risk of handing over the goods without knowing whether the card would be accepted so that he could receive payment.
terminal
Enter point of sale terminals in 1979. These were much larger than today, but they were based on the electronic capture of data used with today’s systems. In 1979, Mastercard was the first card to incorporate a magnetic information strip on the back of its card. Everyone else soon followed. Every step of the way, Merchant Service Accounts is working to make the job easier for the merchant – and simpler for the customer. That hasn’t changed, and today’s merchant service accounts can do much more than just accept credit cards for the business owner.
check acceptance
For customers who prefer to pay by paper check, Merchant Services Accounts have tools that quickly convert the check into a secure electronic document. The result is that the merchant gets paid instantly and the days of worrying about bounced checks are over.
wireless payment
Merchant service accounts let business owners accept payments from anywhere, from the great outdoors to a basement office. When you have a wireless terminal, you don’t need a bricks-and-mortar operation to make sales. After all, some businesses are on the street. If you’re an artist who travels the outdoor art show circuit, you can sell your creations from a booth at the fair itself. Or maybe you sell your wares at a trade show. If so, a wireless terminal lets you sell on the spot. Prevent sales from running with a wireless terminal.
Even some physical stores would benefit from wireless terminals. This is perfect for a business that wants to be able to make sales anywhere inside the building. Let your customers pay for their food at the restaurant table instead of handing over their credit card to a stranger. You don’t need a landline or power source to process sales.
ATM Service
When a business runs a cash-only operation, it is convenient to have an ATM on the premises. It’s also a smart business move. Customers who come in without cash withdraw the money they need and the business makes the sale. As an added bonus, the business can charge a fee for each ATM transaction.
Cash Advance
There comes a time when most businesses could use an infusion of cash. When merchants can’t or won’t turn to a bank for a loan, turn to a merchant service account instead. The merchant account will disburse funds based on future credit card transactions. Of course, the amount of approval and funding will depend on the amount of the merchant’s credit card, but it can be as high as $250,000 within 72 hours. Then, as the merchant receives credit card payments, the merchant service account is repaid with a small, fixed percentage of daily credit card receipts. Merchant Services accounts have been around since the beginning, making it easier than ever to move money. Find out how a merchant account can benefit your business.
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