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Lessons Learned from Years with Cash

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Businesses Large and Small Need Merchant Services If you've been thinking about starting a small business, it's important that you understand a few things about merchant services. It may seem that a small business should just be able to use a commercial bank, but this is not practical unless your business is a very small, cash only enterprise which makes only a few hundred dollars a year. In short, any business that has employees or wants to accept credit or debit cards needs to have a merchant services account. The biggest reason to have a merchant services account is the ability to accept credit or debit cards. A merchant services account is integral to accepting credit card payments for several reasons. When a customer uses a credit card, the information from that card is transmitted through a series of institutions, including your bank, the credit card processing entity, and the bank that issued the credit card. Credit card processing companies require that you have a merchant services account of some kind to process these orders; a commercial bank account is insufficient. Merchant services companies facilitate the use of credit cards through readers and online. The device that is installed in your place of business is supplied by the merchant services provider; you can't just buy one and use it without a merchant account. Merchant service providers also have mobile card swipers, which interface with smart phones and allow you to process credit or debit card transactions wherever you might be. Even if you never intend to handle a credit or debit card itself, you need merchant services software to process orders placed with a credit card, such as online or over the phone.

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Of course, there are other reasons to get a merchant account, as well. Merchant banks also provide you with night deposit access, including night deposit bags, that business owners can use to make deposits at the end of the business day. Merchant services companies might also provide payroll options, including issuing checks or electronic payment transfers for your company directly from your merchant account. Gift card issuing and processing can also be done by some merchant services providers. They also offer small business loans and other types of financial help, such as cash advances, that are harder to acquire from a commercial bank. These types of loans are different from commercial loans, in that the terms are often different.

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Several different types of companies offer merchant services. Merchant banks specialize in merchant services and provide only merchant accounts to business owners of all sizes. Retail banks, or commercial banks, also sometimes provide merchant services accounts, often out of the same branch offices as their commercial services. There are also institutions that handle things like credit card processing without the other associated merchant services.

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