Credit Card Processing California, Colorado
Your business is growing and you want to start accepting credit cards choices are many from local and national processing companies to upstarts like Square and Pay Pal.
Traditional credit card processing is a tried-and-true method
for accepting payment for purchases, and many business owners stick to the “if
it’s not broke, why fix it” attitude when it comes to the processing traditional
credit cards. Traditional credit card processing is typically tied to a
physical store location, with each processing terminal tied to the cash
register’s desktop computer. Also included in this model, online stores and
mobile payments, i.e payments accepted on
location such as a festival, farmers market, flea market etc.
“Merchant services” is an industry term that describes the
accounts and equipment a business needs in order to accept credit cards. To obtain a merchant account, you’ll need to work
with a Merchant Service Provider (MSP) because with the exception of some of
the mega-banks you typically can’t walk into a bank to get a merchant account. Most
banks work thru an MSP or Merchant Services Provider. The MSP sets the rates
and fees that you will pay on your merchant account. All MSP’s have the same
costs to cover, because they are set by Visa and MasterCard, so the smallest
MSP can be as cost effective as the largest. Thru a reputable MSP you can set
up an account to accept cards as well as purchase equipment, gift cards etc.
Compare this type of company to a company like Square or Pay
Pal which have niche positions in the credit card processing industry.
With Square, as well as Pay Pal merchants can simply plug a
device into their iPhones, iPads, or Android based smartphone’s to use for
swiping. This appropriately-named, four-cornered accessory converts the credit
card’s information into usable data on the phone or tablet, giving users
instant access to the money they need. Walla you are accepting credit cards.
With a traditional processing account you set up your
processing account and your MSP or processing company will ask you for your Bank’s routing number and account number and
the funds are typically deposited directly into your account.
With Companies like Square and Pay Pal they are your initial
bank. Your funds are deposited into an account you set up thru them however
with Square you can add a Bank account and those funds minus your processing
fees pass on thru to your Business Bank Account. With Pay Pal you can use a
debit card that they issue.
In either case there are pluses and minuses to each your
decision as to which type of account to set up is going to be based solely on
your personal needs.
If you are interested in discussing your options to acceptcredit cards contact a professional company like Quantum Merchant Services.
Quantum is a registered MSP, BSP and can do business with most types of
companies nationwide.
Quantum Merchant Services
7300 Hudson Blvd N.
Suite 255
Oakdale Mn 55128
A+BBB Rating
1-800-815-3123
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