Credit cards and Merchant Accounts have changed the way people shop and the way companies work. Few people remember purchasing without “plastic. inches The initial credit cards were used back in the 1920s. Hotels and oil firms offered cards to their customers, but they were similar to today’s “loyalty” cards than credit cards. The first actual credit card was issued in 1946 by Diners Club. It targeted the restaurant Buy Stripe Account industry and allowed customers to pay for their meals with their Diners Club card. It isn’t until 1958 that American Express and Bank of America issued credit cards as people know them today. Visa and Mastercard soon followed. Merchants trying to maintain with all of these changes started merchant services accounts to provide the apparatus, advice and expertise needed to maintain in an ever-changing economy.
Before computers were running the world, businesses used manual imprinters to record a consumer’s credit card information. All the merchant had to do was place the credit card on the branded plate, lay down a carbon dioxide copy charge slip and then run the imprinter over the slip. The merchant shipped the slip to the bank and, after a few days, moneys were placed in the merchant’s account. While this technique worked : and, in fact, is still used as a non-electronic back-up system : it proved time consuming. Merchants wanted quicker access to their funds. And they needed to know if the credit card would be accepted or declined before any merchandise was released.
Next up, Merchant Accounts introduced electronic authorizations. This technique offered quicker approval than branded falls, but it still took as long as five minutes for a clerk to outline the credit card number over the phone and get approval. For large sales, it was worth the wait, but for smaller sales, it often isn’t. But, by not waiting, the merchant ran the risk of passing over merchandise without knowing if the card would be accepted, allowing him get paid.
Enter point of sale terminals in 1979. We were holding bigger than what is used today, but they were based on the electronic capture of data used in combination with today’s systems. In 1979, Mastercard was the first to include the permanent magnet information stripe on the back of its cards. Everyone else soon followed. Each step of the way, merchant services accounts have been attempting to make the merchant’s job easier : and simpler for the customer. That hasn’t already changed, and today’s merchant service accounts can do far more for the business owner than accept credit cards.
For those customers who prefer to pay by paper check, a merchant services account has equipment that quickly turns a look at a secure electronic document. The result is that the merchant gets paid immediately, and the days of worrying about bouncie checks are over.
Merchant services accounts let business owners accept payments anywhere, from the outside to a underground room office. When you have an invisible fatal, you don’t need a bricks and mortar operation to make sales. After all, some businesses are on the road. If you’re an artist who travels the outdoor art show signal, you can sell your works from the comfort of the presentation area at the fair. Or maybe you sell your wares at trade events. If so, an invisible fatal lets you make sales at that moment. Stop sales from walking away with a wireless fatal.
Even some bricks and mortar shops will benefit from wireless terminals. It is good for the business that wants to be able to make sales anywhere inside the building. Let your visitors pay for their meal at the table of the restaurant, rather than passing over their credit card to a unfamiliar person. You don’t need a landline or power source to process sales.
When a business runs a cash-only operation, it is convenient to have an ATM on the driveway. It’s also a brainy business move. Customers who come in without cash withdraw the funds they need and the business makes the sale. As an added bonus, the business can charge a fee for each ATM transaction.
There comes a time when most businesses could use an infusion of cash. When the merchant can’t or won’t turn to a bank for a loan, turn to a merchant services account instead. The merchant account will front the funds based on future credit card transactions. Of course, the approval and the amount of funds will depend on the merchant’s credit card volume, but it could be as much as $250, 000 within merely 72 hours. Then, as the merchant receives credit card payments, the merchant services account is paid back with a small, fixed percent of the daily credit card invoices. Merchant services accounts have been there from the beginning, making the job of swapping funds easier than in the past. Find out how a merchant account could benefit your business.