Merchant Services:
Merchant services, often referred to as payment processing, is the technology that allows businesses to accept credit and debit card payments. This essential service is crucial for businesses of all sizes, from small startups to large corporations.
Key Components of Merchant Services
- Payment Gateway: This software application securely transmits payment data between a merchant’s website or point-of-sale (POS) system and the payment processor.
- Payment Processor: This entity handles the authorization, settlement, and funding of transactions.
- Merchant Account: This is a bank account specifically designed for accepting credit card payments.
