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What are Merchant Services?
August, 26, 2011
Summit Merchant Solutions is a merchant services provider…but not everyone is clear on exactly what that term means.
In its most basic form, merchant services allow business to accept credit and debit card payment. Once the card is charged, your merchant service provider will transfer the money into your bank account.
Customers like the convenience of paying by a credit or debit card. According to a recent study, the use of credit and debit cards have seen a significant increase. Credit card transactions in 2008 totaled $2.1 trillion, up from $1.4 trillion in 2003. Debit card transaction in 2008 were $1.33 trillion, up from $583 billion in 2003. (Source: Nilson Report, December 2009)
But there’s more to merchant services than just credit and debit cards. Businesses can also benefit from a growing list of products and services, such as:
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Check Verification/Authorization offers check processing and payment protection, helping to eliminate fraud at the point of sale. This gives your customers the convenience of paying with check, while making the entire process faster and more secure, protecting you.
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Gift Cards are a no-lose source of revenue, as well as an outstanding marketing and advertising opportunity for your business. Gift cards build customer loyalty, increase profit margins and are an outstanding marketing tool.
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ATMs give your customers who prefer to pay with cash the convenience of onsite access There’s no reason to let a customer leave your place of business to get money, risking the possibility they don’t return. An ATM in your establishment provides your customers easy access to cash and increases your profits.
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I-Store is our award-winning e-commerce solution that allows your business to create aWeb storefront, complete with your products and services. It’s everything you need to sell your products and process credit cards online, with no computer programming or website design experience required. The package includes your unique website and web address, e-mails, a shopping cart and search engine placements so others can find your store.
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Cash Advance. If you had an extra month’s income, could you grow your business? A cash advance provides working capital for businesses who want to take advantage of opportunities that will help you grow your business—marketing, advertising, expansion, renovation, new equipment or additional inventory.
These (and other) value-added services and products are designed to help your business, while giving your customers more options. In future blog posts, we’ll expand on the specifics of these products and services. But if you have questions or would like more information, please let us know. You can request a call at our contact page.
