Advantages of Merchant Accounts and Choosing a Merchant Service Company

Begin Accepting Credit Cards Today
Are you thinking about accepting credit cards for your business? Did you know that just about two-thirds (67%) of all transactions will be made using credit, debit and electronic payments, which works out to be over Trillion. Offering customers the option of paying with credit is no longer a luxury, it’s a necessity for your business. Needless to say, selecting the right credit card processor is crucial. So, whom should you trust?

Trust the Leaders in Small-Business Management
Innovative Merchant Solutions of Pennsylvania is more than just a card processor. As an Intuit company, the makers of QuickBooks, Quicken, and TurboTax, our goal is to help you increase sales and better manage your business by helping you choose the merchant services that’s right for your particular business.

Right for Your Business
No company knows more about helping entrepreneurs and small businesses to succeed than Intuit, the leaders in small-business financial management and accounting software. Our Merchant Service Company “Right for My Business” approach means your merchant solution will be easy-to-setup and use, customized for your business’s needs, and competitively priced.

Some questions to be knowledgeable of are included below.
How do discount rates and transaction fees work?

Our merchant account fees are broken up into two parts: the discount rate and the transaction fee. The discount rate is the percentage of each transaction that the acquirer charges to the merchant in order to process the charge. Because the discount rate is a percentage of the total ticket amount, the amount deducted from the merchant account will vary depending on the ticket size. The transaction fee, on the other hand, is a fixed amount also taken from each transaction. The transaction fee always stays the same.

What is the difference between “card present” and “card not present” transactions?

There are two different types of credit card transactions, “card present” or “swiped” transactions and “card not present” or “keyed” transactions. A transaction qualifies as a “card present” or “swiped” transaction when the customer and credit card are present at the point of sale. The transaction then takes place when the card is swiped through a terminal such that the card holder’s information is obtained by reading the magnetic stripe on the back of the card. “Card not present” or “keyed” transactions take place when the credit card information is keyed into the credit card terminal, usually without the credit card or customer present at the time of the sale. The discount rate for a “card not present” transaction is slightly higher than that of a “card present” transaction because the likelihood of fraud or the chance of having a customer return an item is greater.