Traditional Merchant Services

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We can handle any type of transaction you have. If you need a way accept payment, we have you covered.

What are Traditional Merchant Services?

Traditional merchant processing involves businesses handling electronic payment transactions through conventional methods, primarily credit card and debit card transactions. This process unfolds through several key steps:

Firstly, a customer initiates a purchase at a merchant’s establishment, opting to pay with a credit or debit card, either in-person or online. The transaction details, such as the card number and amount, are then transmitted from the merchant’s point-of-sale system or payment gateway to the payment processor.

Next, the payment processor, typically a specialized third-party company, receives the authorization request and forwards it to the relevant card network associated with the customer’s card, like Visa or Mastercard. The card network verifies the transaction and confirms with the issuing bank regarding the availability of funds or credit.

Upon approval, the card network sends an authorization code back through the payment processor to the merchant, signaling the transaction’s validation. At the end of the business day or a specified settlement period, the payment processor consolidates authorized transactions and sends them for settlement to the appropriate card networks.

Following settlement, funds from approved transactions are transferred from the cardholders’ issuing banks to the merchant’s bank account, typically within a few business days. Finally, merchants incur various fees for each transaction processed, including interchange fees paid to card networks and issuing banks, assessment fees, and processor fees charged by the payment processor.

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Next Steps

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Setup a Consultation

Reach out to setup a quick 15 minute discovery call.

Submit an Application

We will walk through the application process step by step with you.

Start Processing Transactions

We will train you on your equipment so you can start taking transaction immediately.

FAQ

Frequently Asked Questions

What are Traditional Merchant Services?

Traditional Merchant Services refer to the conventional payment processing services offered by banks or financial institutions to businesses for accepting credit/debit card payments.

How do they differ from modern payment solutions?

Unlike modern payment solutions, Traditional Merchant Services typically involve physical card terminals and manual processing, as opposed to integrated or online payment methods.

What services are included in Traditional Merchant Services?

Services typically include providing businesses with card terminals, processing transactions, managing merchant accounts, and offering support for payment-related issues.

Are Traditional Merchant Services secure?

Yes, Traditional Merchant Services can be secure when utilizing encrypted card readers, compliance with PCI DSS standards, and implementing security measures to protect cardholder data.

What are the benefits of Traditional Merchant Services?

Benefits include widespread acceptance, familiarity among consumers, support for various card types, and access to traditional banking services.

How can businesses obtain Traditional Merchant Services?

Businesses can obtain Traditional Merchant Services by partnering with banks, financial institutions, or third-party payment processors that offer these services, and completing the necessary application and approval process.

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