Cleveland, Ohio -
Electronic Merchant Systems, a nationwide payment processor that provides merchants all over the country the tools to accept payments from their customers, has released a blog post titled “What Are Merchant Services” that talks in-depth about the broad spectrum of merchant services that are currently available.
The blog post serves to educate business owners on the need for partnering up with a company that provides robust payment processing services to capitalize on all the opportunities available and not lose out on customers. To present its case, the blog post begins with the eye-opening statistic that 41% of customers avoid certain stores that don't accept the payment solution they prefer. The company then goes on to say that different customers have different payment preferences depending on their lifestyles and it becomes crucial to offer all the popular payment processing options to cast as wide of a net as possible and not turn away customers who might be willing to do business with the merchant, over a small and avoidable inconvenience.
Explaining the meaning behind industry parlance, the blog post says that “merchant services” is an umbrella term that encapsulates several different types of technologies that a business can use to accept and process credit and debit card transactions electronically. This can include full-scale point of sale solutions, online payment gateways, mobile payment acceptance tools, and more. A merchant service provider is a company that will provide all the hardware and software required to accept payments.
A typical payment transaction starts from a point of sale where a customer will swipe their credit or debit card to make a purchase. Then, the payment processor will check and transmit the data to the customer's bank before accepting or denying the information.
When the customer's bank approves electronic payments, the merchant can accept the payment through their terminal, and the purchase will be complete. Once the purchase is approved, the payment processing fees are taken out, and the remaining amount is deposited into the merchant account. This entire process constitutes the merchant services funnel and a high-quality provider will not only offer all the equipment required at each step, but it will also provide all the necessary checks, balances, and security features to ensure the transaction is legitimate and has a positive outcome.
The primary advantage of having a seamless solution for accepting payments is that it eliminates the often-cited friction that customers complain of when they are considering making a purchase or actually standing in a queue to make one. If a merchant makes the payment process quick and painless, the customer is left satisfied immediately and does not second guess their purchase. Electronic Merchant Systems reiterates that customers are likely to spend more money and visit the business again if they are given a hassle-free experience at the checkout line.
Electronic Merchant Systems’ complete suite of merchant services goes beyond more than just point of sale solutions and also encompasses EMSmobile, the company’s mobile payment acceptance solution, payment gateways, surcharge programs, gift & loyalty programs, web design, and eCommerce, just to name a few. The company says that its end goal is to offer all the merchant services tools that can help small businesses grow and thrive.
The blog post then talks about the considerations that a business has to make to choose the right merchant services provider. This includes thinking about how the payments will be actually accepted, whether they will be completely online or will the business need to process in-person payments too, the types of payments that the business will accept such as credit cards, debit cards, or contactless payments, the type of hardware and software tools required, whether the business needs a payment service provider or a merchant account provider, and finally, the business’s comfort level with paying processing fees based on their budget.
Readers who want to peruse the blog post in question at their own leisure can do so at the link: https://www.emscorporate.com/news/what-are-merchant-services. Electronic Merchant Systems’ sales team can be contacted at the phone number 866-472-2141.
SOURCE: Press Advantage [Link]
Established in 1988, Electronic Merchant Systems has grown to become a leading provider of payment processing & merchant services. Electronic Merchant Systems’ mission is to be the industry leader in merchant services and payment processing solutions.
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