Merchant Services: Everything You Need To Know
What are merchant services, and why do business owners need one?
No matter how easy and convenient smartphones get, a huge chunk of customers will still prefer their credit/debit cards for both their online and onsite payments. According to the Federal Reserve Payment Study (FRPS) published in Dec 2019, the total card payments in the USA were $7.08 trillion, which increased up to $1.56 trillion since 2015, which is 8.6% by value. The amount also increased up to $29.7 billion since 2018, which makes an acceleration of 8.9%. As compared to their previous two growth results, which were 6.8% and 5.9%, the trajectory of card payments has only observed a positive steady growth.
With the advent of the latest technologies in the card payment industry and merchant account services, the number of total card payments has almost equated to that of in-person cash payments that happened in the year 2018. These trends, contrary to the report from 2016 that suggested a drop by 2019, will see a steep acceleration (2019 study). The reason behind this is that more customers are more comfortable doing card payments than carrying cash than ever.
If you’re interested in running your own business online, you’ve probably already considered the need to find merchant services to help you accept payments online, right? While there are many options out there, it can be tough to find the one that best meets your needs at an affordable price. This guide will help you learn everything you need to know about merchant services so you can make an informed decision when choosing NPI as the right payment processor for your business.
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What Are Merchant Services?
Before we go any further, it’s probably a good idea to clear up what merchant services are. Not to confuse “merchant” services with trade services, we are talking money here. More specifically, online payment services. In broader terms, merchant service is an umbrella of services that include payment tools, methodologies, and processes that are utilized by businesses to align their finances. To choose the right merchant service for your business, you must be completely aware of what these merchant services account for.
Precisely speaking, merchant services are a type of payment gateway that facilitates credit and debit card transactions for online businesses. They play an important role in today’s business climate because they allow brick-and-mortar and internet businesses to accept credit cards, regardless of where they are located or how much they can afford to invest in processing equipment.
How Does a Merchant Account Work?
Your merchant account acts as a gateway between your customers and your business account when it comes to entertaining credit/debit card payments. All the payments that are made at your business are confirmed/declined after going through your merchant account. Here’s how the process works:
- Customer swipes their card or debit card at your payment terminal
- Your merchant account provider forwards the transaction details to the customer’s card issuer
- The card issuer approves or denies the transaction and sends data back to your payment terminal
- The transaction is completed; funds begin the transfer process from the customer’s bank to yours
What are Merchant Services Features at NPI?
Before you begin looking into merchant services, it’s important to know what kinds of services are out there and which ones will be right for your business.
- Your merchandise account only holds payments for a while until the payments are processed
- Your merchant account is responsible for clearing payments to and from banks while dealing with card issuers, processors, and networks.
- When your sign your merchant account contract, you agree to cover all different costs included in debit/credit card transactions like card processing fees.
- Once your merchant account is accepted, you will be provided with a unique merchant ID for your commercial purposes.
- Your merchant account provides an extra layer of security to your online card payments and ensures enhanced customer convenience.
How You Can Set Up Your NPI Merchant Account Today?
The first step to setting up your merchant account is deciding which type of account will work best for you. An online store, for example, should use a different merchant account than a brick-and-mortar business. The next step is to choose whether to associate your merchant account with a member service provider (MSP), an independent sales organization (ISO). Find out which types of accounts are available to you, how secure they are, and what all they offer in terms of customer support solutions. And make sure that you pick one that is both effective and cost-efficient. This is followed by your application for your merchant account providing all necessary information, reviewing the terms and conditions, and finally signing the merchant account contract.
How Much Does NPI Merchant Account Cost?
Depending on what type of business you have, NPI merchant account costs can vary. For instance, an online store will incur higher monthly fees than a bakery. Keep in mind that just because one merchant provider has lower-than-average fees doesn’t mean it will be more cost-effective for your business to go with them instead of another provider. It all depends on how much money you expect to make from your transactions over time.
NPI’s Approach to Merchant Services in Ireland
NPI’s commitment to innovation and customer-centricity means we’re not just another payment provider – we’re the best merchant service provider in Ireland. Whether you’re a business looking for diverse payment methods, integration with your existing systems, or real-time insights, we’ve got you covered. Here’s how we do merchant services:
Face to Face
For businesses that rely on the stability and familiarity of traditional card transactions, NPI offers seamless card reader options, including wired, wireless, and mobile. These methods ensure you can accept payments securely through trusted and established channels.
In an era where speed and convenience are paramount, NPI embraces advanced technology for face-to-face transactions. Our solutions, including contactless payments and customised, complete EPOS systems, enable quick and secure transactions. Customers can simply tap their cards or mobile devices for swift and hassle-free payments, whether they’re shopping in a store or at a vendor’s stall.
Recognising the growing importance of mobile payments, NPI empowers businesses to tap into the mobile-centric world. With our card machines for business, you can offer customers the flexibility to pay with smartphones, digital wallets, and cards, making the payment process both efficient and user-friendly.
Online
NPI understands the importance of streamlining safe online payments for businesses and ensuring a secure and convenient experience for customers.
Our integrated solutions are designed to seamlessly connect with a wide range of e-commerce platforms and payment gateways. This means that whether you’re a business looking to accept online payment or a customer making a purchase, the process is straightforward and secure.
For businesses, NPI’s integration with e-commerce platforms allows for a hassle-free setup, enabling you to accept payments on your website or digital storefront. Not to mention, our system effortlessly manages the flow of transactions, ensuring a smooth experience for your customers.
Over the Phone
Our virtual payment terminals are at the heart of over-the-phone payments. They provide a secure platform where businesses can process transactions remotely. This is especially useful for businesses that offer services or sell products over the phone, through catalogues, or via email. By using virtual terminals, you can efficiently handle card transactions from anywhere, enhancing convenience and accessibility for your customers.
Furthermore, security is paramount in over-the-phone transactions, and NPI takes this responsibility seriously. Our systems are designed to ensure the utmost security for both businesses and customers. Card data is handled with care, and our virtual payment terminals adhere to industry standards for secure payments.
You can learn how to take card payments over the phone here.
Contact NPI Today
Explore the NPI difference by getting in touch with our expert team. We’re here to provide guidance, valuable insights, and tailored solutions that align with your unique needs and goals. Reach out to us at 0852125815. Or, fill out the contact form, and one of our payment gurus will get back to you.
Want to see our EPOS systems and card machines for yourself? Come down to our Citywest HQ and look around the Experience Suite.
