Do you have a merchant account? If not, you should. It’s not a business account, although a merchant account functions almost like a normal bank account. Think of it as a holding tank for all the sales your company has made through customers using chip and pin credit or debit cards, or contactless cards or smart phones. A merchant account can adapt to all types of payment - making your customers very happy.
My Business Advantage can negotiate better terms with merchant account suppliers, and takes the hassle out of searching for and comparing different card payment solutions. Our contacts will find tailored and competitive quotes. This service is 100% free and there is no obligation.
Simply register your details to become a member and the process is simple; all you need to do, is work out what type of merchant account is right for your customer.
Currently, there are three basic merchant accounts, with the difference being who is present at the point of transaction.
Cardholder Present [CP]
Customers are familiar with this traditional retail transaction where the payment device is held out in front of them whether buying items at a counter or having a meal in a restaurant.
Mail Order/ Telephone Order [MOTO]
MOTO accounts are used when the customer is not present and the Merchant takes orders from customers over the phone or by mail order. MOTO accounts are also referred to as Cardholder Not Present [CNP]. For example, a customer calls to place an order for goods or services and you enter their card details into a virtual terminal on your computer, tablet or smartphone.
Internet Merchant Account [IMA]
An IMA is used for virtual online store or transacting. For example, an individual may sign up for an online subscription and once they have entered their credit card details, subsequent payments are taken automatically.
The card payment system environment is constantly changing, but don’t let that concern you. It’s easy to stay ahead. The competition has also grown which means that they’re fighting for your business.