Merchant Account for 
Retail

Merchant services in the retail sector are a necessity to provide convenience and security to shoppers. Up until approximately two decades ago, retail outlets only had the option to accept cash payments or to agree on providing credit card options as well. Shoppers were accustomed to the idea of carrying cash on a regular basis and paying with credit cards was a rare occurrence unless for large purchases. This made it essential for shoppers without credit cards to have other alternative payment options apart from cash.

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Convenience for Retail Shoppers

Today’s community is very much different from twenty years ago. People are now seeking fast and convenient payment methods to get on with their day in a matter of seconds. Majority of shoppers do not carry a large amount of cash on them as they are more wary of security. Cash cannot be traced and can get easily stolen. However, credit cards are secure and come with various added options. If credit cards get stolen or misused, transactions can be reversed, and a replacement card can be issued. Most importantly, credit cards are convenient to use as shoppers do not need to make a pitstop to a nearby automated machine to withdraw cash. Thus, retailers need to acknowledge the convenience that current shoppers are demanding.

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Retail Merchant Services

It is known to retail businesses that it is necessary to accept credit cards, but how can it be done? Retail merchant services involve a range of payment solutions for the in-store platform which requires the use of evolving technologies. The solutions include point-of-sale (POS) systems, countertop terminals, mobile readers, and online portal. The benefit of being a retail business that needs retail merchant services is that the capabilities of serving customers are not limited to just a single payment method. There are countless seamless payment solutions today that can help boost the overall retail experience.

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Components of Retail Merchant Services

The main components of retail merchant services consist of POS systems, countertop terminals, mobile readers, and online portal. A number of retailers may feel that only one or two of these payment solutions are adequate enough to meet their needs; whereas others may need all four components to cater to the varying needs of their customers in different environments.

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Evolution of Retail Merchant Services

Retail merchant services are not limiting their physical or online presence anymore. This sector is about being flexible in offering different payment solutions that can help retailers better interact with their customers during their entire shopping experience. Retail merchant services have included new solutions as well as new industry players at a highly rapid pace. This process has allowed retail businesses to provide the credit card payment option as well as other convenient payment solutions.

Retail businesses today no longer have to feel restricted by the limited payment solutions that they offer. They can now have the freedom to accept various electronic payment modes which can be carefully synced together under a single network.