Credit card payment services are rendered by companies to merchants so that the merchant can accept credit and debit account payments from their customers. These companies that offer these services are not affiliated with the merchant or just one card issuing financial institution. They act as a liaison between financial institutions and many different merchants.
The credit card payment services offered are slightly different from one company to the next, and the credit card payment services are also different for businesses with more face to face customers than phone or internet customers. When a customer is face to face with the merchant they receive a "swiped" account and when they get more phones in or internet orders they are considered to have a "keyed" merchant account. The percentages that the two different types of accounts pay are not the same.
Credit card payment services from different companies offer different incentives to the merchants in order to get them to sign on with their company. One of the incentives that are frequently offered to attract businesses to use one company over another is free point of sale equipment. The company does not charge the merchant to place point of sale equipment in their establishment. They also offer free technical support for the equipment for a certain amount of time.
This is not much different from the free telephones the phone service carriers offer to the customers that choose to use their service. You sign a two or three year contract to receive the monthly service and the company will provide you with the mobile phone equipment at no charge. When the contract on the equipment runs out you can upgrade and make a new contract or you can continue to use your old device and not have a contract.
Using these credit accounts and debit accounts is very convenient for most people. They do not have to carry cash with them when they leave home so they are less likely to be robbed. If their cards are stolen they can report it immediately and stop the thief from having access to their money. Many times the cards that are stolen cannot be used by the thief because the thief did not have the proper access code information like the pin numbers or mailing address zip code. Sometimes the issuing bank requires you to know a secret question or the last four digits of the cardholder's social security number. These are all safety features that cash does not have.
If you are looking to establish these types of payment centers in your business you can ask your bank for recommendations of service providers. You can also talk to the other businesses in your vicinity that accept the payments and see who provides their services. You can also go online and look at the many different companies that offer these services to merchants. The service providers for the different cards will have webpages designed to explain their services to you.
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