WHAT ARE CREDIT CARD MERCHANT SERVICES

Merchant services is a group of financial services that allow businesses to accept payment via credit and debit cards. The system is designed to work online, so the service is accessible whether you're in your brick-and-mortar store, accepting orders or subscriptions through your website, or taking payments on the go -- such as in the customer's home or place of business, or even at an event or over the phone or internet.

pay with credit cards

Merchant Account Works Much Like a Line of Credit

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How do credit card merchant services work?

In order to use credit card merchant services, you first establish a merchant account with a reputable merchant service provider, usually abbreviated as MSP. The MSP provides the equipment you need to accept credit and debit card payments, as well as the account you need to accept online payments and transfer those payments to your bank account.

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The customer has an agreement with their financial institution to pay off any credit balance they incur, but you get your money without having to wait for them to make those payments. In the digital age, it usually takes 48 hours or less to receive the funds once you have accepted a customer's payment. A fee is charged by the MSP for the service.

The merchant account works much like a line of credit. When you make a sale, the customer offers up their credit or debit card. The issuing bank transfers the money from their account balance to your merchant account.

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With some of the lowest rates in the industry with no long-term contracts and free credit card equipment, McWhorter ATM Services is the right choice for your business. 

McWhorter is ready to meet your specific company needs with individual attention that insures you are not just another number, but a name with us.

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