Retail Merchant Accounts
Now you can process credit cards anywhere you can get a wireless internet connection on your cell phone. Cell phone credit card processing is easy and inexpensive. There is no need to purchase or lease an expensive wireless terminal. Instead you get a swiper that plugs directly into your smart phone and turns it into a credit card processing terminal.
A Retail Merchant Account is descriptive of a merchant who will be processing the majority of their transitions with the customer’s card present at the time of sale. Most commonly this can via a “swipe” transaction or contactless payment system.
Because the credit card is present at the time of the sale, there is less of a concern for fraudulent transactions. And due to this reduction in risk, Retail Merchant Accounts rates are among the best available.
For reference, this type of account may often be referred to as a swipe, CP, or Card Present account and serves as the foundation for rate structures common with markets, gift shops, restaurants, and many service based ventures.
What you should know about Retail Merchant Accounts
Having the credit card present at time of the transaction may reduce the likelihood of fraudulent charges, but there are many other important variables to consider when developing an appropriate rate structure for a retail merchant account.
Because transactions are “Swiped”, Retail Merchant Accounts rates are among the best available.
One such example is based on the transaction volume and Average Ticket Size (AVT). Consider a kiosk vendor at the mall that sells jelly beans. The related sales behavior is likely to be a moderate number of transactions with a low AVT. Well, should someone fraudulently purchase a couple of dollars of jelly beans, it poses no great risk to either the merchant or the processing entity. Likewise, product returns or charge-backs (customer disputed charges) are also not likely to be of great exposure.
The risk of product returns and charge-backs can increase as the Average Ticket Size increases. Understandably, as the price of a product increases, customers are more critical of the cost and value of that product or service. But even this gets more detailed depending on the types of products sold.
And finally, there is a whole segment of retail merchant accounts that might be deemed as “high risk” based on the product type, service, or entity.
Retail Merchant Rates and Fees
*There is a monthly minimum of $25 total discount rate charged. It’s only charged if you don’t meet the monthly minimum required. The monthly minimum is the discount rate or $25, whichever is greater each month. For example, you sell $1500 in a month. $1500 x 1.59% = $23.85. The credit card processing company will charge you $1.15 to meet the monthly minimum.
Call 001 443 203 5809 to get setup. This pricing is for Cell Phone Merchant Accounts only.