POSitive Processing Blog
Back to the Basics - Merchant Processing 101
Wednesday, July 26, 2017
As a business owner, a topic you often have to discuss and review is ‘merchant processing’. With so many things on your plate, sometimes it’s good to take a moment and go back to the basics.
What Exactly is Merchant Services?
Merchant services. Electronic payments. Merchant processing. It goes by several different names, but what exactly is it?
Simply put, merchant services is the process by which businesses accept electronic payments, meaning credit and debit cards. In a broader sense, however, Merchant Services includes online ordering, mobile payments, gift and loyalty card programs, electronic check guarantee and processing and point-of-sale systems.
In order to process electronic payments, a merchant (or business) must have a merchant account with a credit card processing company or bank. Many banks have a referral relationship with a credit card processing company for their customers. OMEGA Processing Solutions has been providing merchant processing services since 2003.
Credit Card Processing Process
It sounds simple enough, but the processing itself can be complicated. Here’s a graphic explaining the process of how credit cards are accepted for payment and merchants are credited for their sales. For more information on credit card processing, visit www.omegap.com
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