Types of Merchant Accounts UK 2018

Types of Merchant Accounts UK

Having a merchant account implies that you are taking your business seriously. There are many reasons why you should apply for a merchant account now. Merchant account is a contract under which any business can accept payments through credit cards. Several merchant accounts exist in the market today. Merchant accounts provide round the clock service for both the paying customer and the marketer. It provides security for the client when doing business transactions online or in person.

Take into consideration the different types of merchant accounts. Apply for the one to suit your business and get the most for your money. Having a merchant account not only helps increase your income but makes it easier for you and your customers to do business together.

Retail Merchant Account
This is the traditional way of purchasing with the use of a credit card. The credit card is scanned by the merchant. The customer’s information is entered into a database and is authorized to complete the purchase. This is most recommended since the card owner is present and the signature is verified. Retail merchant accounts are significantly lower in terms of transaction fees. They offer flexible payment methods for the paying customer.

Internet Merchant Account
This type of merchant account is used by online businesses. Internet merchant accounts make use of programs installed on the merchant's website to complete customer transactions. The customer pays for purchases in an online store by completing forms on the website that submit his credit card number and other essential information.

MOTO (Mail or Telephone Order)
As the name would imply, this type of merchant account makes use of the telephone or whenever the card owner is not present. The card information is entered manually by the merchant or customer using the keypad or a credit card machine. The mode of verification used includes the three digit number on the back of the card. This type of merchant account is used by business that make their sales through the telephone or by mail.

Wireless Merchant Account
This last type of merchant account uses a wireless device to link credit card information. Wireless merchant accounts are used when the customer is at a remote location or when business is mobile. This method of processing customer transactions is effective when business is on the road. Wireless merchant accounts work even without the use of a telephone.

Now that you know the different types of merchant account, you can choose effectively which type you need.

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