How Does Merchant Services Impact The Average Consumer?
The average consumer is impacted by Merchant Services every day, may it be at the grocery store, doctor's office, shopping online, a local farm stand or your favorite restaurant. Merchant Services providers give businesses the opportunity to outsource necessary financial needs.
What is Merchant Services?
Merchant Services is the overarching category of financial services used by businesses. Merchant processing services is more specifically what we do here at Payhub Payments. We give businesses the opportunity to accept credit cards as payment for their goods or services.
Let’s start here - raise your hand if you have been to a retail store of any kind and made a purchase - now keep your hand up if you paid with a credit or debit card. When the cashier or in recent history when you swipe your own card at (self) checkout you are utilizing that business’s merchant services.
Purchase of goods or services happen
The cashier swipes the credit card or now inserts the chip
The terminal then transmits the sale
The receiving outlet either approves or denies that particular credit card and the amount of issued funds
And from there a few more steps via the bank and the shop then finalizing in the consumer paying their credit card bill.