What is a Merchant Services Provider?
[Updated January 18, 2019]
Your merchant services provider is a vital partner to help you grow and operate your business. A merchant services provider facilitates credit card processing for your business. However, in addition to payment processing, there are many other benefits to merchant services. The key services offered by a merchant services provider to businesses include:
- Accepting payments from your customers via credit, debit, and electronic payments
- Securely managing PCI compliance when processing and storing payment information
- Providing technology to track payments, understand business data, and collect outstanding invoices
Merchant Services as Payment Processors
Merchant service providers work as the intermediary between banks, your business, and your customers. That means that however your customers want to pay, you can accept the payment and get paid.
When a customer swipes a card, the merchant services provider moves the customer’s funds to your bank account. This usually takes up to 48 hours for the funds to appear in your account. Many businesses do qualify for next-day funding and can get paid even faster.
Merchant Services as Payment Security
There is a lot of
Your merchant services provider should ensure PCI compliance. This means that cardholder data, including names and card numbers, are secure. Businesses can protect data by using strong passwords and updating their antivirus software.
Meanwhile, your merchant services provider will maintain PCI compliance on the payment side. This includes tokenizing payment information and putting fraud prevention measures in place. Learn more about how Fattmerchant protects your payments.
Merchant Services as a Technology Provider
You can learn a lot about your business and optimize operations based on payment data. W
We believe that all of this data should be in the hands of business owners to make strategic decisions. That’s why we built Omni, our all-in-one payment platform. With Omni, not only can you track payments and collect invoices, but you can also view detailed reports about the state of your business.