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Merchant service providers work as an intermediary between the bank, a person or organisation wanting to receive funds and the person or organisation looking to purchase goods or services. The merchant service provider will provide businesses and individuals with the requirements to accept credit cards, debit cards, and other forms of ...
Merchant Account Providers give businesses the ability to accept debit and credit cards in payment for goods and services. This can be face-to-face, on the telephone, or over the internet. Credit cards have become the preferred method of payment in today's market, making a merchant account essential for most businesses.
A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers , and those who accept them, i.e. retailers .
Transaction payments as a service (TPaaS) is a phrase used to describe a SaaS-based methodology which allows platforms to become their own merchant platforms and provide merchant services directly. This is distinct from payments as a service which aggregates multiple payment technologies into one platform.
The providers pass this cost on to the merchant, but if the merchant is fraudulent or simply does not have the money, the provider must pay all the costs to make the cardholder 'whole'. The chargeback risk is the largest part taken into consideration during the contract application and underwriting process.
Many merchants offer subscription services, which require payment from a customer every month. SaaS payment processors relieve the responsibility of the management of recurring payments from the merchant and maintain safe and secure the payment information, passing back to the merchant a payment "token" or unique placeholder for the card data.
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payment processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. [1]
A retail merchant or retailer sells merchandise to end-users or consumers (including businesses), usually in small quantities. A shop-keeper is an example of a retail merchant. However, the term 'merchant' is often used in a variety of specialised contexts such as in merchant banker, merchant navy or merchant services.