What are Payment Processors? Everything Your Business Needs to Know About Card Merchant Accounts

WHAT ARE PAYMENT PROCESSORS? EVERYTHING YOUR BUSINESS NEEDS TO KNOW ABOUT CARD MERCHANT SERVICES. Here is your quick guide on payment processors. After reading this, you will understand what payment processors are and how to start accepting credit cards today. We hope this guide is all-inclusive to answering your questions. Define: Payment Processor A company that processes transactions for your company.1 They allow your customers to use their debit or credit card to make purchases. They communicate purchase information between your customer's bank and your bank. They also provide additional security. ACUMEN CONNECTIONS, INC. $. $. CREDIT CARD 1234 4567 7899 1234 1234 4567 7899 1234 %24 1234 4567 7899 1234 Define: Merchant Account Merchant accounts allow online stores to accept money online. It is a bank account that allows companies to accept online card payments. $. Define: Payment Gateways The payment gateway is what connects the Credit Card customer's finances to your account. It helps the transaction part of a credit card, or debit card, purchase.? With a payment processor, they work with the credit card companies to get the payment to go through. Рayment Gateway Your Company Company CC CREDIT CARD 1234 4567 7899 1234 NAE SU 6 Key Parties in Any Transaction $. %2$ II 1234 4567 7899 1234 NAME SUAE CREDIT CARD CC ACUMEN CONNECTIONS, INC. The customer and Credit Card Рayment Processor The business and thier bank account thier bank account Company How to Start Working With a Payment Processor Every company has different requirements and processes. Contacting them is probably your best bet. Give us a call or send an email. [email protected] 800-864-4644 How to Find the Lowest Prices Every company has different fees, so you'Il need to do research. Do not just go off price alone. Also consider what other services they offer. Be cautious though. There are payment processors out there doing some shady stuff. At Acumen Connections, we can provide a free statement analysis to review your current payment processor's bill.4 We will point out any charges that seems strange or inflated. Fee 1 Fee 2 Fee 3 VFee 4 A Look at Which Types of Payment Can Be Accepted It depends on the payment processor you work with. Usually Visa, Mastercard, and American Express are common. At Acumen Connections, we can help you accept Visa, MasterCard, American Express, Discover, Diners Club, and JCB. Visa MasterCard 24 CREDIT CARD CREDIT CARD 1234 4567 7899 1234 American Express Discover CREDIT CARD 1234 4567 7899 1234 1234 4567 7899 1234 Smans 3N NAME SURNAE Diners Club JCB Common Payment Processor Fees Here are common fees that occur when using a payment processor.5 Acumen Connections does NOT charge the highlighted fees below. Start-up fee Annual fee PCI compliance fee Chargeback fees Address verification fee Monthly statement fee Discount rate fee Monthly credit card processing equipment charge* Transaction fee Termination fees Minimum monthly fee Gateway fee for internet transactions *we do not charge this fee for equipment that you have purchased – we only charge a fee like this if you are renting equipment What Happens If You Choose Not to Work With a Payment Processor? If you have ever been to a store with a “cash only" sign, then you are familiar with stores that do not have a payment processor. Without a payment processor, you won't be able to accept credit cards. You might only be able to accept cash, check, money order, or store credit. Working with a payment processor can really boost your sales because customers don't feel restrained. It provides customers with more payment options. With a payment processor. Without a payment processor. 24 CREDIT CARD I CREDIT CARD CREDIT CARD CREDIT CARD CREDIT CARD 1 & 2 https://www.firstdata.com/en_us/insights/payment-gateway-vs-payment-processor.html 3 https://wallethub.com/edu/cc/credit-card-transaction/25511/ 4https://www.acumenconnections.com/2020/02/10/find-out-how-a-free-statement-evaluation-can-help-your-busines s-cut-costs-every-month/ 5 https://www.merchantmaverick.com/the-complete-guide-to-credit-card-processing-rates-and-fees/ Art by Pikisuperstar, Freepik, and Rawpixel via Freepik CREDIT CARD CREDIT CARD () 1234 4567 7899 1234 CREDIT CARD CREDIT CARD CC 1234 4567 7899 1234 AE SUMAMg (%24 %24 %24