Ball: Merchant account

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A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant, who wishes to accept payment card transactions of a particular card association brand. Without such a contract, one cannot directly accept payments by any of the major credit card brands. When using an intermediary payment service provider (such as PayPal), the merchant account is in fact held by the service provider itself.

Contents

1 Methods of processing credit cards

1.1 Credit card terminal

1.2 Automated Response Unit (ARU)

1.3 Payment gateway

1.4 Level 2 or Level 3 Processing - Purchasing Cards

1.5 Merchant Account Marketing

1.6 Marketing by Banks

1.7 Marketing by Independent Sales Organization (ISO)/MSPs

2 Rates and fees

2.1 Discount Rates

2.1.1 3-Tier Pricing

2.1.1.1 Qualified rate

2.1.1.2 Mid-qualified rate

2.1.1.3 Non-qualified rate

2.1.2 6-Tier Pricing

2.1.3 Interchange Plus Pricing

2.1.4 Bill Backs

2.2 Other Fees

2.2.1 Authorization fee

2.2.2 Statement fee

2.2.3 Monthly minimum fee

2.2.4 Batch fee

2.2.5 Customer Service fee

2.2.6 Annual fee

2.2.7 Early Termination fee

2.2.8 Chargeback fee

3 See also

4 References

5 External links

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Methods of processing credit cards

Today a majority of credit card transactions are sent electronically to merchant processing banks for authorization, capture and deposit. Various methods exist for presenting a credit card sale to "the system." In all circumstances either the entire magnetic strip is read by a swipe through a credit card terminal/reader or the credit card information is manually entered into a credit card terminal, a computer or website. The earliest methods, submitting credit card slips to a merchant processing bank by US mail, or by accessing an Automated Response Unit (ARU) by telephone, are still in use today but have long been overshadowed by electronic devices. These early methods used two-part forms and a manual device for mechanically imprinting the embossed card number information onto the forms. Whenever practical it is best to swipe a credit card because the rates will be much lower and the incidence of stolen credit card number fraud is greatly reduced.

Credit card terminal

A credit card terminal is a stand-alone piece of electronic equipment that allows a merchant to swipe or key-enter a credit card's information as well as additional information required to process a credit card transaction. A credit card terminal is a dedicated piece of equipment that only processes credit cards although it is common for related transactions including gift cards and check verification to also be performed. A credit card terminal typically must be plugged in to a power supply and connected to a telephone line. However, some terminals may be powered by batteries, communicate over the Internet or through the cellular phone networks. When a credit card is processed (either swiped through the magnetic stripe reader or keyed in to the keypad), it contacts the network to verify if the credit card can be authorized. The transaction is then stored on the machine until the polling window is opened. The machine will either upload the electronic funds directly to the merchant bank, or a polling service provider will dial in to collect, process then submit the data to the merchant bank. The most popular credit card terminals consist of a modem, keypad, printer, magnetic stripe reader, power supply and memory card. They have had the same basic design since the 1980s. As with computers, there is a wide range of memory capacities and other features like built-in printers and debit card pinpads that affect the manufacturing cost of a credit card terminal.

Automated Response Unit (ARU)

An ARU (also known as a voice authorization, capture and deposit) allows the manual keyed entry and subsequent authorization of a credit card over a cellular or land-line telephone. With this method a merchant typically imprints their customer's card with an imprinter to create a customer receipt and merchant copy, then process the transaction instantaneously over the phone.

Payment gateway

A payment gateway is an e-commerce service that authorizes payments for e-businesses and online retailers. It is the equivalent of a physical POS (point-of-sale) terminal located in most retail outlets. A merchant account provider is typically a separate company from the payment gateway. Some merchant account providers have their own payment gateways but the majority of companies use 3rd party payment gateways. The gateway usually has 2 components: a) the virtual terminal that can allow for a merchant to securely login and key in credit card numbers or b) have the website's shopping-cart connect to the gateway via an API to...(and so on)