Merchant Accounts from MSI Merchant Services, Inc.

WHAT ARE MERCHANT ACCOUNTS? A merchant is defined as a business that receives payments for goods and/or services. In regards to the topic of merchant accounts, this is business that accepts credit card payments. Merchant accounts, also known as credit card merchant accounts, are specialized bank accounts that allow businesses to accept credit cards for payment. Merchant accounts are obtained through a bank, credit card company, or other payment processor. It is important to choose the right type of merchant account (or merchant accounts) for the kind of business that you are conducting.

Merchant accounts have two basic Visa and MasterCard fee structures to accept credit cards. There are retail merchant services which are sometimes referred to as swiped merchant accounts, and there are MOTO merchant accounts. These mail order telephone order merchant accounts are often referred to as keyed merchant accounts.

RETAIL MERCHANT ACCOUNTS: Retail merchant accounts have the lowest Visa and MasterCard discount rates and transaction fees. In retail merchant accounts, there is a qualified rate discount rate, a mid-qualified discount rate, and a non-qualified discount rate. A qualified discount rate is your main rate. This is the basic fee charged for all of your transactions that are swiped through a credit card machine. If you key in a credit card transaction using retail merchant accounts, you will be charged an additional fee called a mid-qualified discount rate. Non-qualified charges occur when the customer is using a business, government, or international credit card. Retail merchant accounts are usually associated with “brick and mortar” businesses like stores, restaurants, and hotels.

MOTO MERCHANT ACCOUNTS: Merchants benefit by using these types of credit card merchant accounts with their mail or telephone order credit card transactions. With MOTO merchant accounts, there are qualified and non-qualified charges. There are NO mid-qualified transactions, as all credit cards are supposed to be keyed in. If you find that you are getting a large amount of mail and telephone order keyed in sales with your retail merchant account and you are being charged a higher discount percentage rate, you would benefit by setting up two merchant accounts. MSI Merchant Service offers multiple merchant accounts with credit card terminals, which allow you to have more than one account stored in a single credit card machine – resulting in lower discount rates and fees. The Lipman Nurit credit card machines have this feature.

Store and Forward: Our “Store and Forward” feature allows you to get the lower retail discount rates, even if you do not have access to a telephone line! Simply swipe the credit card at the time of sale, and send the transactions to the bank at the end of the night when you have access to a phone line. This feature is great for trade shows, home parties, and flea markets! Store and Forward Merchant Accounts work like this. When you swipe the credit card through the machine and the magnetic strip is read correctly, the credit card terminal records that card’s information in its memory. When a phone line is available, you simply forward the stored credit card transactions for approval. There are also battery powered credit card machines for when a electrical outlet is not available either. The credit card machine for this special account feature is the Nurit credit card processor. The battery powered machine is the Nurit 8320U.

Tip Feature: Many companies do not offer the “Tip Feature” on their credit card terminals. With our merchant accounts, you can add a line for tips to your receipts. You can then edit the credit card transaction amounts after the card is swiped, and the customer fills in the tip amount. No more counting and splitting money at the end of the night! These merchant accounts are perfect for hair salons, restaurants, and massage therapists.

3rd Level Data: This program is designed to help merchants avoid the non-qualified charges that occur with business, government, and international cards. The credit card machine asks for additional information, such as an order number, a tax id number, and AVS/CVV2 numbers. More security for you, while saving additional money!