To accept credit card payments, you must lease a merchant account because it is responsible for processing credit card transactions. Before deciding on getting a CBD merchant account in North Carolina for processing your credit card, you must first understand the different types of merchant accounts available.
Knowing the various merchant accounts and their functions can help you understand the types of credit card processing solutions you need to target.
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Card merchant accounts:- Let's take a closer look at card merchant accounts. The only way to qualify for card transactions that require both the credit card and the customer to be physically present. Therefore, the owner of the business account on the card must invest in some form of hardware that allows the electronic data retrieval process.
The business accounts represented by the card can also be divided into two categories, depending on the processing solution chosen:-
Non-portable processing solutions:- In retail stores intolerable processing solutions are often preferred. Credit card processing hardware plugs into a telephone line or modem. When the credit card goes through the hardware, data is retrieved and real-time authorization is granted. The associated costs are usually lower than for portable processing solutions.
Portable processing solutions:- Portable processing solutions may or may not be given real-time authorization. For example, with a merchant wireless account, you can get real-time authorization with a portable magnetic card reader. However, as you might expect, this includes higher hardware costs and monthly rates.