To start with, it is a must to know about a merchant account and credit card processing. Having a merchant account is compulsory for businesses. It allows accepting debit and credit card payments. The merchant account is created after an agreement is signed between your bank and your business, while the settlement of card transactions takes in your business place. The debit and credit card funds are depositing to your merchant account and it is funded to the business bank account daily or weekly.
A merchant account does not store for an extended period your funds as it is not a bank account. As a merchant account has a specific processor, the transactions between payment processors are smooth.
Need for a merchant account
Merchant service providers do not always give their merchants a designated account. Generally, the merchant accounts are established and serious businesses accept this comprehensive solution. If you sign up for merchant services, for your POS system, it should meet your personal preferences and business needs.
Selecting an MSP should be done with care. If a Point of sale System does not receive a full-service merchant account, it means they will not give any underwriting. It will also come with some drawbacks. Thus, it is best to decide about having a merchant account and to proceed. The drawbacks will the holding the funds. A processor who is not diligent on the front end while you apply, it is possible that on seeing something different, they will freeze your account, ensuring nothing fraudulent takes place. You will be at your payment provider’s mercy if such things happen, and it will take a few weeks to see funds in your account.
Alternatively, if your retail POS System merchant account readily solves any incident on a simple phone call, it is the best. They will proactively reach out to confirm the transaction details and resolve the concerns before it turns up into an issue.
Payment providers offering their merchant account to their merchants is directly involved with the merchants. They provide dedicated customer support anytime there is a need for the merchants. Regrettably, the payment providers who do not provide merchant accounts means the merchants may face a hard time in getting in touch and speaking about the funds.
In short, it is best to have a dedicated merchant account and it may include upfront overall cost. However, with your verified status the credit card processing enjoys a nice experience and fulfills your need.
A Point-of-Sale (POS)
The POS system has comprised of devices such as computers, tablets, or even phones. It includes extensive integration to suit merchant business activities. It offers the added functionality helping customers in checking out faster and tracking the transactions, inventory, customer information, and sales trends.
People accepting payments currently and are not using a point of sale system with the card reader or a terminal, maybe missing customer trends and additional insights that may help in making strategic business decisions. The easiest is the cloud-based software. You need to download the mobile application or software onto your computer or tablet and go on.
What is Clover’s POS?
Clover is a popular POS system on the market and is highly in use. Its operating system is android based and it features software and hardware helping in growing the server and web-based businesses. Clover point of sale helps companies in streamlining payment processing and in collecting payments easily. It improves the sales and the management.
The key features of Clover POS are that the payment processing is convenient and easier. It includes inventory management, employee management, loyalty programs, credit card processing, reporting and statistics, staff management, and third-party integrations.
The Clover hardware includes the Countertop station, the Clover Go card reader, the Clover Flex mobile payment processor, and a Clover Mini POS station. The hardware of the Clover countertop replaces the processes involving receipt paper, cash registers, and barcode built-in scanners, that it is easy on the go.
Clover systems support payment processing with chip card payments and PIN. It also accepts swipes, Google Pay, Samsung Pay, and Apple Pay transaction. It is Tap-to-Pay for contactless payments. You can also use on your mobile phone the app. Here you have to connect physically the phone or use Bluetooth. Upload products, refund customers, email receipts, apply surcharges, and also auto-calculates taxes.
The Clover Point of sale system integrates the software programs, such as QuickBooks and more. Purchasing Clover means you reduce the overall cost, and you can pass it as a discount to your customers. It will bring your repeat customers and more new customers.