Eager to start your own business, but are unsure where to start? Here at TCB Pay, we want to help you feel comfortable and secure when choosing the right payment processor. If you are completely new to the industry, don’t worry, everyone who started a business sat where you sit today. 

What is merchant processing?

Merchant processing is the ability of a merchant to accept a transaction payment through a secure channel. It is what happens from when your customer swipes their credit card at your store to the time when you get your money.

What types of payments are covered?

• Credit cards
• Debit cards
• E-checks
• ACH transactions

What are you going to need? 

You will need a merchant account and a payment terminal.

• A merchant account is a type of business account that allows businesses to accept credit and debit card payments. It is an agreement between the retailer, the merchant bank, and the payment processor for the settlement of credit cards. You can open a merchant account with your local bank, but you are better served to open an account with a dedicated ISO or PSP that knows all the ins and outs of payment processing, and who can help you with your specific business needs. 
• A payment terminal is an electronic device used to process card payments. You have a few options on how to select a payment terminal and it all depends on your type of business. 

Choosing the right payment terminal that is the right fit for your business needs is a critical step for all business owners that can help you minimize costs, upgrade customer experience and boost your profits.

Payment Terminal

A payment terminal is a device that interfaces with payment cards to make electronic fund transfers. It typically consists of a secure keypad (called a PIN pad) for entering a PIN, a screen, a means of capturing information from payment cards, and a network connection to access the payment network for authorization. 

There are two types of payment terminals: 

1.     2.

1. The traditional countertop is best suited for merchants that have a designated area for checkout like salons, and medical or dental offices. 
2. Mobile/Wireless, best suited for business on the go like food trucks, and house call services.  

Integrated POS System

An integrated POS system, or a point of sale system, is where your customer can make a payment at your store. Basically, every time a customer purchases goods, the POS system is where the point of transaction is made. Not only does the POS system complete transactions in-store, but it also manages inventory and employees. POS systems are vital in your business because they allow you to increase your business efficiency by making it convenient to manage orders, sales figures, inventory, and reports. 

Virtual Payment Terminal

This payment system offers a secure way for consumers to purchase goods online by entering their card information in order to complete a transaction. A virtual payment terminal has the capability of accepting both debit and credit cards for online transactions. Not only does this payment terminal help run your business the same way an Integrated POS System does, but it also helps increase revenue by allowing customers to purchase 24/7. If you’re interested in opening an e-commerce platform, click to read our Introduction to Online Payment Solutions.

Merchant processing is an essential part of owning your own business. It is important for you and your business to partner with a provider that you can trust. At TCB Pay, we pride ourselves on being a partner you can trust and rely on. If you are interested in hearing more about how we can help you grow your business, please contact us. We look forward to hearing from you!

Any questions? Contact us at support@tcbpay.com or 866 444 8585. We will gladly answer any questions you may have. We look forward to hearing from you!