Understanding the world of payment processing, merchant accounts, and merchant services can be overwhelming, complicated, and downright scary at times. Rather than attempting to make sense of payments-related technospeak on your own (or just ignoring the details and hoping for the best), trust Payrific to serve as your go-to resource when you have questions about payment processing. We’re here to demystify the payments industry so you can make the best decisions for your business.
The Basics of Payment Processing
Accepting credit cards, debit cards, and even electronic checks is a necessity. No matter what kind of merchant you are, whether utilizing ecommerce, point-of-sale, mail order/telephone order, or mobile, we can help you navigate the intricacies of payment processing. Leverage our online resources to find information on basic industry terminology, the payment processing workflow, and the various players in the payment processing chain.
When you’re ready to dive into the details, check out our posts about managing multiple merchant accounts, obtaining remaining balances on prepaid debit cards, and analyzing rates and fees.
Applying for a Merchant Account
Applying for a merchant account is similar to applying for a mortgage. A formal merchant account application is required, along with corresponding business documentation (bank statements, identification, federal tax ID, articles of formation/incorporation, and others).
As your business advocate, Payrific will identify the right acquiring bank for your business type and provide you with helpful tips and recommendations to make the underwriting process go as smoothly as possible.
Security Best Practices
Monetary and inventory losses due to fraud are real threats, so you should take care to safeguard against payment fraud. However, don’t go at this critical task alone.
Trust the expertise of the Payrific team to guide you through PCI compliance, encryption, tokenization, secure data transfer, and all your other security-focused concerns.