Merchant Service

What is a Merchant Account, or Merchant Service, You ask?

First let us define a merchant. A merchant is a business owner who accepts payment for goods or services. A merchant who would like to offer a credit card payment option would need a merchant account. Keep in mind that it is important to choose the right type of account or accounts for your business needs. 

How do I get a merchant account and how do I know which account options to choose?

Merchant accounts can be obtained through a bank, credit card company or through a processor like us. We at MSI Merchant Services, Inc. would be more than happy to assist you in the process of choosing the right account to suit your business type. 

What account options are there?

Merchant accounts have two fee structures. There is a retail or swiped merchant account and there is a moto or keyed merchant account. Keeping this is mind; please refer to the account options below. 

Retail Merchant Accounts: This account is usually defined for stores, restaurants and hotels. The retail account has the lowest of the Visa and MasterCard discount rate and transaction fees, due to the fact that the card is present at the time of sale. With the retail account, there are three different discount rates. There is a qualified or main rate charged for transactions that are swiped through the credit card machine. If you key in a credit card on a retail account it is considered a mid - qualified transaction and will incur an additional fee. The third discount rate is a non-qualified transaction. This is an addition fee for business, government or international credit cards. 

Moto Merchant Accounts: Merchants who would normally not see their customers, or the credit card, due to mail and phone orders benefit from this account type. The moto account only has two different discount rates. The qualified and the non - qualified. There are no mid - qualified rate as you are suppose to be keying in on this account type. 

Dual Merchant Accounts: If you have a retail account and notice that you are doing more and more keyed in transactions you would benefit from this account type. Instead of incurring a lot of mid-qualified fees you can set your business up with retail and moto accounts on one machine. The Lipman Nurit credit card machines have this feature. 

Store and Forward Accounts: This feature allows you do get the retail rates even if you have no phone line at the time of the transaction. This account is great for trade shows, flea markets and home parties. The merchant can swipe the card through the machine at the time of the transaction and the information is recorded in the memory, when a phone line becomes available the merchant can simply forward the stored credit card transaction for approval and deposit to the bank.

There are two ways for this to work. One is The Nurit 2085 machine. This machine has the store and forward feature, but needs a power source at the time of the transaction. The second choice is The Nurit 8320U machine. This machine has a battery pack for when there is no phone or power source. 

Account with a Tip Feature: Designed for merchants with a hair or nail salons, restaurants or other business that would have tips as part of their transaction process. Our credit card terminals are able to add a line to the receipts for tips. The merchant would not have to go through the counting and splitting of monies at the end of the business day. 

Account with 3RD Level Data: Merchants who deal with business, government and international credit cards on a regular basis can avoid the non-qualified charges with this program. Our credit card terminals will prompt the merchant for additional information like an order number, a tax id number and even the AVS/CVV2 numbers. This program will not only save the merchant money but adds more security with the added information being requested.  

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