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Understanding the Merchant Services provided by Banks
Posted on Monday, May 2nd, 2022 | By IndusInd Bank
With the ever increasing adoption of electronic payments, it has become really important for businesses to have the necessary infrastructure to accept and process electronic payments from their customers. The sheer convenience of making payments electronically has made it so that many customers prefer making electronic payments and businesses that don’t provide these services, risk losing business.
This is where Merchant services come into the picture.
What are Merchant services?
‘Merchant services’ is an umbrella term used to describe the services provided by banks that let businesses accept and process electronic payments. Earlier in simpler times, Merchant services meant credit card processing services. But today there are a number of services that fall under this umbrella term.
What is a Merchant account?
When opting for Merchant services, the first thing that you will need is a Merchant account. It is a business bank account where you end up receiving the amount for all of your processed electronic transactions.
Different types of Merchant services
Credit/Debit card processing
If you have ever been shopping, you must have seen those card terminals where you swipe your card and the money gets deducted from your bank account. This service is provided to businesses by banks. It includes the credit card terminal also called the POS machine and a merchant account.
Payment Gateways
These are services used primarily by ecommerce websites or online businesses that need a way to accept payments through their online store. Payment Gateway services have become increasingly popular today with the ever increasing adoption of online shopping. If you are somebody who is looking to build their own online or app store, you will definitely need payment gateway services to start accepting payments.
QR codes and mobile payments
Another merchant service is the QR codes that you see at most shops today. In this service, a bank helps you set up a unique QR code for your business that is linked to your merchant account. Customers can simply scan the QR code and make payments to your business using their mobile phone.
How to avail Merchant services?
Merchant services are provided by most banks and a few other payments providers. With IndusInd Bank, you can avail these services under Indus Merchant solutions. With IndusInd Bank’s Indus Merchant solutions, you get an end-to-end solution which includes all these services such as credit card processing, POS machines, payment gateways, with the additional benefit of a merchant app.
These services are customizable so that you only pay for what you need. With the IndusInd Bank merchant app, you can easily track all the transactions and can view daily reports that help you make better business decisions. The application process for availing these services is completely online and can be filled in minutes. To know more, click here.
Last words
So, there is no doubt that businesses need merchant services today in order to maintain that edge over competition. With cash losing its appeal, and the number of electronic transactions increasing, for businesses it is no more a choice but a necessity to go for merchant services. Click here to know more.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
