What is Meant by Merchant Services in Banking?
As the name suggests, merchant services are the various tools and support mechanisms that businesses can use to accept card-based payments. This can include payment gateways, POS systems with hardware and software, and other equipment and tools that help businesses confidently and securely take credit and debit card payments from their customers. What is meant by merchant services in banking? A merchant services provider acts as an intermediary between the bank, a business, and their customers by holding the funds collected from transactions under their own “blanket” account before transferring them to a merchant’s individual business bank account. This process can take up to 48 hours, and some companies also offer cash advance services that can get the funds to a merchant’s bank account even faster. The other main component…