Retail Merchant Account

 A retail merchant account is a type of bank account that allows a business to accept credit cards in person and over the phone as well. A credit card machine is required as well as a phone line or internet connection to be able to process the card. To obtain a merchant account like this, you need to sign up with a merchant service provider who specializes in this area.

 Any business that does the majority of its sales face to face requires a "retail merchant account" in order to be able to accept credit cards from your customers. Retail merchant accounts generally have lower rates and fees associated with the account than other types of merchants accounts. This is due to the lowered risk of fraud due to the fact your are dealing with the customer in person and able to verify his or her identity. Also available for retail merchants is what is called PIN Debit. PIN Debit accounts allow you to accept debit cards at a fraction of the cost of a credit card.

 To physically process the credit cards in person, a credit card machine or terminal is required. These small machines allow you to physically swipe and charge your customers credit card. They work by sending the card's information to the acquiring bank and determining whether or not the transaction will be approved or declined. Credit card terminals generally cost $400 to $1,000 but check our merchant service provider section to find out how you can get these for free.

 A merchant account is critical for any serious business today. You simply can not afford to run your retail business without one. Thankfully, the cost of these services have decreased greatly over the past 10 years. to atart accepting credit cards for your business, visit our page on retail merchant account providers.