Retail Merchant Account

In the world of credit card processing, a “retail” account is defined as one where greater than 50% of cards are swiped in person. Retail accounts require that the card be present and that it be run thorough a terminal (also called a credit card machine or strip reader).

Retail is the lowest cost way to accept cards, as it is the most secure. Since the card is taken in person, there is less risk involved for both the merchant and the processor in terms of chargebacks. Due to the mitigated risk, the card issuer provides lower rates to the processor, and thereby to the merchant.

Typically retail accounts are divided into two pricing systems – tiered pricing or IC+ pricing (for more information on the differences, click here). Tiered pricing by far is the most common method, and most processors will provide a three tiered system; qualified, mid qualified, and non-qualified.

However, at Merchant Solutions, we offer all applicable retail accounts a fourth option – PIN based debit. PIN based debit gets you the BEST possible rates, typically at least a full percentage point lower than your qualified transaction rates! The ability to accept PIN based debit will save your company hundreds, and more typically thousands, a year in credit card processing charges. PIN based debit is not just selecting “debit” when you run the card, but accepting as well a PIN number which your customer must directly input into a PIN pad. Simply put, if you are not actually getting a PIN number, you are not getting a PIN based debit rate.

Is your current provider giving you a PIN based debit option, or are they rolling these all in to the qualified rates? Find out how much YOU could be saving each year!

* Greater than 50% of cards swiped in person
* Can accept PIN based debit for best rates
* Can accept tips for applicable business types (restaurant, salon, livery service, etc)
* Free terminal program for qualified merchants
* Same or next day approval
* Standard 48 hour funding, 24 hour funding for approved merchants, optional overnight funding
* No application or set up fees

General retail merchant account and credit card processing is ideal for businesses such as:

Alterations/Tailoring
Apparel Shop
Artist Supply Shop
Automobile Glass Shop
Automobile Parking
Automobile Supply
Bakery
Bar/Nightclub
Barbershop
Beauty Salon
Billiard/Pool Hall
Camera/Photography Studio
Campground
Clothing
Church
Bookstore
Cosmetics
Craft / Hobby shop
Day Spa
Department Store
Discount Store
Feed Store
Florist
Formal Wear (Rental/Retail)
Framing Shop
Gas/Service Station – (RUBY COMPATIBLE / pay at the pump)
Gift/Card/Novelty
Glass/Paint/Wallpaper
Golf Course (Public)
Golf Pro Shop
Hardware Store
Health Food Store
Hobby Shop
Clothing Store
Lawn/Garden Store
Liquor Store
Lodging/Hotel/Motel
Meat/Fish Market
Miniature Golf/ Driving Range
Misc. Specialty (Retail)
Movie Theater
Museum
Nail Salon
Office Supply Store
Paint/Wallpaper Store
Pawn Shop
Pet Shop
Quick Oil Change
Repair (Radio/TV/Stereo)
Restaurant
Shoes (Store/Repair/Shine)
Sign Company
Photo Film Processor
Print Shop
Small Appliance Repair
Souvenir Shop
Specialty Food Market
Sporting Goods
Sports Apparel
Stationary/Paper Store
Supermarket
Tackle Shop
Tanning Salon
Cellular Phone
Comedy Club
Commuter Service (Train/Bus)
Computer Repair
Courier Service

Small Ticket – average ticket under $25

Small Ticket retail generally refers to any merchant with an average ticket size of less than about $25. On these types of transactions, the biggest “money grabber” is often times not so much the transaction charge as it is the fixed cost per transaction and additional few cents here and there that create higher effective rates on small dollar items. For example, what’s a fair deal on a $100 ticket is a horrible deal on a $5 ticket:

$100 ticket @ 1.69% +$.25 = 1.94% effective rate

$5 ticket @ 1.69% + $.25 = $.335 = 6.7% effective rate

At Merchant Solutions, we work to provide you the right solution for YOUR business.

Some examples of small ticket merchants include:

Arcades

Automobile Parking Garage
Billiard/Pool Hall
Candy Store
Car Wash
Convenience Store
Dollar Store
Deli
Driving Range
Drug Store
Dry Cleaner
Greeting Card Shop
Laundromat
Miniature Golf/ Driving Range
Movie Theater
Museum
News Stand
Parcel Post Store
Pharmacy
Photo Film Processor
Photocopy Service / Print Shop
Tobacco Store/Stand
Vegetable/Fruit Market
Salvage Yard
Fast Food
Diners

Big Ticket Retail – average ticket over $250 average

Big ticket retail refers to any account with an average ticket over $250. In these types of accounts, low discount rates are critical to keeping overall cost down. Therefore, as often as possible debit makes the most sense for these transactions. And on credit transactions, these types of accounts are typically best serviced on an interchange plus pricing format to provide the lowest possible rates. As well, since we are fully PCI-DSS compliant, and provide in house settlement and funding (with no middle men or third parties involved), we provide the highest level of security for your customers financial records.

Some examples of big ticket merchants credit card processing include:

Aircraft Services
Appliance Store
Automobile Accessories
Automobile Dealer (new)
Automobile Supply
Bicycle Shop
Boat Dealer
Bridal Accessories
Chiropractor
Clinical Therapist
Dentist
Doctor
Funeral Parlor
Hospitals
House Wares/Cutlery
Household Appliance
Intermediate Care Facility
Jewelers
Designer Clothing Store
Lamp/Lighting Store
Hotels and Resorts
Lumber/Building Supply
Marina
Marriage Counselor (Licensed)
Medical Equipment & Supplies
Optical Store
Optometrist
Orthodontist
Paint/Wallpaper Store – Building Materials
Psychiatrist
Motorcycle, Boat and Recreational Vehicles sales and service
Car Rental
Sign Company
Advertising Agency
Ski Resort
Ski Shop/Apparel
Tattoo Parlor
Tire Dealer
Accounting Service
Advertising Service
Air/Heating
Sales/Installation/Repair
Antique Dealer
Art Gallery/Dealer
Attorney
Automobile Alarms
Automobile Electronics
Automobile Paint/Body Shop
Automobile Rental
Automobile Repair/Tune-Up
Automobile Transmission
Awning Shop
Bookkeeping Service
Bridal Gown/Dresses
Bus/Charter/Tour-Same Day
Business/Secretarial School
Carpet Store
Caterer/Banquet Hall
Charter Boat Service
Child Care Center
Computer Hardware/Retail
Computer Software/Retail
Fuel Oil Supplier
Electrician
Furniture Store
Furrier
Government Service
Gun Shop
Health Spa
Home Repair Service
Janitorial Service
Jewelry Store
Landscaping Service
Machine Shop
Paving/Seal Coating
Piano Store
Plumber
Rental Store
Tradesmen
Trailer Sales/Rental
Welder
Moving Services
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