There are allot of different businesses out there. As the economy grows and business’ flourish, different ways of doing business are happening as well. We are a technologically advanced society and everything we do in our lives is more and more dependant on technology. The Merchant Services industry is no different, and has rapidly conformed to the changing needs of their potential merchants, being sure to offer processing in many different format’s as to keep up the standards. The biggest breakthrough has been the inception of Mobile business, and to follow suit, merchant processing is as well, available in what can be considered a mobile format.
There are five major solutions to mobile processing:
- ARU or Auditory Response Unit. This is referencing the methodology of over the phone processing. When a merchant is set up with an ARU solution, they are given a telephone number and merchant number so they can call in a transaction, from where ever they are doing business at the time. This solution however, is limited to only Visa and Mc or credit card transactions. There is currently no way to do Debit with an ARU solution.
- Virtual Merchant or Virtual Terminals. Very similar to an ARU set up again this product is only available for Visa and Mc or credit card transactions. Instead of a phone number, the merchant is issued access to a url, where they will enter their transactions online from anywhere they are, all you need is internet access and a virtual merchant is accessible!
- E Commerce. This is an ever growing solution and lined to Website processing. If a merchant is looking to do mobile transactions from their website, then E commerce is the solution. This is also mobile in that, customers can purchase online at any time.
- Virtual Merchant + Pin Pad Hybrids. This is Exactly like the Virtual Merchant as explained as option #2, however, there is an external pin pad that plugs into the computer, which allows a merchant the option to swipe a card and do Debit and Credit Card transactions. This is a fabulous mobile solution as you can take any payment type physically and still have the convenience of a Virtual merchant account for instances where you don’t have the pin pad with you.
- Cellular Terminals. Just like a cell phone, the cellular terminal is completely wireless, and offers the benefits of all 4 afore mentioned solutions. With a wireless terminal you can always swipe a transaction for Debit or any Credit cards. This is the best mobile solution as a merchant will always have the security of a physically swiped transaction.
There are constant changes and additions to these types of acceptance solutions as merchant services have to pave the way for new mobile options to keep in tune with the merchant’s ever changing demands. Pricing may vary, obviously with increase in convenience comes cost.
