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The Complete Guide to Merchant Services for Small Business Owners

Stax

They also integrate with business management tools (e.g., inventory, CRM, and accounting software). Merchant service accounts and how they work Merchant service providers assess your credit history, business type, and expected transaction volume during application. Payment gateways. eCommerce tech stack.

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The Anatomy of a Credit Card Transaction

Clearly Payments

Stage 3: Clearing and Settlement After authorization, the transaction must be cleared and settled: Merchant Submits Batch Transactions : At the end of the business day, merchants send authorized transactions to their acquiring bank for processing in batches. Online Payment Gateways Encrypt transaction data for secure online payments.

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Credit Card Processing for Small Business: Everything You Need to Know

Stax

Integrations The POS software provided by the PSP must integrate seamlessly with your existing business operations software tools like your accounting software and CRM apps. For eCommerce businesses, in particular, the payment gateway offered by the provider must work well with your online shopping carts.

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Choosing the Right Payment Gateway for Your Specific Business Needs

My Payment Savvy

Settlement (1–3 Business Days Later) At the end of the day, your processor batches all approved transactions and sends them for settlement. Funds are transferred to your merchant account, minus processing fees, typically within 1–3 business days.

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APP fraud: Mid-year review

The Payments Association

Under the voluntary Contingent Reimbursement Model (CRM) Code, only a limited number of firms committed to reimbursing victims, and the rates varied sharply—TSB reimbursed 91% of APP fraud losses in 2022, while AIB Group reimbursed just 10%, according to PSR data.

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The Top Payment Methods For Small Businesses

Stax

Choosing to accept payment methods outside the preferences of your customers could mean losing business to competitors and getting it right will mean happy customers, increased revenues, and more sales opportunities. It’s also perfect for businesses with a subscription-based (recurring payments) sales model.

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The Different Ways a Business Can Accept Credit Cards

Clearly Payments

Once approved, the funds are transferred to the business’s merchant account, typically within 1–3 business days (same day or next day with Clearly Payments ). Customer Relationship Management (CRM): Some payment solutions integrate with CRM software to track customer data and improve marketing efforts.