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You're different. You're unique. Therefore, you won't have the same needs as the business owner next to you. When it comes to merchant services, each business has a "type" describing how they process, and the specific needs they have. Curious about what your business type is? Here you will learn what each type is so you know where you fit in.
The most basic type of account is Retail. This means you are a typical merchant who interacts with your customers face-to-face. Customers physically hand you their credit card for purchases, and you swipe the card through a terminal, mobile device, gateway, or even a POS. Retail processing is typically the safest way to process cards, with little room for error. If you are a Retail merchant, lucky you! This merchant type usually has the lowest Interchange rates of all six business types listed here.
Retail with Tip
With this business type, you will also see your customers face-to-face, and they will hand you their card for payment. The difference is, maybe you provide a service, such as a salon, where your customers want to leave a tip. As a business owner, you have the option to either capture your customer’s tip up front, or after your service has been completed. If you choose to collect your tip up front, Retail with Tip is the option for you.
With this business type, you also meet customers face-to-face and you will have card-present transactions; however, restaurant merchant types, are slightly different from Retail accounts. For instance, when a customer is at your restaurant, the bill is totaled once they are done eating. The server brings the bill and the customer their card. The server then takes the card and swipes it on the POS for the total amount listed on the bill. When the customer signs the receipt, they have the option to leave a tip. Later, the server will adjust the total to include the tip left by the customer.
MOTO stands for Mail Order/Telephone Order. If you need this type of account, it means you normally do not see customers’ face–to-face and are often keying in their cards. Since you are a different type of business, there is a unique account type for you. With this account, there will be higher Interchange rates, as there is more room for error when you key-in a transaction, vs swipe and signature. However, RedFynn has security features in place for you, to help keep your processing costs low, such as fields to enter additional information to authenticate the transaction.
If you are a hotel, motel, B&B, etc., you have a special merchant type. You will authorize a customer’s card for a specific sale amount at the point of reservation or check-in and, depending on the customer’s length of stay, you will adjust and settle out each authorization a day or more later to include additional fees such as taxes, etc.
Internet / E-Commerce
If you have a website where orders or services can be ordered online, you are considered an Internet merchant type. This type of account normally works through a gateway and a website shopping cart. The card information is entered by the customer and collected online. Once the order is confirmed, the transaction is processed.
As you can see, at RedFynn we understand the various ways to process cards and will assist you in finding the right one for you.
Even if you accidentally choose the wrong merchant type when you fill out your application, our Quality Control team will discuss this with you and ensure your application is submitted wit the correct information before processing your application.