Retail Merchant Accounts

What is a retail merchant account?
Credit card processors classify merchant accounts by the way in which a merchant transacts a credit card sale. A retail merchant account is an account that is set-up under the assumption that the merchant is going to swipe at least 80% of their total credit card transactions through a credit card terminal. In order to qualify as a retail merchant you will need to have the customer present with you at least 80% of the time so that you can physically swipe their credit card. If you do not think you will be able to classify as a retail merchant you should consider a mail order merchant account, or an Internet merchant account. If you're not sure which account best fits your business please contact our sales department for assistance. Our sales staff is very knowledgeable and happy to help.

Why are the rates and fees lower for a retail merchant account than for an Internet or Mail order merchant account?
A retail merchant account is considered by credit card processors to be the lowest risk way of transacting credit card sales. Processors assume this because the customer and the credit card are going to be present when a sale is made, greatly reducing the risk of credit card fraud and chargebacks. With the lower risk also comes lower rates and fees.

Which credit card machines are best to use with a retail merchant account?
At MME we offer a large variety of credit card terminals from all major manufacturers including Verifone®, Hypercom®, and Thales® at wholesale prices along with an optional MME Merchant Club that offers tons of great additional benefits. An ideal credit card terminal for a retail merchant would be a credit card terminal with a printer. The most popular specific terminals are the Hypercom T7P, Hypercom T7Plus, Lipman Nurit 2085, and the Verifone Tranz 330 and Verifone printer P250 combination.

Is there a contract and/or a cancellation fee with your retail merchant accounts?
No. We do not have a contract or cancellation fee on any of the competitive merchant accounts that we offer. A common misconception in the payment card industry is that a merchant account contract will lock-in rates and fees for the term of the contract. This is simply not true. A merchant account contact does not guarantee rates and fees for any length of time. Merchant services providers that claim to guarantee rates and fees have multiple "out-clauses" and provisions in their processing agreements that allow them raise rates and fees if certain conditions arise. For example, if you do not process up to or beyond your monthly declared volume a merchant service provider can raise your rates and fees.

What is a card present merchant account?
There are two basic types of merchant accounts available. The first is called a card present merchant account which means that when a credit card transaction is processed the customer and the card in present. Hence the name, "card present merchant account". Wireless merchant accounts, retail merchant accounts, and store and forward merchant accounts are all considered to be card present accounts. The second type of merchant account is called a card not present merchant account, meaning that when a credit card is processed the customer and the credit card are not present. Hence the name, "card not present merchant account". Examples of a card not present account would be an Internet merchant account, mail-order merchant account, or a business that processes credit cards by phone.