Merchant services
Merchant services is the name given world wide to a broad category of financial services intended for use by businesses.[1] In its most specific use, it usually refers to the service that enables a business to accept a transaction payment through some secure (encrypted) channel by use of the customer's credit or debit card. More generally, the term includes the following in its use:
- Credit and debit cards payment processing
- Check guarantee and check conversion services
- Automated Clearing House check drafting and payment services
- Gift card and loyalty programs
- Payment gateway
- Merchant cash advances
- Online transaction processing
- Point of sale (POS) systems
- Electronic benefits transfer programs, such as ration stamps (called food stamps in the U.S.)