Check out our full episode of BraunWeiss Teamtalk - Merchant Services and Digital Payments on youtube!
Merchant Services and Payment Processors enable a business to accept payment transactions through a secure and encrypted channel using the consumer’s debit or credit card. Before we get into the well-known merchant account companies like Stripe or Square, let us introduce the concept of payment processors. Payment Processor is an industry that handles transaction between customers and merchants.
There are two main types of Payment Processors:
True Merchant Accounts
Just like what we experienced with our clients in the past, not everyone knows the difference between aggregators and true merchant accounts. Therefore, we want to introduce the BraunWeiss Approach in merchant services along with our experience for the two types of payment processors.
For Aggregators, they are free to sign up for, there is no background check required. At the same time, BraunWeiss team has found that it is a quick process to set up an aggregator account while helping our clients. However, based on the research from BraunWeiss team, aggregators usually have a higher flat rate and are not nearly as secure as True Merchant Accounts.
Some common aggregators that you can find in the market:
At BraunWeiss, we provide payment solutions to a wide range of practices while partnering with leading aggregator companies. With our experienced team, BraunWeiss supports our clients’ growth in integrating merchant services and configuring Digital payment solutions.
On the other hand, according to BraunWeiss team’s research, True Merchant Accounts are more secure and have a lower transaction fee. While they take longer time to set up due to the business background check requirement.
Some common True Merchant Services:
BraunWeiss is also partnering with leading merchant account companies like TSYS and First Data to help our clients with more secure and low-cost merchant services.
Based on the difference volume of transaction and other requirements like digital integrations, merchants can choose between aggregators and true merchant accounts for their needs.
In order to achieve seamless payment process for the customers, BraunWeiss team improves Customer Experience results with a solution design to integrate your website with Merchant Services through the following steps:
Create custom payment forms
Integrate from with Payment Processor
Embed custom payment form in business website
Provide monthly maintenance and support
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