Find the best Merchant Service Providers

What is merchant service providers?

Merchant service providers are entities that help process, store, or transmit customers' transactional information on behalf of a business. These entities include payment service providers, merchant account providers, payment gateway providers, and any other service provider that facilitates receiving payments in non-traditional modes i.e., not cas... read more
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COMCASH Retail ERP

COMCASH ERP is a cloud-based retail management solution that caters to multi-channel and multi-location retailers. The point of sale module utilizes multi-touch capabilities allowing users to navigate the menu similarly to th...Read more about COMCASH Retail ERP

4.35 (27 reviews)

4 recommendations

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RQ Retail Management

RQ is a cloud based point of sale (POS) and retail management solution for multi-location retailers. Features include mobile POS, CRM, advanced inventory management, HR, marketing and loyalty, repair and in-depth reporting and ana...Read more about RQ Retail Management

4.30 (55 reviews)

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MultiFlex RMS

MultiFlex RMS General Merchandise is a cloud-based retail management solution for single and multi-location retail stores. Key features include point of sale management, accounting, inventory, staff management, CRM and marketing. ...Read more about MultiFlex RMS

3.96 (67 reviews)

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Cybex Enterprise Retail Suite

Founded in 1986, the retail software suite from Cybex includes point of sale, inventory management, distribution and replenishment, warehouse management, CRM, and e-commerce. The Cybex Enterprise Retail Suite focuses on infor...Read more about Cybex Enterprise Retail Suite

4.77 (13 reviews)

S2K Enterprise for Retail

VAI’s is an independent software developer and the author of S2K Enterprise, an award winning cloud-based ERP solution utilized by customers operating across the distribution, manufacturing, specialty retail, and service sectors, ...Read more about S2K Enterprise for Retail

4.17 (3 reviews)

Genesis Advantage

Genesis Advantage is a Windows-based, on-premise furniture retail solution for small to medium-sized retailers. The solution offers point-of-sale (POS), inventory management, accounting, sales and marketing functionality. Key acco...Read more about Genesis Advantage

4.25 (4 reviews)

RetailEdge

RetailEdge is an on-premise, retail POS solution designed for small and midsize businesses. It offers mobile POS, multi-location support, website integration, credit card processing and gift card management functionalities within ...Read more about RetailEdge

4.75 (142 reviews)

8 recommendations

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Aptos Retail Merchandising

Over 40 years’ experience delivering retail management systems to the retail industry with thousands of successful retail implementations around the world. Cloud-based omnichannel merchandising, inventory customer, POS, sales audi...Read more about Aptos Retail Merchandising

3.29 (7 reviews)

RunIt RealTime Cloud

RunIt RealTime is a cloud-based point of sale (POS) and inventory management solution that caters to businesses in industries like multi-store apparel, footwear, sports and gift and merchandizes. Key features include business inte...Read more about RunIt RealTime Cloud

4.71 (19 reviews)

ARMS USA

Advanced Retail Management Systems (ARMS) provides business development and software technology for retail jewelers and wholesalers. ARMS features include repair tracker, a tool that tracks items throughout the repair process and ...Read more about ARMS USA

4.21 (19 reviews)

JewelMate Enterprise Retail

JewelMate place power at our clients' fingertips! It’s a program that enables you to create and customize many aspects of your business from your own desktop. From creating custom receipts, job envelopes, barcode tags, and apprais...Read more about JewelMate Enterprise Retail

4.60 (20 reviews)

3 recommendations

ChainDrive

ChainDrive is an omni-channel retail management solution designed for retailers, e-tailers, and wholesalers. The solution is designed for apparel, footwear, sporting goods, jewelry, home goods, department store and specialty retai...Read more about ChainDrive

3.55 (11 reviews)

AmberPOS

Pacific Amber’s AmberPOS offers a point of sale software solutions to a variety of retail specialties, ranging from small to midsized, in the United States and Canada. In addition to point of sale functionality, AmberPOS incl...Read more about AmberPOS

4.09 (53 reviews)

21 recommendations

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PawnMaster

Data Age provides point of sale (POS) solutions for pawn shops and other specialty retailers. The systems offer optical identification scanning, barcode/UPC scanning, biometric validation and law enforcement reporting. The sy...Read more about PawnMaster

4.03 (19 reviews)

2 recommendations

Cegid Retail

Cegid provides cloud-based retail software to fashion and luxury, beauty, as well as specialty retailers. The system is built on a single, centralized database that is shared across all channels and updated in real time with custo...Read more about Cegid Retail

4.38 (34 reviews)

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Jesta Vision Suite

Jesta I.S. is a leading supplier of integrated software solutions for midsize and large retailers, wholesalers and manufacturers specializing in branded goods, apparel, footwear, hard goods and specialty industries. Jesta's c...Read more about Jesta Vision Suite

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Smartwerks

Smartwerks_USA is a point of sale and accounting software application. It is best suited to small and midsize specialty retailers like mattress stores, gift shops, patio stores, and jewelry stores. Key features include point of sa...Read more about Smartwerks

4.53 (33 reviews)

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Körber K.Motion WMS

Körber's K.Motion Warehouse Management System is an adaptable, process based WMS designed to be tailored to companies' unique business practices. Due to its modular design, users can pick and choose from a suite of applications to...Read more about Körber K.Motion WMS

4.00 (9 reviews)

mPower Beverage

mPower Beverage is an on-premise liquor store point of sale (POS) solution for single and multi-store retailers. The solution also helps to manage inventory, customers and pricing levels for liquor and beverage retailers. mPo...Read more about mPower Beverage

4.14 (7 reviews)

2 recommendations

iVend Retail

iVend Retail is a cloud-based, omnichannel retail management solution that helps businesses manage various aspects of a brick and mortar retail shop and e-commerce store. It covers from point-of-sale (POS) to back office to head o...Read more about iVend Retail

3.90 (15 reviews)

1 recommendations

Buyers Guide

Last Updated: November 24, 2022

The exchange of funds between businesses and customers was fairly simple before the introduction of the internet, and so was the role of merchant service providers. From 1979—when Visa introduced the first credit card terminal—to the mid-'90s, merchant services were limited to terminals and telecommunications services. However, with the introduction of the internet, payment processing grew to include virtual payment terminals, payment gateways, payment processors etc., complicating the role of merchant service providers.

These providers act as intermediaries between banks, businesses, and end customers. They come into play as soon as a customer swipes their card to pay for a product/service.

We've created this Buyers Guide to help you better understand the role of merchant service providers.

Here's what we'll cover:

Who are merchant service providers?

Merchant service providers are entities that help process, store, or transmit customers' transactional information on behalf of a business. These entities include payment service providers, merchant account providers, payment gateway providers, and any other service provider that facilitates receiving payments in non-traditional modes i.e., not cash or paper checks.

 

Common offerings of merchant service providers

The merchant services market is a diverse and rapidly evolving space. The offerings of each provider may differ widely; however, their core services remain consistent. Let's look at some of these:

Merchant accounts Accept payments using a virtual terminal (a web-based app that connects to a payment processing gateway). Track funds deposits, save customer card details, and generate online payment links.
Payment gateways Process diverse debit and credit cards, eChecks, and multi-currency payments. Store customer information and ensure PCI compliance
Point of sale systems Scan items, apply discounts, and create/print invoices. Accept cross-channel returns, initiate refunds, and create multiple returns for one sales order.
Payment processing hardware Process payments done by cards. Integrate your merchant account with payment processing consoles and readers.
Online shopping systems Track orders and wish-lists, remove out-of-stock items, offer express checkout options, and run special offers for items in the cart.

What type of client are you?

There are two broad client categories that merchant service providers cater to:

  • Small businesses: Being limited in their requirements and budget, small businesses require services that are largely centered around credit card processing, online billing, and wireless and mobile access. They should look out for the scalability of services to be able to accommodate future growth and the subsequent increase in transaction volume. Some examples of these businesses include local ecommerce websites, restaurants, field service companies, and small retail businesses.

  • Midsize businesses and enterprises: Midsize businesses and enterprises often operate in multiple states/countries and deal with large volumes of data. These businesses are more likely to require services such as Level 2 and Level 3 corporate card processing, integration with existing business management or accounting software, and high-level data protection. Some examples of these businesses include multi-national companies, large retailers, and franchises.

Benefits offered by merchant service providers

By now you must have understood the core offerings of merchant service providers and their customer types. Now let's look at some key benefits that will be of value to you.

  • Better customer experience: Improve purchase experience for customers by providing the flexibility to make payments through multiple channels such as physical terminals or mobile wallets.

  • Increased sales: Increase overseas sales and tap into international business opportunities by supporting cross-country payments and simplifying the purchase experience for international customers.

  • Improved funds management: Simplify funds management with detailed reports that describe total transactions based on parameters such as currency, payment method, and bank details. The reports also make it easier to get a complete view of profits and tax details.

Key considerations for selecting a merchant service provider

As the last step to selecting your merchant service provider, you need to keep a few additional things in mind.

Fee and other costs: Some service providers peg their fee to your sales—the more you earn on sales, the higher is the fee you pay. Therefore, you should explicitly ask about the fee structure to avoid paying more than you had planned. You should also check the costs for additional services you may require in the future. For example, currently you may need only the credit card payment service but upon business expansion your requirements can increase to include fraud filters and point-to-point encryption.

Fraud protection: Payments fraud is the top concern of financial services professionals, and fraudsters are constantly on the look-out for opportunities. Some common payment frauds include chargeback fraud, spoofing, or data theft. You should inquire about the safety measures the vendor has in place. Some of these features may include pattern-based transaction monitoring, checking for hotlisted cards, and thorough Know Your Customer (KYC) checks.

Service provider track record: You should look into a service provider's track record to identify aspects such as the quality of their customer service, their technical support record, and their charging practices. You can learn about these by reading reviews on third-party websites or on the service provider's website. You could also check if they have featured in any market reports or if they have been in the news for some reason.