Keystone Bank Card's Retail Merchant Account is designed for merchants that have a majority of their transactions processed in person. On average, about 70% of the retail merchants have their sales occur in person, having the customer's credit card is swiped through the credit card terminal. A liquor store merchant account would be a perfect example of a retail merchant needing a credit card terminal. Retail merchants can also have access to a virtual terminal where they can log in through a computer and run the customers credit card. This is an ideal set up for a restaurant merchant account where merchants can pre-authorize and then finalize transactions.
With a retail merchant account, merchants not only open up their customer base to a wider range of users, but the money is deposited rather quickly; usually in 2-4 business days after the transaction. This is much faster than waiting for a traditional check to clear - payments are approved in seconds instead of days. The merchant can also have their bank account in any bank that they wish in the USA, our systems will be able to deposit directly into it.
A retail merchant will also pay a much lower transaction rate because a majority of their transactions will take place in person; face-to-face. This is when the credit card is swiped infront of merchant, thus lowering the risk of fraud. This lower level of fraud allows the processor to charge a lower rate, which is passed along to the merchant as a much lower rate than a phone or internet transaction where the card is not swiped. Keystone Bank Card has negotiated fantastic Retail Merchant Account Rates for merchants.
One last important point that retail merchants should recognize is that it is very important for them to pick a good credit card terminal. A good credit card machine means a newer model which would be more likely to withstand the constant swipes that come from a retailer. But aside from a new model, it is important for the merchant to either buy the machine outright, or lease over the term of the merchant contract and own at the end of the term. Many agents do not offer these options, so it is important for the retailer to realize that is it possible and strongly recommended to either purchase in begining or lease with ownership options.