Merchant services is almost always seen as a synonym for debit or credit card processing as it is the most commonly used payment method. However, merchant services is more than that, it includes all forms of payment methods used between a customer and a business in order to facilitate the transfer of funds for the services rendered.
Businesses that are looking to evolve alongside modern technology need to focus on providing easy payment solutions for its customers so that they are not left with a limited range of payment methods that would be inconvenient and not feasible for them. In order to understand what the customer needs and how to build up a cash flow system through the use of merchant services, it is important for businesses to first understand and study in detail about the payment options that are available to them.
Two of the most common payment processing options provided by merchant services are:
Debit and Credit Cards
For almost any form of business these card transactions are the customers’ most favorite mode of payment as it saves the hassle of a lengthy authentication procedure for making payments. Customers prefer card payment for small and regular transactions, and businesses which do not have this basic facility are immediately ticked of from a customers shopping list because they do not believe in businesses that are not adapted to the most basic technological advancement of the century.
Through merchant services, businesses can easily handle the collection and processing of payments through card payments by customers without having to worry about manually checking/authenticating each and every transaction. Most importantly, in the case of refunds to customers, these merchant service account handle the reversal of payments without having to go through a bank’s complicated process to authenticate repayments.
Electronic Funds Transfer (EFT)
Customers who make regular payments to businesses, or who purchase in large quantities will rely on EFT rather than cards for process their payments as limits for EFT transactions are higher compared to the restrictive limit on cards. It is important for business to set up the proper facility to receive the EFT transaction funds into their merchant or bank accounts directly without any delay in processing as businesses rely on the constant cycle of funds to run their businesses and the delay in a payment which is of a sizable amount can affect a business with losses very easily.
Merchant services ensure that the money is received into either the businesses merchant or bank account directly upon sanction from the customer.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.