Your merchant account type will vary depending on the merchant services you incorporate into it. Remember: not all services are required. For example, a brick-and-mortar business that doesn't take orders online won't need a payment gateway. Some of the most common merchant services popular merchant account providers offer include: Merchant Account No matter what type of business you run or whether you accept one-time or recurring payments, you'll need a merchant account. This is basically where all the funds processed by your chosen payment processor go. Once the funds are in your merchant account, you can choose to withdraw them, transfer them to your business bank account, or leave them there in the meantime. Point of Sale (POS) System A Point of Sale system is a modern credit card terminal that allows businesses to monitor sales and business performance on one device. The software for the POS system will come from your chosen merchant account provider. What sets the POS apart from a normal credit card payments terminal is its simplicity. Gone are the days where you'll have to operate different devices when processing credit card payments, managing inventory, and keeping track of sales. With a POS, you can do all that on your favorite tablet! Plus, POS systems offer clients a wider range of payment options. Apart from allowing your business to accept credit card payments, many modern POS systems also process digital payments. Note: Ask your merchant account provider whether their software is supported by Apple and Android products. Some POS systems don't work well on specific devices. Credit Card Terminal These payment processors have been around since credit cards were first introduced to the public. They are small devices—a bit larger than a fully grown adult's hand—that read credit/debit card information then transfer these details to your payment service provider in real-time. The transaction won't push through if there's an issue with the card used. This is an excellent option for credit card processing for small business ventures such as boutiques and diners because it's not as pricey as a POS system. You can consider upgrading later on when you have sufficient funds and want to accept digital payments as well. Payment Gateway If you want to accept payments through your website, then you need a payment gateway. This is one of the best merchant services for e-commerce and brick-and-mortar stores that transact orders online. It's essentially a software program that connects your website to your merchant account provider's payment processors. Here's how the payment process goes: -First, your customer browses your website and places an order. -They are then redirected to the payment gateway page, where they'll input the details of the e-wallets or debit/credit cards they plan on using for the transaction. -The payment gateway page then sends these details to your merchant account provider, the fund is processed, and if everything's in order, the order will push through. -Processed funds should appear in your account in two to three business days. Digital Shopping Cart Digital shopping carts are one of the best credit card processors/credit card processing systems for e-commerce entrepreneurs. A virtual shopping cart contains all the items your customer wishes to purchase in a single transaction. Every item selected while the customer browses your site goes straight to the cart. Once they are finished shopping, they can head over to their virtual shopping cart, check the total purchase amount, and input the necessary card details to cover the bill. One of the benefits of this type of payment processing system is it improves user experience and encourages buyers to purchase multiple products per transaction.