As a business owner in Australia, accepting electronic payments is a necessity in today’s digital world, and to do this, you’ll need merchant services. Merchant services allow businesses to accept payments from customers via electronic means such as debit and credit cards. Keep reading to learn more…

How Does It Work?

Merchant services are a type of financial service provided by a merchant services provider or payment processor. The merchant services provider typically processes the electronic payments for the business and facilitates the transfer of funds from the customer’s account to the merchant’s account.

To get started with merchant services, a business must first sign up with a merchant services provider. The provider will then set the business up with the necessary equipment to accept electronic payments, such as a card reader or payment terminal. The business can then begin accepting electronic payments from their customers.

When a customer makes a payment using their debit or credit card, the payment information is sent to the merchant services provider for processing. The provider then verifies the payment information and transfers the funds from the customer’s account to the merchant’s account.

The provider charges a fee for processing the payment, which is usually a percentage of the transaction value. This fee covers the cost of processing the payment, including any fees charged by the card network (such as Visa or Mastercard).

Benefits of Merchant Services

Merchant services offer several benefits to businesses. A few of these include:

• Increased Sales
  Accepting electronic payments can increase sales by making it easier for customers to pay for goods and services. Many customers prefer to use debit or credit cards, and businesses that don’t accept electronic payments may miss out on sales.
• Improved Cash Flow
  Electronic payments are processed quickly, which means businesses receive their funds faster than they would with traditional payment methods like cheques or cash. This can help improve cash flow and make it easier for businesses to manage their finances.
• Reduced Risk
  Electronic payments are more secure than traditional payment methods like cash or cheques. They reduce the risk of fraud and theft and can help businesses avoid the costs associated with bounced cheques or counterfeit currency.
• Convenience
  Merchant services make it easier for businesses to accept payments from customers. Electronic payments can be processed quickly and easily, and businesses don’t have to worry about handling cash or cheques.

Who Needs Merchant Services?

Any business that accepts payments from customers can benefit from merchant services.

Retailers

Retailers that sell goods and services directly to customers can benefit from merchant services. Accepting electronic payments can increase sales and improve cash flow.

Restaurants

Restaurants and cafes can benefit from merchant services by accepting electronic payments from customers. This can help improve efficiency and reduce the risk of fraud or theft.

Online Businesses

Online businesses that sell goods or services through a website can benefit from merchant services. Accepting electronic payments can make it easier for customers to pay for purchases and can help improve sales.

Service Providers

Service providers such as plumbers, electricians and other tradespeople can benefit from merchant services by accepting electronic payments from customers. This can help improve cash flow and reduce the risk of fraud or theft.

Types of Merchant Services

There are various types of merchant services that businesses can utilise to improve their payment processing capabilities. At Venue Smart, we offer a range of products and services to help businesses accept electronic payments, including:

EFTPOS Terminals & Integration

We offer a variety of EFTPOS terminals that can be integrated with your existing POS system, allowing you to accept debit and credit card payments with ease.

ATM Machines

We provide businesses with ATM machines that can be installed on their premises, allowing customers to withdraw cash and providing an additional source of revenue for the business.

ATMs for Events

Our portable ATM machines are perfect for events such as concerts, festivals and trade shows, providing attendees with a convenient way to withdraw cash.

Over-The-Counter Crypto

We offer over-the-counter crypto services that enable the acceptance of digital currency.

QR Table Ordering

Our QR table ordering system allows customers to order and pay for their meals directly from their smartphone, improving the efficiency of your restaurant and reducing the need for physical menus.

E-Commerce Payment Gateway

Our e-commerce payment gateway allows businesses to accept online payments from customers through their website, providing a seamless checkout experience for customers and improving online sales.

By offering these types of merchant services, we’re able to provide businesses with a one-stop-shop for all their payment processing needs. Whether you need an EFTPOS terminal for your retail store or an ATM machine for your event, we have the equipment to help you streamline your payment processes and improve your bottom line.

Venue Smart offers fast, secure and reliable merchant services to businesses of all sizes in Australia. Contact us today to learn more about how we can help your business accept electronic payments and improve your bottom line.