Merchant

Video Transcription

Hi my name is Tony Grant, and today I'm here to discuss what it is to be a merchant. First of all what is a Merchant? A merchant is any person or business, who trades their goods and services for payments from their customers. You can be a wholesale business or retail business. Typically a wholesale business is dealing directly business to business, where the retail business is dealing with the general public or the consumer.

Several methods of payment for both the wholesale and retail business, traditionally the wholesale will operate under a traditional account receivable type of format, where retail might accept cash, check, as well as credit or debit card transactions.

Now, there are several different ways in which to process your credit and debit card payments. We have the traditional terminal which is attach to a phone line or internet connection could be short range wireless operating within a WiFi network, or even a long range wireless where the terminal can be taking out onto the road where you can process transaction mobility. Next we have Interactive Voice Response that's where traditionally card not present environment, where you might be taking phone orders where you are phoning in for your authorization on those types of transactions. We have Virtual Terminal, where you actually login to a website to process your authorization on your payments. And, lastly an E commerce Gateway, which is a shopping cart website where the consumer or the business would be able to purchase your goods and services. And that concludes our discussion on Merchant.