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Types of Merchant Accounts
All Credit Card Merchant accounts are classified into a specific merchant type.
Merchant Account type is based on how you accept credit card transactions.
Here are a few examples.
Card Present or Swiped Transaction: In store customer with credit card in hand.
"Swiped" or, "Card Present" merchants directly interact with their customers face-to-face and capture card information by physically swiping cards through a terminal or point-of-sale system.
Retail Merchants: Transactions conducted thru a storefront or office.
Restaurant Merchants: Retail merchants but have the ability to add tips to the transaction. The initial transaction is authorized with the ability to change the initial meal cost to include the tip amount.
Internet/Mail Order/Telephone Order ("M.O.T.O.") Merchants: "M.O.T.O." merchants rarely, if ever, meet their customers face-to-face. Instead, these merchants collect orders and card information over the telephone, by mail, fax, or via the Internet, and manually key-enter transactions through a terminal, software, payment gateway, or point-of-sale system.
Internet or E-Commerce Merchants: "Internet" or, "E-Commerce" merchants conduct all business through a website, so all card information is collected and transactions are processed online, in real-time, using a payment gateway that’s built into their website’s shopping cart. (Note: This merchant type applies to merchants who sell products via the internet regardless if using a shopping cart or processing cards after order confirmation.)
Wireless or Mobile Merchants: Wireless or Mobile merchants need to accept and authorize cards wherever they are away from the office. Using a portable wireless terminal, these merchants process real-time transaction at any location.
Lodging Merchants: Lodging merchants (e.g. Hotels, Motels) authorize a customer’s card for a specific sale amount and, depending on the customer’s length of stay, will alter the amount of the initial sale a day or more later to include additional fees such as taxes, additional nights or hotel service fees.
Keyed Face-to-Face Merchants: Keyed Face-to-Faced merchants eventually meet their customers in person to deliver the product or provide the service, but they do not actually collect card information with the customer or card present. Generally, they take orders over the telephone, via fax, mail, or email, and then manually key-enter card information into a terminal, software, payment gateway, or other point-of-sale system.
