Not too long ago, business owners wishing to accept card payments from customers could only do so if they applied for a merchant account and were approved by the payment processing company—the acquiring bank handling the transaction process.
While still common, new ways of obtaining this capability have also emerged—in the form of third-parties, such as San Francisco, Calif.-based mobile payment company Square, for example. These enable business owners to process consumer credit cards without actually having a merchant account.
Such options are intriguing, yes—but are they really the best options for merchants? Not always.