A retail merchant account is a low risk merchant account that enables retail stores and shops to accept credit card payments using a retail card swipe terminal or Point of Sale (POS) system.
Retail merchant accounts are used exclusively for "card-present" transactions since a "swipe" or, less common today, an imprint of the customer's credit card is required.
To accept credit card payments by phone, mail, Internet, fax, or any method where there is no physical credit card swiped at the time of sale, a business will require an Internet merchant account and use a payment gateway in place of the retail card swipe terminal. You cannot process card-not-present transactions using a retail merchant account and attempts to do so may result in termination of your retail merchant account.
Regardless of whether you're an established retailer looking to add a retail merchant account or a new business looking for your first merchant account, you should work with an experienced merchant services provider like CyoGate that has expertise in effectively securing and handling retail merchant accounts.
An Internet Merchant Account is sometimes referred to as a "MOTO" (Mail Order & Telephone Order) Account because they all require the ability to process a credit card payment when there is no physical credit card present to be swiped. A standard retail "swipe" merchant account does not allow processing of these "card-not-present" transactions.
If the domestic banks are denying your merchant application because they believe your industry is considered high risk, CyoGate can help! We have an offshore network of merchant processing partners that enable us to provide low cost, high risk merchant solutions to a much wider range of businesses and industries.
The CyoGate Internet Payment Gateway offers one of the quickest and most cost effective ways to accept and process credit card and electronic check payments online. Our payment gateway works with most existing merchant accounts and supports hundreds of popular web shopping carts and eCommerce platforms.