merchant-services

Vocabulary Word

Definition

'Merchant services' are services offered by companies to businesses to help them accept payments other than cash, such as debit or credit card transactions.

Examples in Different Contexts

In the retail sector, 'merchant services' include point of sale systems, credit card processing, and online payment solutions. A retail store owner might say, 'Upgrading our merchant services has significantly increased our sales by improving customer payment convenience.'

Practice Scenarios

Tech

Scenario:

The increase in online transactions demands a greater emphasis on secure payment services. It's paramount we offer dependable solutions for our customers.

Response:

I agree, we should look into leveraging top-tier merchant services providers known for their advanced security measures in payment transactions.

Customer-Service

Scenario:

As we serve a diverse customer base, we need to be equipped to explain the different payment methods available. No one should face inconvenience while making payments.

Response:

Agreed. We should undertake training to understand the ins-and-outs of our merchant services. This way, we can better assist customers questioning about payment issues.