Finding software can be overwhelming. Software Advice has helped many business owners choose the right merchant service provider to simplify payment processing.

Showing 1-20 of 107 products

Toast POS

Built exclusively for the restaurant and food service industry, Toast POS is a robust solution for all types of food service businesses, including bars, quick service, and full-service restaurants. For restaurants with table service,... Read more

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Recent recommendations: 80 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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Epos Now

Epos Now is a retail management system for small to mid-sized businesses. In addition to its Point of Sale module, the solution also offers integrated Inventory Management, Customer Management, and Retail Accounting, including general... Read more

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Recent recommendations: 80 recommendations

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Talech Register

Talech POS is a cloud-based retail, restaurant & bar and professional services solution that offers point-of-sale (POS), inventory and customer management, appointment scheduling and deep, real-time analytics. The solution stores data... Read more

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Recent recommendations: 77 recommendations

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Deployments: Cloud
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TouchBistro Restaurant POS

TouchBistro is an iPad-based point of sale (POS) solution for restaurants of all types. Specifically designed to meet the unique needs of the restaurant industry, TouchBistro comes complete with food service specific features and advanced... Read more

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Recent recommendations: 75 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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AmberPOS

Pacific Amber’s AmberPOS offers a point of sale software solutions to a variety of retail specialties, ranging from small to midsized, in the United States and Canada. In addition to point of sale functionality, AmberPOS includes... Read more

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Recent recommendations: 42 recommendations

Platforms: Win
Deployments: On premise
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Lightspeed Retail

Lightspeed Retail is a cloud-based point of sale (POS) solution that is suitable for retailers in industries such as apparel, footwear, bike, jewelry, pet, sporting goods and home decor. The solution enables retailers to manage inventory... Read more

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Recent recommendations: 35 recommendations

Platforms: MacWin
Deployments: Cloud
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AIM

AIM is a secure end-to-end point of sale (POS) business solution that can be used in any retail environment. This retail management solution features customizable menus and screens, inventory management, complete POS activity and customer... Read more

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Recent recommendations: 26 recommendations

Platforms: Win
Deployments: On premise
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COMCASH Retail ERP

COMCASH ERP is a cloud-based retail management solution that caters to multi-channel and multi-location retailers. The point of sale module utilizes multi-touch capabilities allowing users to navigate the menu similarly to the iPad.... Read more

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Recent recommendations: 25 recommendations

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Deployments: Cloud
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OrderSnapp

OrderSnapp Point of Sale combines powerful cloud-based software with beautiful hardware designed for the restaurant and retail industry. Included with a POS online ordering along with a customized website landing page that receives... Read more

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Recent recommendations: 24 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Cash Register Express

Cash Register Express (CRE) by pcAmerica is a point of sale solution for retail stores and small businesses including liquor stores, convenience stores, grocery stores, and other specialty retailers. CRE offers inventory management,... Read more

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Recent recommendations: 17 recommendations

Platforms: Win
Deployments: On premise
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Rain POS

Rain retail software is a cloud-based point of sale (POS) and integrated website solution that is Mac OS and Windows compatible. Rain is an all-in-one platform designed for small to medium sized specialty retailers that offer sales,... Read more

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Recent recommendations: 16 recommendations

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Deployments: Cloud
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Agiliron

Agiliron cloud-based point-of-sale (POS) solution is designed to serve both in-store and mobile businesses as well as online sales channels. The system offers a host of features that work in tandem with the point-of-sale solution,... Read more

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Recent recommendations: 16 recommendations

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Deployments: Cloud
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Tray

TRAY is a cloud-based software platform that enables service on-demand for merchants in the Family Entertainment, Amusement and Restaurant industries. The product suite includes point of sale, self-order kiosks, online ordering, electronic... Read more

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Recent recommendations: 14 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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KORONA POS

KORONA provides point of sale software, inventory management, and CRM services for all types of retailers, such as convenience stores, liquor shops, and QSRs. The POS software also caters to museums, theme parks, and wineries with... Read more

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Recent recommendations: 11 recommendations

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Deployments: Cloud
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BrewPOS

BrewPOS is a Windows IOT solution for restaurants designed to intuitively manage the daily functions for your restaurant. Open Tabs with EMV chip cards and close them without the customer present. Never keep a credit card behind the... Read more

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Recent recommendations: 9 recommendations

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Deployments: Cloud
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Shoptiques POS

Shoptiques is all-in-one solution built specifically for retail businesses. The Shoptiques software not only enables retailers to easily manage inventory, staff, purchase orders, and customers but also process transactions and access... Read more

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Recent recommendations: 9 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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Ordorite

Ordorite offers a fully end-to-end management software solution for furniture, bedding and related retailers. The system can manage every aspect of your business from point of sale, inventory control, warehouse management, delivery... Read more

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Recent recommendations: 9 recommendations

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Deployments: Cloud
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Smartwerks_USA

Smartwerks_USA is a point of sale and accounting software application. It is best suited to small and midsize specialty retailers like mattress stores, gift shops, patio stores, and jewelry stores. Key features include point of sale... Read more

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Recent recommendations: 8 recommendations

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Epicor Retail Solutions

Epicor retail POS and business management solutions are designed to help independent retailers work smarter, not harder. With more than 45 years of experience built-in, Epicor retail solutions help retailers in nearly 8,000 locations. Epicor... Read more

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Recent recommendations: 8 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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Liberty Consignment

With its flexible, simple solution, Liberty Consignment by Resaleworld.com offers retailers in the consignment, thrift and resale industries a comprehensive system to manage point of sale, inventory management, CRM and accounting.... Read more

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Recent recommendations: 7 recommendations

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Deployments: CloudOn premise
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Buyers guide


Last Updated: April 6, 2020

The exchange of funds between businesses and customers was fairly simple before the introduction of the internet, and so was the role of merchant service providers. From 1979—when Visa introduced the first credit card terminal—to the mid-'90s, merchant services were limited to terminals and telecommunications services. However, with the introduction of the internet, payment processing grew to include virtual payment terminals, payment gateways, payment processors etc., complicating the role of merchant service providers.

These providers act as intermediaries between banks, businesses, and end customers. They come into play as soon as a customer swipes their card to pay for a product/service.

We've created this Buyers Guide to help you better understand the role of merchant service providers.

Here's what we'll cover:

Who are merchant service providers?

Merchant service providers are entities that help process, store, or transmit customers' transactional information on behalf of a business. These entities include payment service providers, merchant account providers, payment gateway providers, and any other service provider that facilitates receiving payments in non-traditional modes i.e., not cash or paper checks. 

Common offerings of merchant service providers

The merchant services market is a diverse and rapidly evolving space. The offerings of each provider may differ widely; however, their core services remain consistent. Let's look at some of these:

Merchant accounts Accept payments using a virtual terminal (a web-based app that connects to a payment processing gateway). Track funds deposits, save customer card details, and generate online payment links.
Payment gateways Process diverse debit and credit cards, eChecks, and multi-currency payments. Store customer information and ensure PCI compliance
Point of sale systems Scan items, apply discounts, and create/print invoices. Accept cross-channel returns, initiate refunds, and create multiple returns for one sales order.
Payment processing hardware Process payments done by cards. Integrate your merchant account with payment processing consoles and readers.
Online shopping systems Track orders and wish-lists, remove out-of-stock items, offer express checkout options, and run special offers for items in the cart.

What type of client are you?

There are two broad client categories that merchant service providers cater to:

  • Small businesses: Being limited in their requirements and budget, small businesses require services that are largely centered around credit card processing, online billing, and wireless and mobile access. They should look out for the scalability of services to be able to accommodate future growth and the subsequent increase in transaction volume. Some examples of these businesses include local ecommerce websites, restaurants, field service companies, and small retail businesses.

  • Midsize businesses and enterprises: Midsize businesses and enterprises often operate in multiple states/countries and deal with large volumes of data. These businesses are more likely to require services such as Level 2 and Level 3 corporate card processing, integration with existing business management or accounting software, and high-level data protection. Some examples of these businesses include multi-national companies, large retailers, and franchises.

Benefits offered by merchant service providers

By now you must have understood the core offerings of merchant service providers and their customer types. Now let's look at some key benefits that will be of value to you.

  • Better customer experience: Improve purchase experience for customers by providing the flexibility to make payments through multiple channels such as physical terminals or mobile wallets.

  • Increased sales: Increase overseas sales and tap into international business opportunities by supporting cross-country payments and simplifying the purchase experience for international customers.

  • Improved funds management: Simplify funds management with detailed reports that describe total transactions based on parameters such as currency, payment method, and bank details. The reports also make it easier to get a complete view of profits and tax details.

Key considerations for selecting a merchant service provider

As the last step to selecting your merchant service provider, you need to keep a few additional things in mind.

Fee and other costs: Some service providers peg their fee to your sales—the more you earn on sales, the higher is the fee you pay. Therefore, you should explicitly ask about the fee structure to avoid paying more than you had planned. You should also check the costs for additional services you may require in the future. For example, currently you may need only the credit card payment service but upon business expansion your requirements can increase to include fraud filters and point-to-point encryption.

Fraud protection: Payments fraud is the top concern of financial services professionals, and fraudsters are constantly on the look-out for opportunities. Some common payment frauds include chargeback fraud, spoofing, or data theft. You should inquire about the safety measures the vendor has in place. Some of these features may include pattern-based transaction monitoring, checking for hotlisted cards, and thorough Know Your Customer (KYC) checks.

Service provider track record: You should look into a service provider's track record to identify aspects such as the quality of their customer service, their technical support record, and their charging practices. You can learn about these by reading reviews on third-party websites or on the service provider's website. You could also check if they have featured in any market reports or if they have been in the news for some reason.