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Most consumers prefer to use credit or debit cards to pay for goods and services. With so much commerce conducted via the internet, the popularity of debit/credit cards will only continue to grow. To enable businesses to accept these cards, bank accounts known as merchant accounts have been created.
There are three basic methods of presenting credit and debit cards for processing. The most popular method requires that the card be swiped through a credit card reader (or terminal). Another method is for the information from the card to be keyed in to a credit card terminal or computer. A third method allows for electronic scanners to read a computer chip which is embedded into the credit or debit card.
Merchant accounts allow the business owner to more accurately track revenues. The banks that provide this service to customers provide detailed records of financial transactions. Businesses who depend on cash-only sales are severely limiting their prospects for growth. It is not uncommon for businesses to see tremendous growth immediately upon enrolling in a merchant account.