Merchant Services for Small Business
Sell More, Worry Less
If you’re a small business owner, you know that choosing what payment options you will accept is a big decision. Merchant services are any services your business uses to accept and process payments from your customers. More payment choices for your customers means more business for you. That’s why we offer a wide range of innovative and secure merchant services, including merchant service provider Worldpay®, to help meet your growing business demands. Explore this page and reach out to a Fifth Third Bank representative today to find the best merchant services for your small business.
How Do Merchant Services Work?
Merchant services are services that enable businesses to accept payments through secure, encrypted channels. These services require setting up a merchant account. A merchant account is simply an account where funds from processed transactions are deposited. A merchant account acts as an intermediary between your business bank account, the credit card networks, and the customer’s issuing bank. Without one, you aren’t able to accept credit cards and other electronic payments. Here’s how merchant services work:
- A customer pays for your services by completing a card transaction at a terminal.
- The credit card terminal securely sends the payment details to your merchant account, requesting payment authorization.
- Your merchant account sends the transaction to the connected credit card association.
- The credit card association passes the transaction to the credit card issuer or issuing bank.
- The bank that issued the credit card determines whether to approve or deny the transaction based on the customer’s account status.
- The message of whether to approve or deny the transaction is sent back to your business’s credit card terminal.
Ready to Get Paid? Start Accepting Payments with WorldPay for Business
Our integration with WorldPay for Business makes it easy for you and your customers:
- Convenient check-out offers your customers ultimate flexibility, including recurring payments (upon credit approval).
- Set-up is simple and transactions are charged at a flat rate.
- Data encryption and PCI-compliant servers keep your payment info and business data safe.
| Merchant Services Features | |
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Debit and Credit Card Acceptance |
Process payments efficiently paying with the credit card of your customers’ choice, including VISA, Mastercard, Discover and American Express. |
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Accessibility |
Have access to every major PIN debit network for customers paying with a debit card. |
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Superior Customer Experience |
Merchant services allow your customers to enjoy payment benefits like:
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Business-building Products and Services |
With our merchant services, enjoy access to iQ—a robust, easy-to-use, web-based reporting tool that delivers business insights to help you run your business more efficiently. |
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Fraud and Security Solutions |
Merchant services offer peace of mind for your small business’s security needs, with solutions like:
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Costs vary by dollar amount, volume and type of transactions. Ask a Fifth Third representative for details.
Additional Resources
How to Tap the Shared Economy with Your Retail Business
Tapping into the shared economy is beneficial for retail business. From monitoring expenses to targeting new markets, learn more with Fifth Third Bank.
What You Need to Know About Business Credit
Looking to improve your business credit? Learn about business credit scores, how to build business credit, and business credit cards with Fifth Third Bank.
Reduce Customer Effort, Increase Loyalty: A Recipe for Growth
In today’s world of subscription-based business models and limited trial periods, many brands risk losing a large swath of customers after a certain time frame has passed. No brand is immune from customer churn, either.