Offshore Merchant Accounts
What is Retail Business and Retail Merchant Services ?
Well any business that is involved in selling finished merchandise to an end user is considered to be a retail business. According to the figures released by the U.S. Census Bureau, Following is a list of 13 major types of retail businesses and figures in percentage of total Sales generated by these businesses separately and annually in the States :
| Sr. | Percentage | Types of Retail Business |
|---|---|---|
| 1| | 20.0% | Motor vehicle & parts dealers |
| 2| | 13.0% | Food & beverage stores |
| 3| | 12.5% | General merchandise stores (hypermarkets, department stores, discount stores, warehouse clubs) |
| 4| | 11.0% | Food services & drinking places |
| 5| | 10.0% | Gasoline stations (and convenience stores)) |
| 6| | 9.2% | Non-store retailers (Internet shopping, catalog, direct sales, etc.) |
| 7| | 6.0% | Building material & garden dealers (home improvement) |
| 8| | 6.0% | Health & personal care stores (pharmacy/drugstores) |
| 9| | 5.0% | Clothing & clothing accessories stores |
| 10 | | 2.3% | Miscellaneous store retailers (specialty retailers) |
| 11| | 2.0% | Furniture stores |
| 12| | 2.0% | Electronics & appliance stores |
| 13| | 1.7% | Sporting goods, hobby, book & music stores |
In order to strengthen and update the retail business, and to meet the requirements of the customers and as an advancement in providing the customers all the ways to make the payment Merchant needs an account or merchant services for which they look for a reliable and stable Merchant Service Provider.
They may be looking either for a Virtual Terminal, Point of Sale (POS) device or a Payment gateway so that payments can be accepted by All major credit cards, debit cards, ACH payments, Prepaid cards or gift cards etc.