Merchant Acquiring - In development
What is Merchant Acquiring?
Moov’s merchant acquisition functionality allows your business users to accept payments through tap to pay, payment links, and QR codes. And with Jack Henry’s open banking solutions and Moov’s reconciliation-first infrastructure, your institution can automatically reconcile payments with accounting systems like QuickBooks and Xero. This enhances accuracy and ensures compliance while delivering a seamless experience for your business users.
Merchant Acquiring allows your business accountholders to accept card payments directly from their mobile phone, eliminating the need for additional hardware and making it incredibly convenient for businesses to manage sales both in-store and on the go.
Imagine you own a bakery and you sell goods in your store, at the farmer’s market, and the occasional catering gig here and there. Rather than taking your store’s card machine (or a backup card reader) and trying to get it set up and connected at an event like the farmer’s market or catering gig, you could simply use your phone to accept card payments.
Check out the special-edition Moov meetup FAQs on Merchant Acquiring!
How does it work?
Merchant Acquiring uses mobile technology and card networks to facilitate payments for business. It allows three different payment options that gives your business accountholders the flexibility that their business needs:
- Tap to Pay: Customers can tap their physical card or mobile card (Apple Pay, Google Pay) directly to the business’s phone.
- Payment Links: Businesses can generate and send unique payment links to customers.
- QR Codes: Businesses can display a QR code on their phone screen. This works on mobile, web, and desktop devices.
What about security?
Merchant Acquiring has a number of security features to protect business accountholders. First, during the enrollment process, businesses have to answer a series of security questions and complete an identity verification to ensure eligibility and legitimacy.
Once signed up for Merchant Acquiring, businesses can manage payment disputes directly within the app. Additionally, there are various fraud monitoring tools available. A business can be deactivated from accepting payments if suspicious or fraudulent activity is detected.
Frequently Asked Questions
Have questions about Moov Merchant Acquiring? Check out our Frequently Asked Questions page that covers its functionality & experience, operational details, and more.