Do You Run a Co-op Type Business and Need Merchant Account Services?

It is common for some business types to be set-up like a co-op where a group of services providers like hair stylists or massage therapists etc. will come together in one location and split costs on the store space or clinic office space.

The problem occurs when it comes to getting merchant account services for these types of businesses because typically most merchant account providers in Canada will not allow several different business accounts on the same terminal.

Some of these co-op type businesses can have as many as 6 - 10 people in all sharing one location. Nobody wants to see a barrage of 6 different Point of Sale Terminals all lined up at the check out desk, nor do the technicians want have the expenses of each having their own payment processing solution.

What can these Co-op type of businesses do?

Well, many Point of Sale terminals now have the capability to be set-up with clerk I.D.'s, which can track each person's sales, tips, cash back, etc. Although there can still only be one business account associated with the merchant account this essentially would simplify the accounting.

One brave soul at the Co-op could sign-up for the merchant account and then they could write checks to the other technicians on a weekly or bi-weekly basis minus the costs associated with the merchant account services. This way the costs are kept down for everyone at the Co-op, there is only one Point of Sale Terminal, and the Co-op doesn't have to worry about losing any sales by not offering debit and/or credit cards as a method of payment.