Benefits of Merchant Accounts
Thinking of getting yourself a merchant account for your business? This is an excellent choice that will benefit your company in the long run. In the world today, nearly everyone uses their credit and debit cards to make payments. It’s rare that you see people using cash or checks to pay their dues. A merchant account is the best way for your business to step into the modern age. It allows you to accept many new forms of payment. This, in turn, inspires loyalty within your customers, as well as assuring them that you are making an effort to adapt to their needs and capabilities. Here are some of the key benefits of getting your company a merchant account.
You Can Accept Credit Card Payments
This is the primary function of a merchant account. It is also one of its main advantages. With a dealer account backing you up, you gain the ability to accept payments your customers make using credit and debit cards from their banks. More people are paying using this medium every day, and cash has become a thing of the past. If you don’t force your customers to bring cash with them every time they walk into your store, you show them that you want to work with them and improve their quality of life. In turn, this makes you far more desirable in their eyes.
Your Sales Volume Increases
This is a fact that is backed up by multiple studies conducted over the years. The average person spends way more when they are allowed to use a credit card than when they have to use cash. This is because you can’t see the money leaving your hands when you use a credit card. Over eighty percent of small businesses that switch over to merchant accounts and credit card payments witness a sharp increase in their sales volume over a period of time. This, in turn, improves your cash flow, income and profits!
You Can Manage Your Money Better
One of the additional benefits offered by using a merchant account is that you get to handle your payments online. This enables your company to handle transactions with ease. No longer will you have to spend hours at the end of the business day counting your cash income. All payments are recording in exact amounts electronically. There are software applications that can then be used to sum up all the earnings, calculate gross income, and figure out your daily profits. This makes your company far more organized and ready to manage cash flow efficiently.
You Avoid Bouncing Checks
A bounced check is a check in which the payment account doesn’t have the funds to cash the check in your favor. This was a favorite way for small time criminals to fool businesses when they purchased something. Because of the lack of a more secure alternative, it was almost impossible to avoid having to deal with the loss of an item due to a bounced check. Today, you can open a merchant account and start accepting electronic payments instead. This means that you will no longer have to accept checks as a form of payment. If you are a company that provides regular services to the same client on a schedule, you get to set up their credit card to pay you for the service automatically too!
Customers Are Happier!
When you have a merchant account, your clients are going to be far happier. They will come back to your store again and again simply because of the ease with which they can make their purchases. From online purchases, shopping carts, mobile purchases and credit cards all the way to repeated billing for services, there is one thing that remains constant – your customer is going to find that life is far easier for them when they shop at your store.
These are just a few of the reasons why getting a merchant account is the best choice for your business. Don’t let your company be stuck in the past – take a step forward into the future of credit and debit card payments today. It is fast, cheap, easy and can benefit your business significantly in the long run!