Have you ever wondered about the benefits of opening a merchant account? Maybe you have been using traditional payment methods for years, or are about to open a new online business? If so, you may have also noticed that you are losing out on sales because you don’t offer credit card payment options, and if you are starting an online business, you might have wondered how you will receive payments.
What is a merchant account?
A merchant account is a particular type of account that allows businesses to accept payments in different ways, such as credit card and debit card payments. Any merchant who wants to accept credit card orders and payments must first establish a merchant account. And, if you are planning on introducing credit card payment options for your business, you will definitely have to set up a merchant account.
What’s in it for me?
- You can improve your earnings – A great many adult consumers possess some form of credit card, and most use credit cards to purchase the goods they want or need. Relatively few people carry large amounts of cash. Being able to accept and process a wide range of major credit cards can certainly help your business increase sales. This is because many customers are more likely to use their credit cards to make their purchases, especially larger or impulse purchases.
- Level the playing field with your competitors – It is highly likely that your competitors are already accepting credit cards. In order for your business to stay profitable and competitive, you need to offer the same service.
- Increase your customers’ satisfaction – If you provide your customers with a number of different options for payment, including debit and credit card payments, then they can choose how they spend their money. You’ll be able to keep your customers satisfied by giving them the flexibility and freedom they expect.
- Receive Online Payments – People are using the Internet more than ever to do their shopping, bill payments, and account management. By using the services of a reliable merchant processing service, you’ll be able to provide online invoicing, set up payment reminders, and, most importantly, receive payments online. You’ll also be able to take your business with you wherever you go.
Research has shown that, even when a customer is willing to pay with cash at all, customers still typically spend about 18 percent more when paying with credit cards as compared with purchases made with cash. It also has shown that by removing cash from the equation, you encourage people to spend more. In fact, people are often willing to pay more for the same product when using credit than when using cash. In today’s digital world, it can be difficult to believe that many members of the small business world still do not accept credit cards. While cash may be a commonly accepted form of payment for many small businesses, the benefits of accepting credit card transactions are substantial.
For more information on the benefits of opening a merchant account, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.