You have probably heard about merchant processing accounts, but perhaps you are not sure how one will benefit your business. Before we look at the benefits, let’s understand what a merchant processing account is. Simply stated, a merchant processing account allows a business to accept payments by credit and debit card for goods or services.
And the application process is really easy.
You can apply for a merchant processing account with a merchant account service provider, and once your application is approved, you can begin accepting card payments. The application can typically be filled out online, and you should know if your account is approved within one business day, so the application process won’t take much of your time.
What are the Benefits of a Merchant Processing Account?
A merchant processing account will enhance your business management and give you more control over your cash flow. Here are some additional benefits that you are likely to see almost immediately:
- Increased sales: when customers can pay by card they are inclined to buy more. Impulse sales will increase, and customers will make unplanned purchases as well, particularly when combined with limited-time promotions and discounts that encourage impulse buying.
- Credibility: once you start advertising that you accept credit card payments, your customers will see your business as being more professional and therefore more credible. Credible businesses often tend to make more sales!
- New business: even if you have a steady customer base that doesn’t mind paying by cash or check, your business can attract new customers from passing trade or referrals, and people who have never bought from you may be more inclined to buy if they can pay by card.
- Improved administration: most business owners struggle to run their admin while focusing on sales and marketing. A merchant processing account records every sale that was paid for by card, and you are given regular reports to make administration much easier. And when customers pay with a card the transaction is approved or declined within seconds, so you don’t have to carry the risk of supplying goods or services and not being paid.
- Less risk: cash on your person or your premises can put you at risk for violent crime, not to mention embezzlement by one or more of your employees. Accepting credit cards eliminates that risk.
Once you have a merchant processing account, you will realize that there are also many more benefits for your business.
For more information about how a merchant processing account will benefit your business, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.