The reason for opening a merchant account for your business extends beyond the acceptance of payment by credit or debit cards, but that in itself is an excellent reason to start with. Customers want to have payment options and are no longer willing to pay with cash. Check payments carry a risk for you as the business owner because checks are accepted at face-value and many people do not hesitate to write out bad checks and then disappear.
Safety and Security
Accepting credit and debit card payments eliminates the risk of bad-checks and the perhaps scarier risk of having large amounts of cash on your business premises or on your person when you make a deposit. It also increases sales, because customers want cashless payments. If you advertise that you accept card payments, you will typically see your sales increase enormously.
As technology evolves, more and more security measures are being introduced to try to identify fraudulent transactions before they are processed. Having a merchant account keeps you up-to-date with changes in technology, new payment trends and regulation requirements.
A Multitude of Options
Merchant service providers offer a multitude of solutions to suit any type of business. Whether you offer an in-store service, have a walk-in shop, sell goods and services online, offer an on-the-road service or sell goods from different locations, there is almost certainly a card payment solution to suit your needs.
Your accounting processing system can be integrated with your point-of-sale payments, immediately updating accounting transactions as payments are made. This is a massive time-saver because it eliminates manual processing and query resolution because of human error.
Payment integration into your accounting system means that as a business owner you can have a very good handle on your business’s cash-flow from reports that are updated constantly, allowing you to manage your business better.
Many merchant service providers also offer check processing services through an Automated Clearing House. Check processing services are similar to payment by Electronic Transfer, but differ in that it is the ‘check’ is not a regular paper check, it is an electronic transaction initiated by the merchant and not by the customer. Once the customer gives the business the authority to draw money for payment of goods or services from their account, the merchant initiates the process giving the merchant more control.
Why a merchant account is essential
- You can accept card payments which will definitely increase sales and you will know immediately if the payment transaction is approved or declined, eliminating the risk of bad debts.
- There are multiple card payment options available so you will definitely find a solution that suits your business needs.
- You can integrate your point-of-sale payments with your accounting system, immediately updating accounting records.
- The integration of your payment and accounting systems will allow you to better manage your business cash-flow situation from reports that are readily available.
- Many merchant service providers also offer check processing services that allows the merchant to initiate the payment with the customers approval, giving you more control over how long it takes to get paid.
For more information about why a merchant account is essential for your business or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com