Cash and checks are losing popularity with the increased availability of credit and debit card payment facilities. A merchant account is an account that allows you to accept payments in a variety of ways, opening up more possibilities and adding value to your business. Signing up for a merchant account has many benefits to offer.
- Accept credit cards and boost sales
First and foremost, accepting multiple forms of payment is key to closing more sales. A business that accepts credit card payments will be able to entice more customers and make more sales, since even if they do not have cash on hand or the funds available on their debit card, they are still able to pay via credit card. In fact, several studies have concluded that customers spend more when given the option to pay with credit cards.
- Receive online payments
Even more opportunities to increase your sales are created with online payments. A merchant account can help you set up a reliable online store where you can reach more customers, with the ability to provide online invoicing, set up payment reminders, receive payments online and take your business with you wherever you go.
- Improve your credibility, reliability and customer relations
Refusing or being unable to accept credit card payments makes your business look unprofessional. Providing more than one payment option also improves your relationship with your customers, as they place you in higher esteem and appreciate the convenience of paying in the manner they prefer. Merchant accounts also offer enhanced security measures for transactions, which is a benefit in and of itself, but also improves the reliability and perceived status of your business.
- Better money management improves productivity
Accepting card and online payments can streamline the transaction process. Transactions take only seconds to complete, leaving more time to build customer satisfaction or move on to the next sale or order of business. High-volume businesses can make their checkout lines more efficient with the speed afforded by card payment facilities. Not only does a merchant account save you time at the moment of the transaction, it also speeds up the financial duties of the business as a whole, from end-of-day and end-of-month balancing to cash flow management and forecasting.
- Avoid bad checks and bounced payments
Card payments are near instantaneous, meaning that if there is a failed transaction, the merchant and the customer are alerted immediately. You are then able to attempt the transaction again or choose a different form of payment, instead of losing out on the sale.
- Simple and easy to setup
Many merchant account providers offer free setup with no hidden startup fees. They will be able to quickly set up your payment processing system so that you can start operating and processing payments almost immediately.
- Enhanced security
Merchant accounts commonly include security features like SSL encryption that protects your sensitive information, such as customers’ credit card data. You can offer your customers peace of mind while shopping, while you yourself also do not need to stress about payment and information security threats.
For more information on the advantages of signing up for a merchant account, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.