What Are the Benefits of a Merchant Account?
Merchant accounts are a crucial part of any small business. They allow for faster and safer payment options that optimize the customer experience.
What is a Merchant Account?
A merchant account permits you to accept credit or debit cards and other forms of electronic payments for your business. It allows for payments to be securely accepted.
Payments are authorized, approved, and verified through this account before being deposited into the bank account. It keeps your business protected from fraud and failed charges while connecting with a payment gateway to process payments.
Increase Sales
When did you last have more than enough cash on you to buy everything in your day? If you're like most people, it's probably been a long time. Offering card payments to customers mean being flexible to their needs. This encourages them to buy and increases your sales.
Better Money Management
Streamline your business's transactions and accounts. Taking online and credit card payments simplify record keeping. It also allows for better cash flow management and forecasting and better preparation for the future.
Avoid Bounced Checks
Accepting electronic payments saves you from the hassle and cost of bounced checks. An added benefit is the option of recurring payments for repeat or subscription-based services.
Accept Credit and Debit Cards
Probably the most significant benefit is access to a primary form of payment clients expect to be able to use. Most people use one of these cards as their primary form of payment, with some people not carrying cash on them at all anymore.
Accepting these cards prioritizes the customer experience, can improve cash flow, and can help you expand into new markets.
Demonstrate Legitimacy
Not only are "Cash Only" businesses seen as small-scale or outdated, but they may also be seen as illegitimate. In a time of increased fraud activity, giving customers peace of mind by showing you are a legitimate company with access to banking options can make the difference between a potential customer and a satisfied customer.
Customer Convenience
As a customer, few things are worse than hearing "Oh, we only allow you to pay ABC way" when you use D way to pay for everything else. Not only does it mean needing to find a different way to pay, but it can leave a poor taste in your mouth about the company and even lead you not to buy the goods or service.
Use a Merchant Account to Advance Your Business
Having access to the advanced options available to your business through a merchant account allows for increased flexibility, record keeping, and customer base. In addition, the added legitimacy and streamlined business management give your business an edge, making yours a company of the future.