As technological advances continue and our world becomes increasingly more accessible through our fingertips, cash and checks are becoming less common forms of payment. Other types of payment are replacing them. Today, buyers primarily use credit cards and debit cards to make purchases and are shopping online more than ever.
If you're operating a small business, setting up a merchant account should be one of your priorities to provide more opportunities for sales revenue and add value to your customer's experience.
Here are four ways a merchant account can help your small business achieve success.
Accept Credit Cards and Debit Cards
A merchant account will allow you to accept credit and debit cards, which are most buyers' preferred form of payment in the modern marketplace. Businesses that prioritize the buying experience are more attractive to new customers. According to research from Community Merchants USA, 83 percent of small businesses that accepted credit cards experienced growth in their sales figures. Further, people are likely to spend more money when using a credit card than cash.
Offer Additional Payment Services
Merchant accounts offer many additional financial services. These include allowing you to:
• Accept eChecks, removing the worry of a bounced check
• Accept online payments through different gateways and integrations
• Accept recurring payments for regularly performed services
You might also be able to charge a service fee to customers who pay with credit cards as a way to offset credit card fees. Some businesses will even set up gift cards and rewards programs in their merchant accounts as a way to incentivize customers to return.
Merchant accounts make your security a top priority. A good merchant account will educate you on how to reduce fraud and counterfeit. You'll also be able to accept EMV-enabled payments (cards with chip technology), which provide you and your customers with an additional level of security. A merchant account vets all the credit cards you take to make sure they are valid, not stolen, and not expired. A merchant account might also come with online fraud protection, in which it will flag suspicious transactions to keep everyone's data safe.
Keep You Organized
Merchant accounts give you access to point-of-sale (POS) systems that can track and manage your inventory, text and email customers their receipts, and create custom product menus catered to the customer's experience.
Accepting credit cards and online payments can also help you stay organized, storing records electronically and lowering the risk of human error. With easier access and storage of your records, you won't have to worry about missing transactions and you'll have much more control over your inventory.
All small businesses should consider setting up a merchant account. These accounts can provide you with more ways to accept payment, offer fraud protection, and secure your credit card transactions. Further, a merchant account puts the customers first, giving them the flexibility to make purchases in multiple ways, adding a factor of convenience, and increasing your opportunity for financial gain.