A merchant account is a type of bank account that allows you to accept payments online and over telephone using debit and credit cards. These accounts however, don’t need to be with a bank, and there are companies out there who specialise in providing merchant accounts. Opening up a merchant account can make it easier for consumers to purchase your products, increasing the amount of profit you make. This can help advance your business to the next stage of productivity.
Merchant accounts can also offer in store terminals to accept card payments, offering even more flexibility. They can also take responsibility for charge backs, helping to reduce the risk to your business.
How Do Merchant Accounts Benefit You?
- Increases your revenue. It has been shown in studies that businesses who have been able to accept card payments see a huge increase in volume – some as much as double or even triple their sales! You’re more like to gain impulse buys and up-sales as people tend to spend more when paying with a card; the average order of someone paying by card is higher than that of someone paying with cash.
- Increases productivity with checkouts and payments that run smoother and quicker.
- Improves cash flow. Your business will benefit by having money from card sales transferred directly to your bank account, guaranteeing timely and automatic deposits into your business account.
- Consumers today enjoy flexibility, and providing more options gives them more control over how they spend their money, and gives the freedom and flexibility they expect.
- Enables Globalisation. By being able to process payments electronically it extends the reach of your business, enables payments to be made all over the world via a website. People today rely more and more on being able to make purchases on the internet – this could be very crucial to your business, and can therefore take your business wherever you go.
And these benefits are just the beginning! Once you get started with your merchant credit card processing account, you’ll be able to take your business to the next level of success.