Merchant Account Benefits

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Merchant Account Benefits

What can a merchant account do for you? It can quadruple your customer base in a matter of months, according to some recent studies. Here are some of the great benefits your business will enjoy with a merchant account.

1. A merchant account lets you accept credit card payments. Research shows that a majority of shoppers prefer the option of paying with credit if need be. Not all will use this option, of course, but having the opportunity to do so means they have the ability to purchase more than planned if they find a sales item or remember something else they need while in your store. Give your customers every reason to shop at your establishment rather than with the competition. Make it easy for them to pay for everything they want instead of cutting short a shopping trip or going elsewhere to charge additional items.

2. A merchant account gives you a technical edge. People like to shop with merchants they feel are up-to-date with new innovations and technology. Maintaining a merchant account to provide flexible payment options to your clients lets them know that you care about their needs and know what it takes to stay competitive in today's thriving marketplace. Build their trust by providing the most convenient payment options available.

3. A merchant account draws repeat business. When people find out that you accept credit cards and debit card processing, they are more likely to shop with you than with another store that does not offer these conveniences. Customers tend to share good retail news with family members, friends, and coworkers, so you can reasonably expect to enjoy healthy sales figures, all other factors being equal, when you implement a merchant account system. Letting your customers pay with credit tells them they can return when they are low on cash rather than waiting for payday or windfalls.

4. A merchant account can provide mobile options. Many service companies and traveling sales employees take their payment processing equipment on the road. Customers can pay at the POS, or point of sale, rather than waiting to be billed or mail a check later. Your business will have an easier job of collecting payment up front, which can save your accounts staff time and effort in tracking unpaid bills.

5. A merchant account is affordable for most business owners. Many merchant accounts are available for a low-cost set-up fee, although this can be waived sometimes. There may be an annual service fee for managing the account, but this is negotiable with the lender. Transaction fees may cost less than a quarter each, or a small percentage of the total purchase. Free billing detail comes with some types of merchant accounts.

For more information, do an online search for lenders who are waiting to hear from business owners like you. Often you can fill out an application online in minutes, and hear back in hours about your eligibility status. Find out how your business can grow with the benefits provided by a merchant services account.

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