When setting up your business in the retail industry, there’s no doubt you took your time, did your research, and made sure you weighed all the options. Now that it’s almost time to open the doors to your business, it’s time to start thinking about how your customers will pay for your products and goods.
A merchant account is likely something that you have come across, but if you’re new to the industry you may not be aware of what exactly it offers, and how it can benefit your business and your customers. It’s time to take a closer look at what exactly a merchant account is, and why it’s so important to the success of your business.
What Exactly is a Merchant Account?
Before a business owner can begin to appreciate the benefits of a merchant account, it’s important to understand what it is. Merchant accounts are provided for businesses in a variety of industries. These businesses can be startups and rather small, or large and established companies. A merchant account is one of the steps used in order to accept card payments from customers. It’s actually the first step a company can take in setting the payment option up.
Besides just credit cards, a merchant account also makes it possible for companies to accept debit cards, and various other forms of electronic payments. You can think of the merchant account as the middleman in a transaction. It makes it possible for funds to be transferred between the customers’ bank straight to the merchant bank. If you are offering online goods and services, then a merchant account is an essential tool.
Provide Customers with Convenient Payment Options
One of the top reasons to get a merchant account for your company is that you are then able to offer your customers convenience through the availability of different payment options. You want to make it as easy as possible for them to pay, so that they can go ahead and make the purchase.
By accepting all different credit cards, debit cards, and other electronic forms of payment, there’s a good chance you’ll increase your sales overall. Customers won’t have to walk away from their online shopping cart simply because you don’t accept their preferred method of payment.
Recurring Payment is an Option
If you are selling a product or service with a recurring payment, then a merchant account can also come in handy. You won’t have to contact the customer each time, nor will they need to remember to make the payment.
Don’t Get Stuck with a Check that Bounces
By offering these electronic forms of payment you are also eliminating the chance of receiving a bad check. The customer’s form of payment will be accepted or declined right away, which saves you a whole lot of hassle and also costs that can be incurred with a check that bounces.
Giving Customers What They Need
A merchant account essentially gives customers what they need when it comes to online payment options. It’s all about making the process smooth, simple, and quick so that the customer is more likely to make the purchase and return again in the future.