Cash and checks are continually becoming less and less common with your customers, while online payments, and credit and debit card payments are gaining in popularity. A merchant account, or an account that enables the holder to accept payments in multiple ways (typically debit or credit cards), can help open your business up to these opportunities and add value to your company in a number of ways.
5 Key Benefits of a Merchant Account
1 – Accept Credit Cards
One of the most important benefits a merchant account can bring is the ability to accept credit and debit cards. Credit cards and debit cards continue grow in preference among customers, gaining ground as the new ‘norm.’ Businesses who prioritize their customer experience often find that by eliminating any friction in the buying or payment acceptance processes can help get new customers and improve cash flow.
2 – Increase Sales
A variety of studies[i] and research over the years have found that customers spend more when given the option to use credit cards over cash. In fact, research from Community Merchants USA noted that in one survey, sponsored by Intuit, 83% of small businesses that accepted credit cards saw an increase in sales.[ii] This increase could directly impact sales and overall growth of your business.
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3 – Better Money Management
Accepting credit cards and moving to online payments streamlines the way your business handles transactions. Instead of counting cash, electronic payments will help keep you organized and allow for better cash flow management and forecasting.
4 – Avoid Bad Checks
By using merchant account services and accepting electronic payments, your business can avoid the hassle and costs associated with bounced checks. Additionally, paired with a complete payment system your merchant account can give you the ability accept recurring payments for services that you provide on a repeat basis (classes, landscaping, cleaning, etc).
5 – Customer Convenience
A merchant account can lead to happy (and returning) customers simply because it gives them the flexibility to make purchases in different ways. Whether it’s with credit or debit cards, online payments through a shopping cart for your services, mobile payments, or recurring billing, your customer will enjoy their experience with your business when they can shop how and when they want—with ease.
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