In a consumer’s world which relies mostly on credit, it has become a must for almost every business owner to have a merchant account. A merchant account is defined as a contract wherein an acquiring bank, some other financial institution or a third party extends a line of credit to a merchant.
This is done so that the merchant or the business owner can accept credit card transactions of major credit card brands like MasterCard, Visa, Discover or American Express.
If you’re a home-based business owner, if you have a small retail shop or if you are a medium-scale entrepreneur, remember that there is a wide array of benefits that you can get to enjoy from accepting credit cards, so this is something that you should seriously consider.
A Look at How to Get Merchant Accounts & How to Accept Credit Card Payments
The first thing that you need to do in order for you to accept credit card payments for your business is to set up a merchant account. There are three ways that you can go about doing this.
First, you can set up a merchant account with a bank. Second, you can set up a merchant account with a third party provider such as PayPal.
Or, you can take the route of opening a merchant account though an independent sales organization. If you have an online business, it might be difficult to get approved for a merchant account through a bank, so the second or third option is more suitable for you.
Next, after setting up a merchant account, you can incorporate a shopping cart functionality on your website so that the credit card payments can be accepted. You can also use a virtual terminal where users need to log on to a third party website for the credit card payment to be processed.
You can purchase or lease the equipment needed to swipe the cards if you have a physical store. Finally, you can use a service which allows your customers to enter their credit card payments over the phone.
What are the Benefits of Accepting Credit Cards in Your Business?
Now that you have an idea about the process of setting up merchant accounts and accepting credit card payments, what exactly are the benefits that you can get to enjoy from this option?
Here’s a quick look:
– Better quality of customer service.
– Customers can make ‘impulse’ buys which means more profit for you.
– Increased sales.
– More credibility and trust earned from your customers.
– Payments will not bounce as checks do when there is insufficient fund in the account.
– Your business remains competitive.
– You can give your customers more choices when it comes to the payment methods that they can use.
– You will be able to handle your business’ finances more easily and conveniently.
– This type of option will help improve your cash flow.
There’s no doubt that accepting credit card payments is one of the best ways for you to get ahead in business. With all these benefits and more, why else would you say no to opening a merchant account and having the ability to accept credit card payments?
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