Benefits of a Merchant Account
Opening a Merchant Account may seem intimidating, but it’s actually a simple process with almost immediate benefits. The ability to accept and process a wide range of major credit cards and gift cards can help your business increase sales. Customers are more apt to make impulse buys if they find themselves without cash on-hand and you offer other payment options. In fact, a study done by Drazen Prelec and Duncan Simester of the Sloan School of Management at MIT found that customers can spend up to 100% more when given the option of credit cards over cash.
Accepting credit and debit cards at quick-service businesses, such as fast food restaurants and mini-marts, has recently become the norm. No-touch credit card terminals, through which customers can swipe and enter their PINs without handing over their card, has made checkout lines run more efficiently and upped customer satisfaction. That is really key in today’s times where people expect fast service. A happy customer is more likely to return.
Taking your business online is crucial, as people increasingly turn to the Internet to make for even small, everyday purchases. People are pressed for time and don’t want to stand in line waiting for simple products. A reliable merchant processing service gives you the ability to provide online invoicing, set up payment reminders, receive payments online and take your business with you wherever you go.
Another advantage to a Merchant Account is their cost effectiveness. All Merchant Accounts and third-party processors charge fees which can be a set monthly service fee, fees for particular services and/or a per-transaction fee. PayPal doesn’t charge a monthly service fee for their standard account but their transaction fees are far higher. If you have a business that produces a high transaction volume on a monthly basis, then a Merchant Account will save you money.