Why you should accept credit cards and where to start
Today’s economic landscape is changing rapidly, and savvy entrepreneurs know they must keep up with technology and changing customer needs. The most recent trend that shows no sign of abating is customers’ need for electronic payment. More people than ever trust their credit cards to pay for all kinds of purchases. Any retail, wholesale, or Internet business that doesn’t accept credit cards for payment of goods and services is definitely losing some of that business. But how do you get started setting up credit card processes and equipment?
The easiest and fastest way is to do some research on merchant service accounts. Merchant service providers offer a variety of services that can simplify the credit card process for you. From free equipment to 24/7 support, you’re sure to find exactly what you need at one of these types of service companies. Be sure to ask the right questions, related to your specific business and the needs of your customers, and then determine which merchant account is right for you.
For example, if you have an Internet business, you probably want your customers to be able to order your products at any time of the day or night. That means you need to know that your credit card processing service is available to you at all those hours, too. A truly reliable business service provider will not only provide you with the equipment and software you need to run your business 24 hours a day, but will also maintain an expert staff for the same time periods. These experts will be available to answer questions or help you resolve any issues that may arise. In the middle of the night, that can be a real stress reliever.
If you’re a doctor or other healthcare provider, you’ll want to be able to offer your patients the ability to pay for your services quickly and easily. After all, your patients are most likely not feeling well and want to go home. They also want the peace of mind that their credit card collection system will keep their personal and credit card information safe and secure…as safe as their health in their hands. A physical store will also find credit card payments useful. A merchant services account for such a business provides an easy way for customers to pay for their purchases. They will remember how easy and secure your system is, and that will cause them to tell their friends about it, resulting in more and more business for you.
Regardless of the type of business you own, you’ll want access to your incoming funds as quickly as possible. A merchant services account can fund a customer’s credit card payments the next day. That allows you to manage your cash flow more efficiently and gives you the money you need to order supplies or inventory in a much more timely manner. Believe it or not, many of your clients will also appreciate that quick distribution of funds. Many people check their credit card accounts daily and it helps them know when a charge has been successful.
You may have special needs that can be met through a merchant service account that accepts credit cards. For example, many of these services will help you design customer loyalty programs or gift cards. This helps your business stand out, which, in turn, attracts more customers. What business owner wouldn’t appreciate that benefit? When looking for merchant service providers, be sure to ask about fees. Many companies offer great deals that help you keep costs down. You can then transfer your savings to your clients or use them to expand your business. Either way, you are sure to bring more customers to your door and keep the customers you already have.
One place to start when looking for a merchant service provider that offers credit card processing is the Internet. Another great resource is the bank you currently do business with. Contact your own banker to see if you can set up an account through that institution. Existing business clients often find they can get even better terms on their business accounts when they sign up through a banker who knows them.
Make sure the equipment and software that comes with your merchant services account are PCI compliant. This is a government requirement for anyone accessing or storing customer credit card information. Most merchant service providers are up to date on their compliance, but it is always wise to check. Your customers will appreciate it, knowing that their credit card details are safe in your hands. And safety is what it’s all about. Take some time now to learn more about business accounts and how they can help your business grow in the future.
