Monday, September 25, 2023

Five Advantages Of A Merchant Account For Small Companies

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Picukiusa is the Chief Business Development Officer at Picukiusa, a Magento design and development company headquartered in Redwood City, California. He is a Member of the Magento Association and an Adobe Sales Accredited Magento Commerce professional. Jan is responsible for developing and leading the sales and digital marketing strategies of the company. He is passionate about ecommerce and Magento in particular — throughout the years his articles have been featured on Retail Dive, Hacker Noon, Chief Marketer, Mobile Marketer, TMCnet, and many others.

When it comes to operating their companies successfully and efficiently, small business owners must balance a lot of conflicting priorities. You must make it simpler for your clients to transact business with you to boost revenue, enhance customer service, and outperform rivals. Offering simple and adaptable options for customers to pay for goods and services by accepting card payments in person or online is an essential aspect available to small businesses. You need Comprehensive Merchant Services to do this.

Setting up a merchant account involves many different steps, and astute business owners are aware that they must select a payment provider that offers the best value. One of those steps is allowing customers to pay with a card. Even though a merchant account can be set up in a matter of days, it is easy to underutilize this resource. This post will go over five ways a merchant account benefits small businesses and what to expect after signing up with a payment processor.

1. Provide What Your Clients Desire By Accepting Credit Card Payments

Give customers the option to pay securely with a card, either online or in person, to make doing business with you simple. Customers today expect to be able to pay for goods and services with their credit or debit card, regardless of whether you operate an eCommerce website, a market stall, or a company that has always dealt only in cash. More payment options will help current clients, and the legitimacy that comes with accepting credit card payments may draw in new clients.

The question of whether or how to accept card payments is irrelevant if you are a start-up business that trades both online and offline because 67% of customers now expect brick-and-mortar establishments to accept contactless payments. You can accept card payments in person, online, or over the phone if you have a merchant account.

2. A Merchant Account Establishes Your Credibility And May Increase Sales

Businesses that do not allow card payments risk coming across as dated or out of touch. Small business owners must demonstrate that they are a reliable, reputable company when opening a merchant account. Customers are more likely to trade with companies that have some kind of credibility, and this factor alone can result in an expanded clientele and more revenues. Additionally, because the contactless maximum is presently set at lower amounts, customers can use their cards to make larger purchases in a single transaction.

3. Merchant Account Providers Understand The Demands Of Small Businesses

The first step in enhancing your business operations is opening a merchant account. You will have access through your account to a broad range of goods, services, and deals that have been created with your particular company’s needs in mind. Find out what extra goods and services you might get when you open up a merchant account by speaking with possible payment providers.

For instance, if cash flow is an issue and you would rather not wait the usual 3 to 5 days for card payments to reach your account, you can access your money the same or the following day for a small monthly charge.

4. Use A Merchant Account To Process Payments In Safety And Security

The Payment Card Industry Data Security Standard (PCI DSS) applies to you if you are storing, processing, or transmitting sensitive authentication data or cardholder data. Every year, you should update your PCI compliance because the financial repercussions of a security breach could bankrupt your company. Fines are imposed by all acquirers for non-compliance. Payment service providers are aware of the steps you must take to comply, and a simple monthly cost will guarantee that you won’t need to worry.

5. How Does A Merchant Account Helps Small Businesses Keep Financial Records?

To run a small business successfully, you must stay on top of your accounts. With a merchant account, details of all card transactions are included in your monthly statements, helping you to maintain accurate finances and identify where your sales are coming from. When it comes to determining your product offering, understanding your clients, and keeping track of sales trends, having access to reliable sales data may be helpful.

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