You need to offer as many payment processing options to your customers as possible. When you offer more payment options, your customers are less likely to abandon their shopping carts and will keep returning. Offering multiple payment options is one of the most effective ways to build brand credibility and show your customers you care.
What are merchant Services?
If you want to offer your customers multiple payment options, sign up with merchant services. Companies offering merchant services provide the set up required for different types of electronic payments. Merchant service providers function as a bridge between payers, payees and banks.
Merchant service providers offer credit card and ACH payment processing services, check conversion and check guarantee services, POS systems and ACH check drafting and payment services.
Many merchant service providers offer easy ways to accept payments online including shopping carts and gateways.
Many companies offer additional services on top of traditional credit card processing and ACH payment processing services.
Here are some additional services that merchant service providers offer and their benefits to businesses.
Gift Cards and Reward Programs
Gift cards and reward programs are designed to help businesses increase retail traffic, margins and average ticket sales.
Gift cards and reward programs will not just keep your existing customers happy, but can attract new customers, helping you grow your customer base.
EMV enabled Payments
EMV is a method designed to protect the parties involved in a transaction from frauds. EMV technology and devices protect customer data and guard against online security threats.
A reputable merchant services company will provide you the most advanced EMV solution designed to help steer clear of security risks when accepting payments.
Point of Sale Solutions
An advanced POS system can do more than just accept payments. It can also help you track and manage inventory, create custom product menus and text and email purchase receipts to customers.
From speeding up the checkout process to offering more payment options to customers, there are multiple ways an advanced POS solution can help improve customer experience.
Many merchant service providers offer cost effective leasing programs that allow traders to spread the entire payment of their solution into smaller monthly installments.
Some merchant service providers help their customers get funding, loans, credit lines and cash advances for their business.
Benefits of a Merchant Account
A merchant account comes with several benefits. Once you set up a merchant account, you will be able to accept credit cards, echecks and debit cards.
Allowing your customers to choose their preferred payment options is one of the most effective ways to eliminate any friction in the buying or payment acceptance process.
Accepting cards with a merchant account can boost your cash flow, cut costs and improve your business bottomline.
Increase Sales and Revenue
The average cash transaction is $22, whereas the average non-cash transaction is $112. A number of studies show that customers spend more when given the option to use cards over cash.
A study by Community Merchants USA found that in one survey, 83 percent of businesses that accepted credit cards saw a rise in their sales. Customers are more likely to use their cards to make impulse purchases.When you start accepting and processing different credit cards, your revenue will jump manifolds.
Better Money management
With a merchant bank account, you will be able to process payments online. This eliminates the need to manually count cash (which is both time taking and labor intensive). All payments will be recorded electronically. You can use software applications to sum up your earnings and calculate gross income and daily profits.
The modern customer demands flexibility. They prefer businesses that allow them to choose from a variety of payment options. A merchant account will give your customers the flexibility to choose their preferred payment method. Your customers will enjoy the convenience of choosing their preferred payment mode and keep returning to your business.
Avoid bad Checks
There are several costs associated with bounced checks. By using a merchant account service, your business will be able to avoid bad checks.
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