What Your Small Business Has to Gain with a Merchant Account
Move your business forward with a merchant account. You’ll gain far more than you expect, and those gains will all add to your business’s bottom line. Extra revenue will begin flowing in your direction almost from the first day you get your merchant account up and running.
The first benefit of a merchant account is that it allows you to accept all major brands of credit cards. That’s important because more customers prefer to pay for purchases with credit cards than ever before. Because you’ll never know what brand of credit card customers may pull out of their wallets or purses when they get to your cash register, it is important to be prepared for any of them. Once it becomes known that you can accept any major credit card, you’ll find more customers flocking to your doors. More customers mean more income, which equates to more profit. Your bottom line will start improving immediately.
A merchant account also allows you to accept wireless payments. If your business is not limited to a storefront or a computer, why should your payment options be limited? Perhaps you’re attending a trade fair one thousand miles from your office or shop. You can still conduct business when your merchant account provides you with PCI compliant wireless credit card processing terminals. Perhaps you’re a plumber who wants to accept payments from your customers at their homes or places of business. That same equipment allows you to swipe a customer’s credit card, authorize and process it, and be on your way to the next customer’s address. The funds will usually be credited to your bank account within twenty-four hours.
Draw customers into your shop by placing an ATM machine inside it. People who might not ordinarily enter your shop will do so to gain access to that ATM. You’ll gain in two ways from this simple step. You’ll receive revenue each time anyone makes a withdrawal from the ATM machine, and when non-customers walk through your shop to reach the ATM machine, they might be attracted to some of the wares you carry. A non-customer might just become a regular customer in this way. You provide a safe and secure place for customers to withdraw cash, plus you’ll be able to use the machine yourself to make deposits. That saves you trips to the bank and allows you to keep less cash in your registers. And this great benefit is as near as the phone—all you have to do is contact your merchant account provider.
If you learn that a unique product is on sale for a limited time but you don’t have the funds to purchase it for your business, your merchant services account can come to the rescue. You have access to business cash advances that are quick and easy to get. Unlike a conventional bank loan that requires pages of paperwork and several levels of authorization that might take a week or more to process, a merchant account business cash advance can have the money in your bank account within 72 hours. This type of loan is usually repaid through the credit card transactions that you take in each day. That means you don’t have to take the time to cut a check for the payment, which saves you more time. There are usually no closing costs with this type of advance, and no hidden fees, either. The approval process is quick, the loan is tax deductible, and there is no collateral required. It’s a great way to gain access to quick cash for your business.
You can also gain cash quickly by instituting a gift card program through your merchant account. Selling gift cards to your customers allows you to get money up front for future sales. When the recipient of the gift card comes in to your place of business to make a purchase, chances are high that he or she will spend more than the value of the gift card, further increasing your revenue.
A loyalty program can be designed for your business, too. After all, it is less expensive to keep a customer than to get a new one, so why not reward the customers that you already have? Let your merchant account provider design a program that is tailored to your business. Your business will stand out from your competitors, which will automatically draw in new customers. Existing customers will spend more of their hard-earned money at your establishment because they are being rewarded through special discounts and offers. A side benefit of a loyalty program is the compilation of customer purchasing data that you will acquire. You’ll be able to further customize your loyalty program once you are able to review reports on your customers’ buying habits.
These are just a few of the benefits that your business will gain from a merchant account. There are plenty more that will help you improve your bottom line quickly.
-Thank you very much for reading my topic. Hope read and enjoy!