February 2013

Understanding the Importance of Accepting Credit Cards: A Message to all Merchants

Convenience often reigns king these days, and we see it all around us: restaurants, cleaning services, t.v. remotes, Netflix, order-your-groceries-online services, as well as online shopping in general, just to name a slight fraction of what is common in our lives today. Methods of convenience often make our lives richer because we get to spend time doing other things, and they can make our lives simpler by making errands that were once time consuming and difficult, easier and quicker. Merchants who have an ecommerce business offer great examples of heightened convenience. People can shop 24/7, at home in their pajamas, without taking a step outside, and by using their credit or debit card to make all their purchases. This can mean a lot to a busy stay-at-home parent, or a person that works during the day and doesn’t really have the time to go from shop to shop looking for what they want. Services such as PayPal allow purchases to be made without the use of a credit card, but services that also give the option of purchasing with a credit card give their customers a convenient way of paying quickly and securely.

For merchants that are not ecommerce, business might still depend on convenience: whether or not you accept credit cards. As more and more people rely on the use of technology, rather than paper, credit cards are quickly replacing the use of cash in transactions, especially those of substantial value. There are many reasons why this is the case: it is safer to carry cards rather than cash; credit card companies often offer rewards based on the amount of use; people can build their credit by using credit cards; purchases made by debit or credit cards can be tracked and traced to the source, purchase date and time, which gives a lot of information that most consumers usually find beneficial and important. It is convenient and simple. If cash gets lost or stolen, it can be more difficult to recover than calling the bank and asking them to pause or cancel your card.

Merchant Credit Card Processing Allows for Greater Transactions

These days, checks and cash don’t always cut it when a consumer is out shopping. There are many reasons why this is the case: cash can be lost or stolen, and you can’t just call up your bank and cancel your money; once it is gone, it is gone! Especially for large purchases, it is unwise to carry a lot of cash around because of the chance it could get lost.

Merchant account credit card processing, on the other hand, allows consumers to make both large and small purchases without having to be concerned about carrying around large sums of money. If a debit or credit card gets lost or stolen, the owner can simply call the bank and reject any charges, as well as cancel or pause the card. This helps stop a lot of thieves from getting away with stealing more money. Because banks often cover the costs of charges that are a result of a fraud, it is important for them to make sure they offer the most in safety precautions to protect themselves, the customer and the card.

Also, many banks or credit cards offer rewards to the consumer when they use their line of credit. This comes in the form of cash back based on the amount of purchases, air miles for plane trips, building credit, and many other positive things. For this reason, it is important for all merchants to be prepared for their shoppers, or it might result in lost business.

Merchant account credit card processing is almost a necessity these days if merchants want to increase and maintain sales, especially for larger purchases.

How does merchant credit card processing work?

It starts by finding a merchant service provider. This provider should be able to help you decide which processing machine and price will work best for your needs. There is usually a small fee associated with a transaction that takes places when a credit card is processed. When the card is processed, the funds will be transferred wirelessly to your account. With the number and monetary amount of these sales, the fee is worth the reward.

For merchants that are traveling, credit card processing can take place wherever there is access to the internet. This allows merchants at home and on the road to provide services and products to their customers. Accepting cash or check from customers can always remain an option, but with merchant credit card processing you can ensure your clients have a way to purchase and pay for your products.

3 Ways Applying For New Merchant Account Will Increase Business

In today’s economy it is virtually impossible to succeed without a merchant account.  A merchant account allows businesses to accept credit cards in store or online.  This gives merchants several huge advantages over businesses that choose not to accept credit cards.

 

Better Cash Flow – Accepting credit cards offers a great way to improve cash flow for your business.  Typically when customers pay with credit cards, business owners can expect to have the funds in their bank account within 2-3 days.  This is much faster than if your customers were to pay by check where funds can often be held for over 1 week.  For this reason alone, if you are not accepting credit cards, you should immediately apply for a new merchant account.

 

Higher Average Purchases – Studies have shown that customers who use credit cards typically charge more than if they were to use cash or check.  This allows you to increase your revenue without doing much of anything other than choosing to accept credit cards.  Increasing your average purchase amount can directly result in higher profits for your company.  While you will pay a small percentage of your overall sales to accept credit cards, it is worth it just for the increase in sales alone.

 

Convenience – Accepting credit cards is as much about convenience as anything.  Many customers do not carry cash or checkbooks any longer which makes accepting credit cards that much more important.  Has there ever been a time when you have walked away from a potential purchase because the vendor didn’t accept credit cards? It is crucial to accept credit cards in today’s market.  Accepting credit cards allows you to capitalize on the customers who no longer carry cash when out shopping.  Accepting credit cards also allows you to accept a payment online which is a great way to increase your business income.

 

These three things are just the tip of the iceberg when it comes to the benefits of applying for a merchant card can do for you.

 

If you have decided to apply for a new merchant account, you should consider Vision Payment Solutions.  VPS has been providing merchant account services for many years and would be more than happy to discuss how your business can begin to increase revenues by accepting credit cards.  Before you apply for a merchant account elsewhere, give VPS a call at 877-674-2286.

How Merchant Account Credit Card Processing Can Jump-Start Your Online Business

If you are new to the world of the Internet and are launching your web site you need to be very careful with what types of payments you accept on your web site.  Some people only accept Paypal as a payment method which allows the use of credit cards, but requires the buyer to have a Paypal account.  This is often an issue for some buyers because they do not want to have to sign up for a Paypal account just to make a purchase online.  This is why merchant account credit card processing can allow you to accept credit cards directly on your web site without any other third party solutions such as Paypal or Google Checkout.

 

As a small business, you may have been able to survive with just accepting third party solutions, but as your business expands and gets even more customers, it will become imperative for you to have a credit card processing service for clients. More and more consumers are turning towards credit cards to pay for their purchase. If your business is not able to handle their needs, they will not want to give you their business. By updating your payment processes, you will be at the forefront of accessibility, and customers will want to return to you.

 

If you are not familiar with merchant accounts they allow you to accept credit cards on your web site as well as at your brick and mortar store.  Merchant account card processing is a way to quickly increase your revenues because so many of today’s customers refuse to pay with anything other than credit cards.  The days of cash being the most used currency are long over and if you do not embrace the new technology of credit cards your company will likely be left behind.  Your competitors will most likely take advantage of this weakness that you have of not accepting credit cards and use this to their advantage.

 

Setting up merchant account credit card processing is very easy when you choose a company with experience and great customer service.  Vision Payment Solutions or VPS has been providing merchant account card processing services for many years and is the industry leader in providing low cost merchant services for businesses of all sizes.  Visit us at www.visionpayments.com to learn more about our extensive suite of services which cater to business owners.