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.