Merchant Card Accounts 101
Merchant card accounts are the ultimate solution for businesses struggling today due to lack of payment options for their customers and clients. Whether you’re an online shop, a traditional store retailer, or a mail-order entrepreneur, there’s no question that, if you’ve been in business for any amount of time, you know that the ability to accept all kinds of payments from your customers.
Besides providing convenience for your patrons by expanding payment method options, you’re also benefiting your business; when consumers pay with cards, they are far more likely to buy on impulse, spend more, and increase your average transaction amount drastically. However, these benefits are only possible through a merchant card account, an account specifically designed for receiving, processing, and managing your clients’ card payments. Without a merchant card account, you may as well be a cash only store.
In addition to some of the above benefits, obtaining a merchant card account will enable your company to enhance its image. Simply having a sticker at the front of your store windows, displaying the official logos of popular credit card brands, can bring that many more customers in your door – and as previously mentioned, they’ll spend more, and generally have a better overall experience at your establishment, meaning they’ll be far more likely to come back. In this way, a merchant card account can gain you customer loyalty, which of course means repeat visits, more purchases, and positive word of mouth about your store.
So, how does one go about acquiring a merchant card account? There are hundreds – if not thousands – of separate merchant card account providers out there, and it can often get very overwhelming and confusing just trying to differentiate between them. How do you know if a prospective merchant card account service is reputable, honest, and trustworthy? Further, how will you be able to determine whether they are trustworthy?
Aside from reaching out to more conventional means of assessing a business’ worth, such as the Better Business Bureau, there are several other methods for determining the reputability of a merchant card account provider. Go online, research the company, and ask previous and current clients if they’ve had a satisfactory experience with the service. Above all other methods, this on proves to be the most telling, as most people love to talk about themselves and experiences they’ve had, and also that any negative experience with a merchant card account provider is far more likely to be shared than positive, which could give you just the right warnings to stay away.
When you do choose to finally sign on with a merchant card account service, be sure you understand the contract’s terms and conditions very well.