Times have changed and people are finding it more convenient to use credit cards to process their payments rather than carrying loads of cash in their wallets. The absence of a medium in your business to process credit card payments translates to you missing out on a lot of profitable transactions and operating at high risk.
There’s an urgent need for you to work with a merchant account. Still in doubt? Here are 5 benefits to applying for a merchant account:
1. Provision For Credit Cards
One major benefit of having a merchant account for your business is the ability to accept debit and credit cards. These cards have over time become the preferred mode of payment for customers when shopping.
As a business, prioritizing what your customers regard as a more convenient mode of making payments means that you are able to retain them and make more sales. A merchant account will facilitate more cash flow from customers via these payments.
2. It Offers Your Customers Convenience
A merchant account as stated above allows you to accept payments from debit and credit cards. This provides flexibility to your customers as they are able to make payments in several different ways.
Customers can conveniently shop for your products or services online and make payments on their mobile phones with no hustle whatsoever. There is nothing more satisfying to a customer than being able to transact with convenience. It keeps them more loyal to you than to other businesses.
3. It Enables Proper Financial Management
By having a merchant account by which you receive digital payments, it becomes much easier for you to keep your finances organized and you can effectively manage them. You can request your payment service provider to send you monthly statements for the transactions that have been done.
This way you’ll be able to know which currencies have transacted and the different payment methods that have been used. You can then be able to properly sort out your taxes and review your profits.
4. A Merchant Account Provides Security
It is a high-risk security concern for you as a business to hold huge sums of money in cash from the transactions that people make. The less cash at hand you have in your business premise, the safer you are from attracting criminals and wicked employees to rob you.
With a merchant account, digital transactions will be made and you won’t have to deal with physical cash. It’s a much more secure mode of operation.
5. Increase Your Average Ticket Size
Applying for a merchant account will greatly increase your average ticket size. You’ll have more transactions at any given time than you would without the account in place.
Customers are bound to spend more money when paying for a product or service using a credit card. Experimental research has proven that when you eliminate cash from the equation, people will spend more money when shopping using virtual payments. They will easily and willingly pay more for a product priced higher using a credit card than using cash.
Having a merchant account for your business will grant you the peace of mind that your transactions are safe and you’ll have the assurance that you’re not missing out on any sales.