Credit Card Processing Basics: How Merchant Accounts Can Help Any Business
There are some things that will never lose their appeal. Driving a
convertible on a sunny summer day is always a blast. Smelling freshly
baked cookies when you walk in the front door of your house will make
your mouth water every time. Seeing someone you love laugh and smile
will always warm your heart.
But nostalgia doesn’t always extend
to every corner of our existence. Nobody out there is pining for the
days of transistor tubes and 8-track players. Sometimes there are things
that have to be let go, and rightfully so.
One thing that is
quickly becoming a thing of the past is running a cash-only business. In
today’s modern age, more and more people demand to be able to pay with
their credit and debit cards. Beyond mere convenience, it oftentimes
just feels safer to walk around without a wad of cash in your pocket.
Nobody wants to lose their money or, at worst, get robbed. Plastic gives
people peace of mind.
When consumers are out and about in this
day and age, they expect to be able to use their credit and debit cards.
If your business doesn’t accept them, they will just find another one
that does. We all know that times are tough. Not taking advantage of credit card processing services when your competition is could spell trouble for your business.
are all kinds of ways that credit card processing through a merchant
account can help your business. For example, let’s say you run the
little corner store down the block. You have been cash-only for years
but you are finally sick and tired of sending people down the block to
Sure, you could get a cash machine of your own but then
you are just passing the surcharge on to your customers. They aren’t
dumb. They’ll pick up on that. The truth is that getting a swipe
terminal for your countertop isn’t actually that expensive. Many
merchant account providers will actually throw them in for free when you
sign up for your account. Just make sure there aren’t any hidden
charges if you decide to change providers.
One of the nice things
about these countertop swipe terminals is that they actually have some
of the lowest processing fees. Your account provider knows that when
people pay in person there is a far lower risk of fraud. Thus, they
don’t kill you on the fees.
The traditional swipe terminals also
process both debit and credit cards. The only difference is that when
your customers use their debit card, the money is taken directly out of
their bank account. Everything on your end is pretty much the same.
After your account provider has processed the transaction, the money
will be deposited into your business’s bank account in two to three
Online businesses can also reap the benefits of
credit and debit card processing through a merchant account. When people
shop online, they expect to be able to use their credit information
securely and a merchant account can ensure that this happens.
merchant account provider will set up a page linked to your website
that will process your customers’ credit and debit card information
while you don’t even have to lift a finger. You just have to worry about
shipping the product once the funds have been transferred.
your online business sells instantly transferable items such as
documents, music files or videos, your merchant account provider can
accommodate this as well. They will instantly approve the transaction
and the files can be transferred over immediately.
processing solutions are another great advantage to a merchant account.
Let’s say you run a busy electronics store where you need a lot of
employees to help people answer questions. Traditionally, you would have
one set of employees who would help answer people’s questions out on
the floor and a separate set of employees who would check them out at
With wireless credit card processing you can do
these things all at once. Simply equip your salespeople or tech support
staff with a wireless swipe terminal and they can check your customers
out as soon as they have decided to make their purchase. Your staff and
your clients will be thankful for the convenience. You can even keep
track of commissions this way.
Another way wireless processing
can help your business is if you make home deliveries or are selling
items on the go. A pizza delivery guy can swipe his customer’s card and
even add on a tip right at their doorstep. A traveling salesman can make
his pitch and punch in a debit card at his client’s home. The
possibilities are endless.
Whether we like it or not, credit and
debit cards are only going to become a bigger part of our lives. The
cash-only model worked for hundreds of years but its time has come and
gone. The time to get on board with credit and debit card processing is
now. Signing up for a merchant account today can and will help your business to grow and prosper in the future.