If you’re a small business looking to grow, one of the most important decisions you will make is how to accept payments from your customers. Traditional methods, like taking cash or checks, are good options for most micro-businesses that only conduct business in person. However, once your venture starts to generate revenue regularly or you want to expand your money making options, you need to consider a merchant account for small businesses. There are several advantages to having your own merchant account, which allows you to take credit and debit card payments online or offline.
- Be available whenever your customers want to purchase. This point is especially important for entrepreneurs who run online shops. Sometimes a customer will want to make a purchase decision outside of normal operating hours. Having the ability to take credit cards allows a potential customer to view the products he or she wants and purchase them immediately rather than wait for your brick and mortar store to open or for you to open up your phone lines.
- Increase sales. These days, many people carry a limited amount of cash. This means they are only able to spend a certain amount in your store at a time. By giving customers the option of paying by credit or debit card, you allow customers to make bigger purchases than the cash in their pocket allows.
- Can protect the business owner against fraud. By accepting credit cards or debit cards, a business owner is able to know whether a purchase is valid immediately. If the credit card is declined, the customer does not leave with the merchandise. Unfortunately, with check payments, an entrepreneur doesn’t find out that a charge did not go through until it’s too late: the check bounces, and the customer is long gone with the product.
- Elevates the credibility of your business. Accepting credit cards puts your business a step ahead of those that only accept cash or checks. Having a merchant account, such as those offered by North American Bancard, adds a layer of safety. If a customer has a problem, he or she knows that a credit card company can be contacted instead of having to find the business owner to refund cash transactions. Also, each business that accepts credit cards has to go through some kind of application process. Customers know this and see that you are serious about providing a safe experience.
With these benefits, it should be a no-brainer to get a merchant account for your small business. Not only are you protected, but you have the potential for increased sales and added credibility.