Increase Traffic at Your Retail Business with the Benefits of Merchant Services
Nothing turns away potential customers in today’s modern world faster
than a “cash only” sign. That may have cut it even just ten years ago,
but not in this day and age. Unless you are the only game in a one-horse
town, your customers who rely on the convenience of modern technologies
are just going to go elsewhere to make their purchases.
businesses out there are just so used to the cash only model that it is
hard for them to imagine switching to anything different. And frankly,
it can be a little bit intimidating at times. Where do you even start?
reality of the situation is that being able to process credit cards,
and a whole world of other forms of payment, is easier today than ever
before. Merchant services accounts are more than happy to get your
business set up so that you can process just about any type of payment
out there. By using a merchant account, you will not only grow your
business without hardly lifting a finger, but even your existing
customers will appreciate the newfound convenience of conducting
business with you.
Credit Card Processing
of the first things that all retail businesses are going to want to be
able to do is set up credit card processing services. One of the most
common ways to do this is through a retail swipe terminal. These are the
machines you see on the counters of just about every grocery and
convenience store out there.
There are all kinds of different
retail swipe terminals on the market to suit your needs. Some of them
require that you sign a screen or a piece of paper and for others, you
just swipe your card and that is it.
One thing to consider when
signing a deal with a merchant account provider is reading the fine
print. Some providers will offer free swipe terminals when you sign a
contract. The only catch is that sometimes they will hit you with a
hefty cancellation fee if you ever decide to move to a new provider. In
many cases, it is worth it just to buy the swipe terminal outright, even
if they are offering you a free one.
Once your customers have
swiped their cards, the transaction goes through a few complex steps
that your account provider will worry about. Then in a few business days
the money will be available in your business account.
advantage of these physical swipe terminals is that your account
provider doesn’t charge exorbitant fees. They know that fraud is far
lower in face-to-face transactions, so they don’t need to overcharge you
for fear of a customer ripping you off.
Debit Card Processing
you sign up for a merchant account, you will be able to process debit
cards in much the same way as you process credit cards. Your swipe
terminal may ask your customer to punch in her PIN number, but on your
end, everything works pretty much the same. The only real difference is
that the money comes directly out of your customer’s checking account.
you may be asking yourself, “Why do I need a merchant account to allow
me to accept checks? I’ve been accepting checks for years.” That may be
true, but you have also been accepting checks the old-fashioned way.
a merchant account, you can accept paper checks in much the same way
that you accept a credit card. You cut down on the length of time it
takes to deposit them and your account provider will even guarantee the
check. That means that if it bounces, you won’t be left hung out to dry.
further advantage of check acceptance through a merchant services
account is that they are turned into secure electronic documents. This
makes it much easier to keep track of your records, rather than having
piles of paper lying around.
makes perfect sense that if you have a customer who appreciates the
service you provide that they will want to pass that experience on to a
beloved friend or family member. That is one reason why merchant account
providers can help you to process gift cards.
This way, when
someone comes in and likes how you do business, they can pick up a gift
card to share with a friend. Gift cards can also benefit your business
in a variety of ways. For one, they represent an advance form of payment
directly to you. It also means that you have a new customer coming
along, one that could become a repeat customer.
terms, it is also a rare case when someone will spend exactly the amount
that is on a gift card. This means that either they will be spending
more than they intended or less. If they spend less, that adds up to
free money for your business.
The reality is that a merchant
services account can greatly help to increase the amount of traffic that
your retail business receives. People appreciate convenience, and when
your customers realize that you respect them enough to offer those
conveniences, they will continually repay you by giving you their
business. All this can be attained simply by signing up for a merchant