What Are The Benefits Of Having A Merchant Account

When you are operating a business, you need to realize that only accepting cash is not a good business model anymore. In fact, you will find you are going to need to have some way to accept a credit card and while the small readers for a mobile device is a good way to get started if you are running a larger business it may not be the best way to run the company. This is when you should know what the benefits are of having a merchant account, instead of relying on all the other ways to get the credit cards processed for your business.

  1. Makes Customers Happy

When you have a lot of customers you will find that the majority of them anymore are going to use credit or debit cards. While this may not seem like it would be that big of a deal, if you are a cash only business you could have customers who have completely finished the shopping in the business and not have the cash to pay for the items. The thing that you need to realize is if you are not able to take the cards and the customers have finished the shopping you will find that they are going to be upset at wasting the time and shopping only to not be able to get what they wanted to have.

By using the merchant accounts to accept your customers cards they are going to be happy. That is because they will have finished the shopping that you have to get done and know that it will help them in getting the shopping done and know they will be able to pay for everything they have picked out when they were in the store.

  1. Can Accept Both Debit And Credit Card Payments

Typically, a hidden thing that you will find with the mobile device items is they are only able to keep a way to process the credit cards. Since this is the case, you will find that any customers that have only a debit card will not be able to buy from you. Thankfully most of the debit cards are going to be labeled as a Visa or Mastercard now and this makes it easier for you to take them. However, if you are running a business then why would want to risk it of not being able to take the cards that your customers may be coming into the business with?

  1. Allows You To Take Payments Online

When you have a merchant account you may notice that you are going to be processing the payments with a third party if you are taking a payment online. This could be anything like PayPal, Stripe, or even taking in BitCoin. With that being said, you will find that when you are using a merchant account it is generally going to make it easier for you to accept the payments right away online and have them deposited into your account like you would have any of the funds from your merchant account deposited into the account.

What else is great about the merchant account is it generally has the built in fraud checks for online sales. This will allow you to know that you are not going to be selling and item and shipping it out only to have a chargeback because it was viewed as fraud by the bank that issued the credit or the individual disputed the charge after you shipped everything out.

  1. By Taking Cards Can Help Avoid Bad Checks

While a lot of businesses still accept checks, even in the form of an E-Check it can still bounce. When they do bounce you will have to face the fees of the bank chargeback, but also be out all the funds for the items that were sold unless the customer comes back in. So you will be able to take the cards and know you will be getting the money almost right away, but also know if the sale should be made or not because the authorization for the card will be present and on file, which is going to hold the funds from the account.

  1. Typically People Spend More When Using A Credit Card

This is an aspect that every business owner is going to love and that is the fact that if you are accepting credit cards or debit cards the customers have a tendency to spend quite a bit more in the way of money. So you will not be leaving any sales on the table as you will notice the customers are going to be spending more money at your store with High Risk Pay merchant accounts. Then you will notice they are going to be come back at a later time and continue to spend even more money at your business and this is all because you are taking the cards they are using to shop and pay on later.

  1. Get The Money Deposited In A Timely Manner

A key thing that you will like about a merchant account is the fact the money will be deposited into your business account very quickly. When this happens, you will have the funds ready to be used to improve your business by getting supplies, making improvements or even clearing payroll. What else is nice is most of the time the funds will be held in your merchant account until it has cleared with the issuing company.

Credit and debit cards are a couple of the main ways that a high risk merchant are going to get paid anymore. The problem that a lot of businesses are going to have is the fact they do not accept credit cards. This is when you should know more about the benefits of getting a merchant account. Once you get these accounts set up you will notice that it is going to be easier for you to keep your customers happy, but also increase the number of sales you are making each time a customer comes in the door.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.