Credit Card Processing: Myths Versus Facts
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In fact, opening a merchant account can yield big profits for even small businesses. Todays merchant accounts are less expensive and simpler to establish than ever before; yet many business owners have misconceptions about merchant accounts that may be keeping them from opening an account and enjoying all the benefits credit card processing can offer. Consider the following myths and the corresponding facts if youre hesitant about opening a merchant account:
MYTH: Merchant account applications are complicated and difficult to fill out.
FACT: While the merchant accounts of a decade ago may have required substantial documentation and a protracted application process, todays accounts involve a simple online application process that takes only moments to complete.
MYTH: Merchant accounts have exorbitant fees and costs.
FACT: Thanks to the increasing number of account providers offering services today, many merchant account providers have decreased or eliminated fees and costs once associated with opening and operating an account.
MYTH: Merchant accounts have costly hidden fees.
FACT: By law, all merchant account providers must provide their customers with a complete list of all fees and costs associated with them. Some account providers can make it more difficult to locate fees; like any business agreement, take your time and read the contract thoroughly, and ask questions about any fees or terms that are unfamiliar.
Also steer clear of providers with artificially low rates, or companies that make it difficult to determine all the fees and costs associated with their accounts. Reputable merchant account providers will make sure you understand all the costs associated with your account.
MYTH: Merchant accounts are only for specific types of businesses.
FACT: Todays merchant account providers have a broader range of services and products than ever before, and can create a program of services and features that are right for your business. They can also accommodate new and growing businesses, ensuring your company can continue to thrive and evolve for years to come.
MYTH: Merchant accounts are too expensive for small businesses and businesses that are just starting out.
FACT: Many account costs are based on the amount of business you do, meaning your costs will remain lower while your business is just starting out.
MYTH: Fewer consumers are using credit cards today, so the advantages of a merchant account are limited.
FACT: Consumer spending studies show more and more consumers are turning to credit cards for even small purchases, thanks in part to incentive programs that can actually pay card holders for using their credit cards. As a result, card usage is up, meaning your business stands to profit more than ever by accepting credit cards. Studies also show that consumers who use cards tend to spend more money, and to shop more often, than those who pay cash.
MYTH: Merchant accounts are only for retail and online businesses.
FACT: Todays merchant account providers offer options for any type of business, doing business in any type of venue. In addition to retail and Internet merchant accounts, there are accounts that are designed specifically to meet the unique needs of mail order and telephone order companies, as well as companies that want to do all or part of their business on the road. These new mobile accounts use the keypad of your mobile phone or other mobile device, a handheld terminal, or your laptop keyboard to enter credit card data for processing, allowing your business to be conducted virtually anywhere, including trade shows and conventions.
MYTH: The account approval process can take months to complete.
FACT: Depending upon the merchant account services provider, the type of business you operate, your business financials, and the type of account youre opening, account approval usually takes anywhere from 48 hours to two weeks in most cases, meaning your business can be accepting credit cards and competing with the big boys in no time at all.
MYTH: Merchant accounts only care about big clients.
FACT: Most merchant accounts today are being opened by small businesses just like yours. As a result, todays merchant account providers have become more interested in the needs of small businesses and have established a wide range of products and services to suit their unique needs. When selecting an account provider, be sure to ask about their experience in helping small businesses or new businesses grow and expand.
Accepting credit cards is a great way to keep your business competitive, and to grow both your customer base and your bottom line. By understanding a few of the misconceptions about todays merchant accounts, you can take the next step in making your business more profitable and attractive to consumers.
by: Marcia Lopez
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