Finding The Right Merchant Services Provider Matters

Small businesses who want to succeed have to give their customers what they want

. The popularity of writing checks and carrying cash continues to decline which means customers want payment options like debit,credit and even gift card. To have this ability,most businesses need a merchant services provider but how do you know if you need one? Below are some scenarios in which good transaction processing can improve your business.

#1 - You lack the ability to accept online payments. Statistics show that over 70 percent of consumers shop online. If your business is unable to accept online payments, you're alienating a large percent of consumers and as the volume of online sales increases, so will the number of consumers out of your reach.

#2- You lack the ability to accept credit or debit cards at your brick and mortar store. Debit and credit cards have overcome cash and checks as preferred payment methods. If your store doesn't accept plastic, you're inconveniencing customers and since the average purchase amount per transaction is more when a customer pays with a credit card, you are missing out on a great opportunity to increase your sales. Also accepting plastic payment methods, takes the hassle out of collecting payments. With a card purchase, money will be directed from your merchant services provider to your business's bank account in 2 business days.

#3- Your competitors are stealing your business. If your business doesn't accept credit cards or have an online purchase method set up, consider this - your competitors do. You may be driving your customers straight to your competitor's business.

#4 - Your current payment methods leave you vulnerable to theft and fraud. Since cash payments can easily be stolen and checks can be returned marked insufficient funds, not accepting credit, debit and gift cards leaves your business vulnerable to both theft and fraud.

#5 - Your reputation is suffering. Studies show that consumers rank businesses that accept credit cards as more legitimate than those that don't. Customers simply feel safer buying products from companies that accept credit cards. That's right. Simply displaying a Visa/MasterCard/Discover logo at your checkout makes customer's trust your business more.

#6 - You don't accept gift cards. Accepting gift cards increases sales volume and your business's profit and if your business begins putting product returns on gift cards instead of giving cash back, you can even reduce shoplifting.

If you find yourself in any of these six situations, then you could benefit from partnering with a merchant services provider. Partnering with the right merchant services provider will enhance your customer's shopping experience while increasing your sales, profit and reputation. It's a win for both your business and its customers.

by: Nathan Randel

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