Want To Tackle The Internet? Merchant Account Services Can Help.
If you already have a traditional business location
, you know that you have to obtain a merchant account to process credit card transactions. Without such an account you are relegated to cash or the potential risk of checks. If you want to take your business to the Internet, merchant account services can be expanded to provide safety and a number of ways to accept payment.
Lets look at some of the advantages of Internet specific merchant account services that can be useful to you.
Basic Credit Card Processing
In order to accept basic plastic you must have an Internet merchant account agreement in place. This may be something you can acquire from your traditional provider, or you may need to find another company to provide these services. While it is convenient to have one service provider supply both, it isnt always the most economical solution.
Just as you did when you got your first merchant account, evaluate fees, costs, services and flexibility. Find out how long transactions will take and how chargebacks are handled. The application process is basically identical no matter where the account will be used.
Marketing Services
If you want to streamline your marketing efforts, find out if the provider you are considering offers any assistance with marketing. Simple things, such as email address acquisition can be handled during the checkout process. You can then use those addresses to send out special offers, coupons and updates.
Loyalty or Membership
Another advantage of using a good merchant account provider is that you can encourage customers to join your club for additional discounts, sales or more. If you sell a unique product, piggybacking on to your other marketing efforts helps you increase your sales. A simple box which your customers can click will allow them to access additional information, and everyone likes to think that they are among the elite.
If you want to offer a loyalty program, find out if your service provider can generate a card that is usable both online and in the store. There are many individuals who shop virtually and physically in the same chains, and knowing that their loyalty will be rewarded no matter where they spend their money will increase their desire to come back to you.
Electronic Check Cashing
Not every merchant account offers the flexibility of electronic check cashing, but it can make a big difference to your bottom line. Electronic checks have fewer fees, the money is transferred to your account faster and chargebacks are less frequent. The whole transaction bypasses the ACH, decreasing the hurdles it must jump through prior to completion.
Customers like that they dont need to add to their debt load by paying directly from their checking account, bypassing a credit card. Additionally, since they dont need to go through a third party payer, the process is streamlined.
Security
The government requires merchants to provide their customers with a reasonable level of security for all personal data in any credit card transaction. Internet purchases, since they dont always go through a direct line, are more susceptible to identity theft. If you want to work online, using a provider who is familiar with the potential problems will save you a lot of headaches.
Encryption is even more important in WiFi transactions than those that take place at a checkout counter. Keeping up with new threats is a large part of the job for those companies that provide Internet merchant accounts.
Going Mobile
If you are already online and in a store, you might also want to query about going mobile. Accessories that attach to smart phones, WiFi terminals and applications are all ways you can take your business on the road. A comprehensive service will be ready to help you go in whatever direction the money flows.
No matter where you expand your business, selecting the right Internet merchant account can make a huge difference on your bottom line and your frustration level. Consider all the services you think you might possibly want before you sign on the dotted line; regrets can be expensive in this business.
by: Michael Rupkalvis
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Want To Tackle The Internet? Merchant Account Services Can Help.