subject: Offer More Options to your Customers with Credit Card Processing [print this page] Offer More Options to your Customers with Credit Card Processing
One of the biggest ingredients to running a successful business is giving your customers a wide range of options. A store with well-stocked shelves and a variety of different goods is going to do better than a business that has less diversity.But providing options to your customers isn't just about what you are selling them, it is about how you are selling the products to them as well.Year after year more and more consumers become less reliant on cash and more likely to pay with a credit card. For them it is easier, safer, and helps them to build up a positive credit score. If you own a business that has stuck with the "cash only" model for years, you may have gotten away with it for a while, but the competition is soon going to pull ahead.
Imagine if a customer comes into your store and tries to make a purchase with their credit card. You say, "I'm sorry, we only accept cash, but there is an ATM down the street." Now if that customer really wants what you are selling then maybe you can get them to go out and get cash the first time. But don't expect them to come back again. Accepting credit cards is about more than convenience. It is about respect.Luckily it is easier than ever before to process credit card transactions. All you have to do is sign up for a merchant services account. They will handle all of the complicated monetary transactions and will provide customer service as you go. Here are a few ways that a merchant account can help you grow your business through credit card processing.
Retail Swipe Terminals
When you go into most grocery stores and put your purchase on your credit card, you will end up swiping your card through a retail swipe terminal. These are the machines that sit right there by the register at most gas stations as well.Retail swipe terminals are great because they actually have very low processing fees. Studies show that credit card fraud is lowest when people try to use a stolen card in person. Since the risk of fraud is so low, your merchant account provider can afford to give you a great deal on the processing fees.As far as the transaction itself goes, everything is pretty easy on your end. Once you have swiped your customer's card the money will go through a complicated series of transactions.
Don't worry. Your account provider will handle all of this. In one or two business days the money will be deposited into your business bank account.There is one other thing about retail swipe terminals to keep in mind when picking an account provider. Some providers will offer free swipe terminals when you sign up for an account. Make sure you read the fine print though. Certain providers require long term contracts that might not be a good fit for your business.In many cases you might be better off just buying the terminal straight up. That way you can switch providers worry-free and still have all your equipment.
Online Credit Card Processing
If you have an online business and you aren't accepting credit cards, then you are missing out on a whole world of potential customers. The vast majority of all purchases that people make on the Internet are paid for with their credit cards. It is the easiest way and it is only going to become more prevalent.One thing that many consumers worry about, however, is the risk of identity theft when they put their information out on the Internet. Not to worry though. With a merchant services account you can reduce these risks by way of fraud detection tools. Your provider will also store all of the sensitive data on a PCI-compliant data center. This is far safer than just keeping all of the information on your computer.
Getting set up to accept online transactions is easy with a merchant services account. They will simply set up a secure portal through your business website where your customers can punch in their credit card information and your account provider can process the transaction just like they would with a swipe terminal.Does your online business sells something that can be transferred immediately such as documents, music files, or movies? Your merchant account provider can instantly approve all credit cards so that your customers can get their product right after they punch in their information.This is just a small glimpse into what a merchant account can provide your business. But, for now, it is the most important first step. Once you see how accepting credit cards with a merchant services account can help grow you business you can begin to explore all of the other fantastic services that they provide.
