Did you know that eCommerce businesses that allow flexible payment options are far more successful in terms of sales volume than businesses that don’t? After all, the goal of every business is to satisfy their customers and increase sales. But this won’t happen unless you provide convenient options for your customers. Shoppers or customers simply bounce and visit other stores that provide the services they need. As there are plenty of eCommerce businesses already, the one who is going to lose is you not the customers.
Over 3 billion users make online transactions every year and the number keeps increasing. Hence, businesses that are present online should provide varied payment options to provide a great customer experience. Moreover, about half of the population prefer credit cards, and online payments over cash. So, no matter if you are a brick and mortar business owner or an online merchant, you need to provide alternate payment options for your customers in order to survive in the industry. But how do you provide different payment options for your customers? Simple, you need a Merchant Account to manage the online, credit card and debit card transactions. Having a merchant account not just helps you serve your customers better but also protects you from online frauds. Simply put, there are many advantages in getting a merchant account for your ecommerce business.
Most business owners are unaware of the importance of merchant accounts and imagine availing a merchant account is a lengthy process. If you belong to the same category, then you need to first know what is a merchant account? A merchant account is a bank account that accepts customer’s credit/debit cards and online payments. It is an agreement between the bank account provider who processes the payment from the customer’s card issuer and the merchant who accepts payments. Thus, if anyone pays you through credit cards, you need not wait until they pay their credit card bills. You will simply get an instant payment from the card provider. So, have you decided to avail a merchant account for your business? There are many account providers available on the internet today that help you get a merchant account easily. All you have to do is provide the information and documents that your provider asks. It just takes a few hours or a couple of days to access your merchant account.
Having a merchant account for your online business not only creates flexible payment options for customers but also provides security to your business along with many other benefits. Let’s have a look at them.
6 Central Advantages of Getting a Merchant Account for Online Businesses
Receive Credit Card Payments
There is a tremendous increase in the number of people who make purchases through credit cards. But you cannot accept credit cards unless you have a separate merchant account for your business. It is because there is a huge time gap between people swiping the cards and paying their credit card bills. And you cannot wait to receive the bill amount until your customers pay their bills. Having merchant accounts will solve this problem, as your merchant account provider contacts the credit card issuer to process the amount immediately after the customer pays the bill through credit cards. Hence merchant accounts helps you in accepting payments through credit cards and helps people who use credit cards for their shopping. Therefore you don’t lose your customers but receive the payments as soon as they swipe the cards.
Avoid Online Fraud
Online frauds have become popular among eCommerce companies no matter the scale. Chargeback disputes, unauthorized transactions are worsening the business credit card scores which are not good for business finance. As merchant accounts are more than just accepting credit and debit card payments, they fight against the online frauds and bounced checks. Wondering how? Most merchant accounts come along with payment gateways and payment processors. Hence you can accept any kind of digital payments such as Paypal and avoid the risks of bad checks. As your database stores all the transactions, you can even win over chargeback disputes with your bad customers. Moreover, your credit card rating remains safe.
Provide Customer Flexibility
As discussed already, people are adapted to cashless payments. They look for the businesses that provide convenient and secure payment options. And this has become one of the criterions for people to choose their go-to brands and retailers. Having a merchant account for your business will help you implement different secure and convenient payment methods providing customers flexibility. Thus you earn loyal customers to your business. Also, flexibility brings new customers to your business thus boosting your business growth.
Manage Cash Flow
Merchant accounts, accessible credit & debit card payments, online payments eliminate the job of counting the cash. You can monitor your earnings and manage your credit flow from your online banking without the need to step out of your room if you are a sole proprietor. Maintaining your business with a personal bank account can cause you to lose more than you imagine in various ways such as damage to your credit score, loan approvals and other finance related issues. So, get a merchant account and manage your business with precision without risking your personal assets.
Boost Sales Volume
There are proven results that a few eCommerce businesses experienced rapid increase in their sales after implementing credit, debit and other flexible payment methods for their business. More the doors you open, the more customers enter, and this is how it works. This one of the critical benefits you get with having a merchant account for your business. So, if you want to see a rise in your sales, give a try to take a merchant account for your business, that will do you only good.
Accept International Orders
In this digital age, the world has become even closer. Your customers from any corner of the world can receive your products with just the internet access, provided flexible payment options. Simply put, merchant accounts and the benefits they provide act as a bridge between merchants and their world wide customers. So, if only payment options are stopping your business expansion, then it’s time to get a merchant account and help your customers with flexible methods of payment and start shipping their orders from your stores. No matter if yours is a small or medium scale business or large business, never miss the opportunity to expand when you have audiences already.
No matter if your business is at low or high risk, there are many trusted merchant account providers that also provide you with payment gateways, card readers etc. for minimum fees. Though you need to invest little and pay maintenance fees to access your merchant accounts, they are worthy. Besides helping you build flexible and successful businesses, a merchant account takes your business to new heights as they promise security. Thus overall you gain trust, loyal customers, and increased sales by having merchant accounts for your business.