Benefits of Accepting Credit Cards
The benefits of accepting credit cards with the best merchant accounts for your business can largely benefit your business. Customers across the demographic range use credit or debit cards for a majority of purchases because of convenience and the wide acceptance of credit card transactions.If your business currently allows only for cash transactions, with confidence the data clearly shows that you are missing out on potential sales.
The following is a brief guide to the benefits you can expect by adding credit card acceptance to your sales system with the best merchant accounts.
From The Merchant’s Perspective
Customers simply expect modern businesses to provide means to allow for credit card acceptance. Credit card processing provides a hassle free, fast way of payment when you deal with the best merchant accounts. Customer satisfaction surveys have been shown to be directly impacted by the ease and simplicity of your sales funnel and payment acceptance methods.
Data shows that customers are more inclined to resort to impulse buying when paying with plastic. When the impulse is experienced, knowing that the credit card can make the purchase possible lowers the resistance to making quick judgment purchases. Paying with cash, literally handing over the bills has been linked in brain scans to cause pain impulses that paying by credit card does not cause.
Increase sales potential
If your potential customer is forced to withdraw cash instead of using a card as payment, you will lose out on sales. While your lead is getting money, they have time to reconsider your offer, be approached by competitors, and simply forget about their urgent need for your service or product.
The time it takes for a credit card payment to be processed and funded is faster than with checks with the best merchant accounts, meaning that the funds are more quickly accounted for and available for your business.
Credit cards can be used globally, opening up market transaction potential otherwise unavailable to your business.
Validation for funds and security
When you have the best merchant accounts, you are able to validate that the card is open and active, if it has been reported lost or stolen, if fraud has been reported, and you are able to ascertain that the balance is available on the card to pay for the purchase.
With the best merchant accounts, credit card payments bring online merchants more sales because credit card acceptance brings instant access to a global market for your business.
From The Customer’s Perspective
Security with the Best Merchant Accounts
Unfortunately, mugging, robbery and theft happens. Unlike cash, credit cards can be cancelled and theft insurance can often see reimbursement for any fraudulent purchases made by the thief.
Convenience of the Best Merchant Accounts
A customer may shop online, in-store, or anywhere. Being able to take credit card payments saves time, allows for big purchases, and avoids the inconvenience of writing a check. For products only available online, a credit card is your only option.
Credit cards act as credit lines, allowing customers to borrow when necessary to make purchases they otherwise could not.
If you are a merchant it is important to consider the following when looking at the best merchant accounts:
The payment channels may not be secure enough to protect customer card information. Credit card numbers can easily be determined but the three-digit code (CVV) that goes with the card can help prevent fraud. This especially happens for online-based purchases. Embedding internet security on your website with the best merchant accounts is a must to protect your customers’ information privacy.
When considering fraud prevention, businesses must be aware of merchant liability. Consult with the best merchant accounts to see what their policy is regarding merchant liability.
Because credit card payments mean immediate deductions from the available balance on the customer side, the ability to provide order status is important. There is a valid expectation that accepting credit card payments translates into a need to provide enhanced customer support with the best merchant accounts. Not having such support systems can mean customer dissatisfaction and high chargeback rates / refund requests.
To begin accepting credit cards for payment, you must start by opening a merchant account with the best merchant accounts, purchasing and installing credit card payment equipment, and integrating it with your current payment systems.
Discover which of the best merchant accounts provide real human reviews and have been declared the best in the industry, in order to receive all the benefits for your business