Merchant Accounts

Merchant Accounts


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Merchant Accounts

Written by Patricia Tunstall
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Merchant Accounts: Streamlined Payment Processing

Merchant accounts provide business owners and customers alike with fast, reliable, secure payment processing. Gone are cumbersome deposits, bank check processing, and paper credit card transactions. Electronic systems instantly approve all types of payments--credit, debit, EBT--whether online or at point-of-sale.

Paperless checks and paperless deposits help merchants spend their time on what really counts--customer service and customer sales. By reducing paperwork with merchant accounts, you, as a business owner, can focus on the aspects of your business that will increase sales and profit. In fact, implementing merchant account service will contribute to better sales volume by increasing your customer base.

Sales Increase with Acceptance of All Payment Methods

It just makes sense that if you accept any payment method preferred by your customers, you will make shopping with your business that much easier and more comfortable. When patrons do not have to even think about which type of payment is welcome, they tend to spend more freely because they can use a credit card or check, depending on their circumstances. You don't want your customers being concerned more about the type of payment than about the pleasure of the purchase itself.

As a merchant, you are certainly aware of the strong place that impulse buying has in sales. By accepting all methods of payment through merchant accounts, you enable consumers to make unplanned purchases because they know they have the means to pay. Studies show that consumers shop where signs are posted that indicate major credit cards and personal checks are welcome. On the Internet, shoppers gravitate to businesses that not only take credit cards and checks, but can process checks electronically so merchandise can be shipped right away.

Online or POS Electronic Processing with Merchant Accounts

Merchant accounts are the basis for full-featured, secure payment processing systems that let a business owner handle all types of payment online or at point-of-sale (POS), via computer or in person. Perfect for retail stores, restaurants, online enterprises, home businesses--merchant accounts increase efficiency and increase sales. Payment gateways on a business website provide all necessary forms and processes, as well as shopping carts.

These electronic systems can handle recurring billing with customized categories, such as, one billing for an initial fee and a different scale for monthly payments. Through quick processing of credit and debit transactions, these systems transfer payment information within seconds from point-of-sale to the payment network for approval. For card-not-present transactions--on the Internet, for instance--the same swift, electronic processing gives merchants confidence that their payment is assured.

Virtually Risk-Free Payment Acceptance

Merchant accounts let you tap into one of the fastest-growing areas of consumer transactions--purchases made and paid for on the Internet. Because of the obvious risks involved in these card-not-present purchases, a special merchant account is necessary in which credit card companies use more stringent criteria to evaluate card transactions where the merchant never actually sees a credit card. Nevertheless, even these very special situations are handled efficiently by these electronic payment processing systems.

From portable virtual terminals that enable you to take credit card and check payments at flea markets, kiosks, or other temporary places of business, to payment processing via cellular phones, these advanced payment systems let you take orders, conduct business, and accept all types of payment methods virtually risk-free. People who use credit cards shop more frequently and make larger purchases; people who can only pay by check head for businesses where they know their check is welcome. There's no doubt it is good business to accept all payment methods. The merchant who is able to provide this great customer service will be the merchant who maintains a competitive edge.

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