As it turns out, cash isn’t always king. You might be asking yourself, What Are Merchant Services and why do you need them.
97% of consumers are increasingly using credit and debit cards to pay for their purchases, according to The Balance. In addition, there are several advantages to providing a variety of payment options.
Businesses that don’t allow customers to pay with plastic are likely missing out on valuable sales opportunities.
If you’re considering credit card payments, then you should also become familiar with merchant services. Business owners who are new to electronic payment forms may have never even heard of this term. Nonetheless, it’s a necessary component to card processing.
So, what are merchant services, exactly? And, how can they benefit your company?
Merchant services process electronic payments. But, what they actually may be a little more complicated.
Find out more about merchant services here!
What Are Merchant Services?
In the simplest of terms, merchant services are exactly what their name implies. They provide processing services to merchants who accept credit cards or other electronic forms of payments.
Although credit and debit cards tend to be the areas most associated with merchant services, they also help with a variety of other services, too.
Forms of Payments Processed by Merchant Services
Merchant payment processing also includes e-checks and ACH services. This allows consumers to pay by check and helps businesses ensure secure check processing. This service provides peace of mind to both you and your customers.
In addition, they process online payments. It’s become increasingly popular for people to shop and pay bills over the internet. In fact, in 2017, 98% of people were reportedly shopping online, according to data collected by Big Commerce.
Judging from online shopping statistics, businesses can raise sales by providing the option to buy products and services online. But, online shopping can also save your company time and allow you to reach a larger audience.
These services, as well as credit card processing, can be vital to your business’s bottom line.
In greater detail, the service provider obtains merchant information, ensures authorization for transactions, collects funds and sends you the payments.
How Can Merchant Services Benefit Your Business?
Now that you know what merchant services are, you should understand why their services are a must-have for today’s companies.
If you accept electronic payments from customers, then you’ll likely need merchant services.
Performing the same duties as merchant services would likely take up a large chunk of your time. And, you would be responsible for making sure that you collected on these types of payments.
But, merchant processing services guarantee a seamless process from start to finish. You don’t have to spend time following up on the customer’s payments. And, you receive the funds without worry.
Not only does your business need merchant payment processing, but providing the option of paying with a card guarantees a rise in sales.
Besides the data already mentioned, it’s reported that people spend more when paying with plastic versus other options.
Tips for Choosing the Right Service Provider
Hopefully, by now you can see how merchant services offer a valuable asset to businesses. But, if you are just starting to accept electronic payments, you may be wondering how to choose the right merchant payment processor.
Like most of today’s professional industries, merchant services are a competitive field. Quality tends to vary according to who you choose as a provider for your business. Thier level of experience, ability to meet your needs and other factors can help to determine who’s the right pick for your business.
Here are a few simple tips that can help you to choose the best merchant service-provider.
1. Choose a Reputable Company
There are literally hundreds of merchant service providers for you to choose from. However, not all of these companies offer the same benefits to their clients.
For example, if you sell high-risk products or services, you should use a company that specializes in high-risk accounts.
You should also find a company that is willing to customize services to fit your needs and budget, rather than offering a one-size-fits-all package. And, be sure that your provider is capable of providing any necessary equipment, and assisting with the equipment set-up.
2. Ask Key Questions
There is a wide range of fees and costs associated with merchant payment processing. It’s up to you to find out about the various plans available and any additional fees. Otherwise, you might end up paying a lot more than you originally intended.
3. Review Your Contract
You should always review your contract carefully prior to signing. There might be strict penalties for switching to a new provider. Or, there may be additional potential fees that you need to know about before making a commitment.
Find Out More About Merchant Services!
What are merchant services?
Well, now you know what this service is and what they do. But, the main thing to remember is that they provide a valuable service that can boost your business’s income in no time.
If this sounds like something you might be interested in, the best way to find out for sure is to speak with our merchant service professionals.
We can answer your questions, help you find a custom plan and get you started accepting credit and debit cards immediately.
Plus, we have all of the equipment that you might need and can offer expert advice for setting up and managing your device.
The awnser was simple to What Are Merchant Services and why do you need them. Contact us today to find out more about how high risk merchant services can help your business grow!