These days, accepting non-cash payments is a must for virtually all businesses. For many sellers, that means obtaining a merchant services account from a payment processing company. Look for one who can provide you with a true omnichannel payments solution, including an ecommerce payment platform. Whether you choose a full-service payment processor or an aggregate provider, forming a partnership with a respected merchant services provider (MSP) will bring tangible benefits to your brick-and-mortar and/or online store.
1. Faster funding.
No matter what you sell or who your customers are, having a sustained and reliable flow of cash is vital for any seller. Sadly, many merchant account providers can be slow to transmit the proceeds from your sales to you.
Don’t settle for needless delays when there are better options on the table, including Next Day and Same Day Funding. These options enable you to have exponentially faster access to the funds that are rightfully yours so you can always maintain proper cash flow.
2. Accepting phone payments.
You might do most of your business in person or online. However, the time might come when you’ll also need to accept the occasional phone order. For that to happen, you’ll need to have access to a virtual terminal. This piece of software transforms your computer into a point of sale (POS) terminal so that you can manually and securely enter the credit card information that is read to you over the phone.
3. Accepting mobile payments.
The concept of mobile payments refers to several types of transactions. For our purposes here, however, we are discussing those that connect a mobile credit card reader to your smartphone or tablet. Because this technology is wireless and is easy to connect, you can take your business on the road to fairs, trade shows, pop-up stores, community fairs, and an endless array of other events.
When you take your products and services directly to your customers, you can establish relationships with new people you would probably not otherwise meet. While you’re there, why not snap a few videos and capture some live testimonial footage for your social media pages? When your merchant account provider gives you the necessary mobile payment solutions, the sky's the limit.
4. Powerful analytics and report generation.
The tasks involved in running your business are so numerous that they can easily sap your energy and gobble up your time, leaving you with little chance to pore over spreadsheets and scratch out reports. Fortunately, a good payment processor will provide you with software that can do many of these jobs for you with only a few clicks. Analytics tools can help you track sales, learn what is selling well and what isn’t, gain data about your customers’ preferences and buying habits, and so much more. Best of all, all this data can be kept in a centralized dashboard that is easy to access and understand.
5. Enhanced customer satisfaction.
The analytics built into the POS software your merchant account provider should furnish you with will give you the information you need to market directly to your customers based on their individual behaviors and needs. The fact is that customers like to feel special and recognized. With targeted marketing and promotions, you can demonstrate your commitment to providing personalized customer care. Your customers will pay it forward by returning to buy more of your products, writing positive reviews on social media, and sending their friends and family your way through positive word of mouth.
Not all merchant account providers are alike. Take the time to find one that listens to your needs, offers customized services at a price you can afford, and is there with help and suggestions, and you’ll have struck gold. The best fit will be the merchant services provider who can help you broaden your offerings, keep your customers happy, and lighten your daily workload.