If your company doesn’t already offer credit card payment processing to your customers there is a good chance that you are failing to cater to your customers’ needs. Many consumers do not even carry cash on hand anymore because credit cards give them more security. Using credit cards allows them to track their monthly spending more accurately, and it even helps them to balance their budgets because they only need to make one convenient monthly payment. Before you begin looking for new credit card processing equipment you should compare merchant account services to ensure that you are protecting the best interest of both your business as well as your clients.
With cash payments, business owners and employees have to make repeated trips to the bank to make cash deposits. Normally, these cash drops are done at the end of each business day, but not before several staff members are required to confirm the amount of the deposits. Not only does this take valuable time and resources, it also opens up your business to theft. Credit card processing companies usually allow companies to send in their payment slips a few times a week through standard mail. Once your merchant processor has verified the authenticity of your credit card signature slips you will receive your payments.
Accepting credit card payments can be used to attract new customers in your market. As a whole, consumers are much more likely to trust a business that accepts major credit cards because of two reasons. First, companies that are able to get approved for a merchant processing account have successfully gained the trust of lending institutions. When a business is able to display the logos of major credit card companies it means that the company has proven itself to be upstanding. Secondly, when consumers try out a new business they want to have guarantees. Paying with their credit cards allows them to have better control over their money and better protection if something goes awry.
Merchant account processors provide an invaluable service for business owners but they also financially benefit from these types of arrangements. As a business owner you will be responsible for paying a small transaction fee for every credit card purchase made on behalf of your customers. If you with with a credit card processor that provides you with transparent fee schedules and consistently bills you month after month then introducing this payment option to your business will help you to retain and attract new customers.