How do Merchant Services Work and Ways your Business can Benefit
By offering more ways for customers to pay your business, you’ll increase chances of repeat business and reach more customers. Here’s what to know about Merchant Services and your business.
If your business accepts payments, merchant services can provide solutions like accepting payments and invoicing customers. These types of services allow your business more ways to accept payments other than cash. As a result, you’ll expand your payment options and can grow your business.
As a business owner, here’s how merchant services can benefit your business.
- Reach more customers
How often do you carry enough cash to cover a larger purchase? Many customers do not have cash on a daily basis. By only accepting cash payments at your business, it will limit the ability for a customer to make a purchase. With multiple payment options, you can attract more customers. If your business sells high-value items, such as furniture or electronics, customers are less likely to have enough cash on-hand to complete the transaction, making it more convenient and valuable to offer alternative payment options.
- More convenient to manage your money
Merchant services often provides your business with the flexibility to handle multiple payments without having to work with separate vendors.
- Saves your business time
You are able to see all of your data in one single platform. That way, it saves you from spending additional hours updating your daily transaction information. With merchant services, the amount of time you save allows you more time to focus on your business.
- Many options for Business Operations
How do you handle transactions - in-person, online, or both? You have product solutions with merchant services, regardless of where your business is located. You can take your brick-and-mortar-store to the online space, which helps you reach a larger audience. In addition, more payment options give you the chance to expand your business model. For example, if your merchant services provider offers automated payments, consider offering subscriptions for your products or services. Or, if your provider offers mobile payments, consider starting delivery services for your products, without worrying about carrying the right amount of cash.
Solutions for You
- Card Processing: Accept customer’s card payments with a customized, dependable, cost-effective electronic payment solution. Many merchant service providers offer processing options including point of sale (in-person and mobile), telephone, web-based, and software-based.
- Gift Cards and Loyalty Programs: No more hassling with paper gift certificates! With a gift card and loyalty option, you can give your customers the option of purchasing gift cards and rewarding your frequent customers with better perks. This will attract new customers, grow your revenue stream, and allow your current customers who already love your business to easily purchase gift cards. Gift cards improve your brand awareness and give customers a reason to repeat business. Consider offering gift cards as store credit for merchandise returns, which allows you to keep that cash in your store along with providing detailed reports, reducing fraud, and eliminating manual accounting tasks.
- Check Verification Services: Avoid potential revenue loss of returned checks with check verification services. Check verification services allow you to accept checks safely and securely without potential revenue loss of returned checks. This allows you to accelerate your cash flow, lower your operating expenses, increase your sales, and minimize account receivables collection effects.
When working with a merchant service provider
Remember, some larger merchant services providers may have a long wait period or aren’t physically located near you, making it difficult to contact someone when you need assistance. Consider working with a local merchant service provider to get timely customer service to meet all your needs, from training to replacing terminals.
If your merchant service provider is a different institution than your bank, consider looking at your bank's merchant service options as everything will be easier to manage under one umbrella. To learn about Jefferson Bank’s Merchant Services or to implement a customized solution, contact a business banking representative or stop by any branch location to get started.
The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.