Merchant services are online payment transactions that involve credit and debit cards. It is ideal for individuals who own small businesses and would like to accept payment through an electronic medium. It is quite a simple process, through which you could accept payment from your customers through credit cards, debit cards, or other means of payment. The payment processor will deduct a certain amount from your transactions as fee and deposit the rest into your assigned bank account.
There are however different kinds of online merchant services. The most popular merchant payment services are-
1. Retail merchant accounts
These are designed for the small product-oriented businesses that have physical stores. One of the more traditional merchant account type, it is designed with different card reading software options.
2. Internet merchant accounts
If your business is based entirely or mostly online then it is the most cost-effective option for you. Designed specifically for e-commerce, it provides a secure portal for your clients to make their purchases and also provides multiple options for your payment.
3. MOTO (Mail order/ telephone order) merchant accounts
Businesses that offer services or products specifically for mail or telephone orders, will find this kind of merchant service account ideal for them.
Having decided which online merchant service is most suited to your needs, here are some of their biggest benefits.
1. Acceptance of credit cards
Cash transactions have become a thing of the past. With a merchant service account you can accept credit card payments. It also shows the trust that exists between you and your customers.
2. Increase in sales
Small businesses especially those that cater to a niche audience need to be accessible to their customers. An online merchant service account can help with that. Sales volume increase as you become more available for transactions.
3. Better money management
As you are receiving your payments online, it will become easier for you to handle and record transactions. Also, it provides greater accuracy as you are being paid the exact amount electronically. You can calculate gross income and your daily income making your company more organized.
4. No more Bouncing Cheques
Earlier, it was next to impossible to find reparation for a lost item due to a bounced cheque. But with electronic payments, you no longer have to accept cheques. Hence the risk of losing money for a product delivered has been mitigated.
One of the smartest ways of conducting business in the modern age, online merchant services hugely benefit businesses and inspire loyalty in customers.
There are however different kinds of online merchant services. The most popular merchant payment services are-
1. Retail merchant accounts
These are designed for the small product-oriented businesses that have physical stores. One of the more traditional merchant account type, it is designed with different card reading software options.
2. Internet merchant accounts
If your business is based entirely or mostly online then it is the most cost-effective option for you. Designed specifically for e-commerce, it provides a secure portal for your clients to make their purchases and also provides multiple options for your payment.
3. MOTO (Mail order/ telephone order) merchant accounts
Businesses that offer services or products specifically for mail or telephone orders, will find this kind of merchant service account ideal for them.
Having decided which online merchant service is most suited to your needs, here are some of their biggest benefits.
1. Acceptance of credit cards
Cash transactions have become a thing of the past. With a merchant service account you can accept credit card payments. It also shows the trust that exists between you and your customers.
2. Increase in sales
Small businesses especially those that cater to a niche audience need to be accessible to their customers. An online merchant service account can help with that. Sales volume increase as you become more available for transactions.
3. Better money management
As you are receiving your payments online, it will become easier for you to handle and record transactions. Also, it provides greater accuracy as you are being paid the exact amount electronically. You can calculate gross income and your daily income making your company more organized.
4. No more Bouncing Cheques
Earlier, it was next to impossible to find reparation for a lost item due to a bounced cheque. But with electronic payments, you no longer have to accept cheques. Hence the risk of losing money for a product delivered has been mitigated.
One of the smartest ways of conducting business in the modern age, online merchant services hugely benefit businesses and inspire loyalty in customers.
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