There comes a time in the life of every business when the circumstances are ripe for growth. Perhaps your new venture has really taken off and it’s time to expand to new locations, or to develop an e-commerce offshoot. Maybe you run a hot little food spot and you’re considering branching out with a food kiosk or truck that can deliver your delicacies directly to the masses. Whatever your business plan, merchant services can help you realize it.
In broadest terms, merchant services is a category of financial services intended for use by businesses. More specifically, the term usually applies to the delivery of products and services related to payment card processing (credit/debit/prepaid) such as a merchant account, as well as check guarantee and check conversion services, ACH (Automated Clearing House) services, loyalty and gift card programs, payment gateways and point-of-sale (POS) systems.
As a merchant or service provider, you probably already recognize the benefits of accepting credit cards — increased sales, larger profits, satisfied repeat customers and the convenience that plastic delivers. You may not have given much thought to how merchant services can help you diversify and grow your business, and perhaps even save you some money.
For example, let’s say you own a successful house painting business and you have several work crews on the road every day. If you’re not set up to accept credit cards, you probably spend a lot of time billing and collecting from clients, and some additional days waiting for their checks to clear. Alternatively, perhaps you or one of your employees visit each homeowner personally to collect payment when the job is completed. That’s a lot of man hours devoted just to getting paid.
With a merchant service like mobile credit card processing, those days are reduced to seconds because a designated member of your crew can collect on the spot just by swiping your client’s credit card through a cardreader attached to a smartphone or tablet. The transaction is completed in a flash electronically, you know immediately that the payment is good and the funds hit your bank account within 48 hours with no additional attention required on your part.
Here’s another example of how merchant services can help you realize your business dreams: You’re ready to launch a website to sell your wares online. With an online merchant account that gives you access to an electronic payment gateway, you can be accepting credit cards securely and efficiently in practically no time. Before you know it, you’ll be established as an e-tailer and doing business with customers both local and international!
Teaming up with a reputable merchant services provider can mean great things for your business, including an expansion of your brand, entry into new markets and a healthier bottom line. Talk to a merchant services provider today about the possibilities!