Gone are the days of exclusively juggling cash and checks at a brick and mortar store. As confusing and frustrating as reconciling credit card transactions used to be, they are now part of our day to day. So much so, no one blinks when you pay by card.
Lifestyle changes over the years have only solidified their use. And now, due to the pandemic, consumers’ way of shopping has changed even further. The vast majority of purchases have moved online, and this trend definitely appears to be permanent.
If your business doesn’t have a merchant account, here are undeniable signs that your business needs one. If you have an account but feel your current provider is stifling your business growth, these tips might also confirm you need a new payment processor.
- Limited payment options. If you currently only accept cash and check, then this is definitely the first sign you need a merchant account. Essentially, a merchant account allows your business to transfer funds from customers’ credit and debit card purchases after they’ve been processed. Customers today expect multiple payment options. Securing a merchant account allows you to offer a variety of options and increase sales.
- Slow payment system. Payments are the core of any business. Your checkout process is the most important part of your sales process, and it can easily make or break a sale. The right merchant account provider will ensure your payment flow is designed to allow your customers to pay quickly and seamlessly. You don’t want your customers waiting too long to enter their information and lose the sale.
- Concerns over fraud. If you already have a merchant account and still have fraud concerns, now is the time to do your research and find a provider that prioritizes safety. There are many payment processors out there that offer a reliable payment solution with a multilayered approach to fraud protection. These fraud prevention tools ensure you don’t waste valuable time and money trying to prevent fraud on your own.
- Difficulty expanding to new markets. Without a merchant account, it will be difficult to expand to other markets. It simply won’t be possible to grow on a global scale without the tools and solutions for payment processing in various currencies. With the right provider, you can create the same convenient process for customers around the world, ensuring they can pay without friction or frustration.
If you’re a new business hoping to move online, make sure you find a provider that understands the challenges of ecommerce. If you currently have a provider but are unsatisfied with their support, start the new year with a partner who understands your business type and industry. Don’t let the wrong merchant account hinder your growth and success.
Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of axcess merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.