Now that you can answer the questions, “How do merchant accounts work?” and “How do I apply for merchant processing?”, it’s time for you to learn why they’re useful. Of course, the obvious answer is that they allow you to accept non-cash payments. However, there’s more to a good merchant account than the basic nuts and bolts. They provide tons of benefits to your business that you may have not thought of before.
3 Examples of How a Merchant Account Provider Helps Your Business
An Open Ear
Some business owners shy away from obtaining a merchant account because it’s a new, unknown industry. What they don’t realize is that along with their new payment options, they also have their own industry knowledgeable liaison! If you choose the right company, your processor handles machine setup, automatic batch reports, and any tech-related questions quickly. You’re not on this uncharted journey alone because we’ve been there before and we’re here to be your guide.
Lose the Money Worries
How many hours have you or your bookkeeper spent going over your business’s daily sales? You can get funding from credit card and e-check payments in 1-2 business days. Regarding these non-cash payments, this is what our automatic batch reports are for. Turn those hours into minutes by scheduling batches to settle during times most convenient for you. These batch reports give insight into the trends of your sales, which your processing representative should be happy to discuss with you. Remember, the better you do, the better they do, so you’re really in it together!
Fraud Prevention
Unless you’re going over every transaction with a fine-tooth comb, fraud can be hard to spot. Opening a merchant account with a payment processor helps catch these expensive mistakes. There’s technology out there that matches the address where a transaction is made to the zip code of a card. This is called AVS and it can save you big money in fraud disputes. This benefit to your business can be measured in actual savings, not just saved time.
Payment Facilitator to Payment Professional
These are the kinds of benefits a merchant account provider can give you that a payment facilitator cannot. A payment facilitator, like PayPal or Square, aren’t there to listen to your worries, analyze your batch reports with you, or care about fraud prevention. In fact, the number one complaint about payment facilitators is sudden account locks with no explanation. There are plenty more features a true payment professional can offer you that will bring your business to the next level.
