Best Credit Card Processing 2019

Who Needs A Merchant Service Provider Account?

With each passing year, society is becoming increasingly cashless, relying on the convenience and security of using debit and credit cards to make payments for goods or services. Canada already conducts up to an estimated 90% of transactions through digital means with the United States not far behind. There may even come a time when cash is no longer a viable currency. Traditional physical stores without the facility of a merchant service provider account lose dozens of sales every day simply because their customers are no longer carrying a sufficient amount of hard cash. Virtual merchants who cannot offer the additional secure alternative of making payments through any of the major credit cards are constantly losing potential sales at an alarming rate to their competitors. Independent research has shown that small businesses who install a merchant service provider account find their sales increase dramatically by up to 83%.

Commitments And Fees Of Merchant Service Providers

Many merchant service providers allow small businesses to register for an account completely free of charge without the burden of being tied to a monthly fee or a long-term contract. Accounts are usually run on a month to month basis and some don’t even charge a cancellation fee if you should change your mind. Transaction fees are charged only when a sale has been made. These can vary between companies but are typically in the region of between 2.5% plus 30c per transaction to 2.9% plus 30c but there are some available that are as low as 0.38% plus 19c per transaction.

What Value Added Benefits Does A Merchant Service Provider Account Have?

Some companies offer incentives such as a free gift card simply for registering but all of them offer various benefits that can help a business to prosper. Many small businesses struggle with an irregular cash flow due to late payments of invoices or investment in new stock, but a merchant service provider account can help to bridge the financial gap with cash advances of up to 150,000 dollars. Some providers operate a customizable gift card program that enables you to promote your business with special offers to encourage customers to return. There can even be opportunities to attend training courses to help you gain expertise in business strategies such as providing effective customer services.

Choosing The Right Merchant Service Provider For Your Business

Every owner of a small business faces different challenges to remain successful in a fiercely competitive environment that involves either point of sale activity or e-commerce transactions. Installing a merchant service provider account on either platform can encourage new customers by firmly establishing trust in a business, increasing sales considerably. Businesses can be confident that the sales they make are verified helping to eliminate the hazard of fraud, while both customers and owners appreciate the flexibility and convenience of making credit card payments. There are several companies who offer different levels of fees and added value benefits, enabling the small business owner to choose the merchant service provider account that is right for their business. With more transactions than ever being processed through payment gateway systems as many countries edge towards being cashless economies, every business must realize the advantages to be gained through registering for a merchant service provider account.

How A Merchant Service Provider Account Affects Credibility

A small business that can offer a merchant service provider account is viewed as reliable and trustworthy due to the superior level of security that such an account employs. Online transactions in particular benefit from the encryption coding of a Secure Sockets Layers (SSL) Certificate that ensures transactions can be verified. In a traditional retail outlet, customers are far more likely to make sudden impulse buys if they can use their debit or credit card, a reliably secure payment method they feel comfortable with. Some providers have now included American Express at the same chargeable rate as other credit cards such as MasterCard, Visa and Discover. The flexibility and convenience of being able to use any of the major credit cards often means that customers will return to make further purchases.

How Can A Business Benefit From A Merchant Service Provider Account?

In a physical store fraudulent activity can strike at any unguarded moment with a forged dollar bill or a check that cannot be realized. With a merchant service provider account enabling transactions via credit cards, every small business can be confident of fraud protection and the additional customer support from both the merchant service provider and the credit card company. Every business can benefit from the superior cash flow afforded by a merchant service provider account. Transactions can be securely deposited into a business account within one or two business days, unlike a check that can take a week to be cleared. Many have easy to use applications that can aid a business to analyze trends and make forecasts on how to improve sales for the future.

Can A Merchant Service Provider Account Be Customized?

Every business has a unique set of circumstances that could potentially benefit from a customizable account but these can vary according to company policy. Some merchant service providers are content to discuss the finer points of your business requirements regardless of your level of transactions and offer a no-obligation quote for a customizable package. Others will only discuss customization if a business exceeds a set level, such as 250,000 dollars of transactions generated through credit card sales and includes individual sales tickets with a minimum value of fifteen dollars each.

Software Packages From Merchant Service Providers

Computerization can benefit a small business enormously with the right combination of programs to aid analytics and planning or specially designed apps to help business owners deal with the daily problems they encounter. Every provider includes software systems that will integrate seamlessly with e-commerce websites or stores enabling you to create and send invoices in order to receive online payments. Free shopping carts, inventory management facilities and customer directories can all be included at no extra cost. Some companies have digital loyalty programs that provide valuable analytics regarding the purchasing trends of individual customers to help you target effective marketing strategies.

Hardware Packages From Merchant Service Providers

Bricks and mortar stores are usually provided with the necessary hardware to enable card processing when customers make point of sale payments. These will sometimes be issued by the provider or be supplied through a reliable third party. POS card readers will usually accept every major credit card through various swipe, Chip and PIN or contactless payment methods. Many of the hardware units can process Near Field Communication (NFC) payments which allow customers to pay directly through their smartphones.