You may already know a bit about the role a merchant services provider plays for todayā€™s businesses. Simply put, they facilitate credit card payments that are made by your customers, both in person and online. However, reputable merchant services providers can also offer you a host of additional benefits, all of which can pad your profit margins and streamline your business operations.
Offering your customers fast, frictionless, and secure payments.
When buyers feel comfortable with the safety and convenience of a websiteā€™s checkout process or an in-store point of sale system, they are far more likely to complete a purchase. A good merchant services provider is committed to offering state-of-the-art payments hardware and software that make accepting payments quick, seamless, and safe. When customers feel good about spending money with you, they are far more likely to come back again.
Helping to minimize fraud and chargebacks.
With equipment and procedures in place that comply with the payment card industryā€™s data security standards (PCI DSS), premium payments partners help to drastically reduce the chances of data breaches and other types of fraud. The result is fewer of the customer chargebacks that can cost you valuable time and money. That leaves you with more resources to run and expand your business.
One-stop ecommerce payments.
Shopping cart abandonment is one of the banes of an ecommerce retailersā€™ existence. One of the biggest factors that contributes to buyers failing to complete their purchases has to do with frustration. If your website is too cluttered or if consumers are put off by being redirected to a separate page to input their payment details, many will simply click away. Your merchant services provider can help you simplify your ecommerce process and decrease your shopping cart abandonment rate.
Fortunately, most merchant service providers supply options that allow for an integrated buying experience ā€“ one that keeps buyers on your brand-specific page throughout the payment process. This helps to engender trust and cement brand loyalty for the long term.
Providing supplementary services.
In addition to giving you a repository for your money in the form of a merchant account, your merchant services provider generally extends you the opportunity to take advantage of other payment methods and back-office analytics. These include check processing, echeck (ACH) payments, virtual terminals to accept phone or mail order transactions, and affordable POS hardware and software. Not to mention solutions to streamline your customer, employee, and inventory management.
A merchant services provider is much more than simply a vendor who sells bank accounts. When you choose one that fits with your companyā€™s customer base and sales needs, it can make a huge positive difference in how you operate your business and relate to your valued customers.
