If your business is to succeed in today’s challenging times, there is no way around it: You need to accept non-cash payments. Many retailers wanting to accept credit and debit cards (as well as alternative payment and international currencies) elect to do so with the help of a full-service or aggregate merchant services account provider. Partnering with one of these vendors after carefully determining which best meets your needs can offer you several compelling benefits that you simply cannot afford to ignore.
Faster access to your cash.
When you choose the right merchant services account provider, you don’t need to settle for the old-school payment processing practices. Modern providers don’t make you wait several days to gain access to your own money. Although you will probably be required to pay an additional fee, your company can funnel your funds into your account by the next or even the same business day in many cases.
A virtual terminal to process telephone transactions.
Although most of your customers probably pay online or make purchases in your physical store, there may be times when it makes sense to take orders over the phone, particularly during pandemic conditions when health and safety protocols are in constant flux. Your account provider can make sure that you are set up with access to an online virtual terminal that essentially turns your computer into a point of sale system, facilitating secure payment processing that is just as safe as that of traditional POS systems.
The technology to take your business anywhere.
Mobile phones can be equipped with hardware (a portable card reader) and software (a payment processing application) that may untether your store and let you sell your products and services wherever your business takes you. As a result, you can cultivate relationships with an entirely new set of customers who love the fact that you are bringing your business directly to them at trade shows, pop-up stores, fairs, flea markets, or wherever else.
The analytics-based data you need to grow your business.
The point of sale system your merchant provider helps you install is packed with capabilities. One of the most important is its ability to capture and analyze business-related data. In just a few clicks, for instance, you can learn about your customers’ preferences, determine what products are selling well and which are languishing, and gain intelligence about each employee’s productivity. Armed with this information, you will be in a far better position to make informed decisions regarding the future of your business.
A deeper relationship with your customers.
The analytics tools we referenced above can give you valuable insights into your customers’ behaviors and shopping habits that you can use to craft personalized emails, newsletters, and marketing campaigns. Today’s buyers want a curated shopping journey that goes far beyond simple purchase transactions. These analytics, combined with incentives like loyalty and members-only benefits, can show your valued patrons that they remain your highest priority.
All of these advantages stem directly from your relationship with your merchant services account provider. If you’re looking to switch, or if you are just beginning your search for a service provider partner, know that the marketplace is awash with options. Take your time to choose the payments technology partner that will be best able to help your business move forward, and you will reap numerous rewards.
