With the majority of shopping happening online nowadays, it’s now more important than ever before for businesses to acquire merchant processing services. Even in stores, people no longer make purchases with cash and almost all stores have card terminals. To begin with, a merchant account is an arrangement between a card issuer and a business that makes it possible for the business to receive payments from different cards. The merchant service provider usually does the processing of the cards, verification of card data and seeks permissions from the necessary authorities. To see the benefits of such an arrangement for a business, we’ll look at 5 reasons why you need CBD merchant processing service. You can also learn more from thesoutherninstitute.com.
1. Safe payment option for your customers
Electronic financial fraud remains a real risk despite efforts by both government and cybersecurity experts to curb it. Merchant service providers usually employ the required security standards that minimize the possibility of fraud. This way sensitive customer data is secured and this enhances their trust in your business increasing their likelihood of being loyal customers
2. Competitiveness Research
This shows that over 90% of both physical and online businesses accept either credit or debit cards. This is due to the convenience of card transactions and is the preferred mode for many customers Therefore to be competitive in this market, having a merchant account will go a long way in helping you access more potential customers.
3. Increased revenue
Since a merchant account allows you to accept different payment options, this means you attract customers with money in different financial institutions. The more the payment options, the more the number of potential customers. Additionally, due to the round the clock availability of payment, a business can take advantage of impulse online shopping since people are tempted to spend money when they can access it. This means more that the business receives more revenue.
4. Convenient for shoppers
ln this modern financial era, people no longer carry cash and if they do, its only in small amounts. This is because most people simply have no time to queue in a bank or ATM machine to get cash. Therefore having a merchant account for easy processing of transactions provides the very much needed convenience to the customers. Furthermore, customers can try different cards in case they find that one is not working.
A chargeback can occur when a customer asks for a refund after goods he has purchased are delivered. It is a form of fraud and when one has a merchant account, all the liability for this kind of fraud falls on the service provider. However, it is unlikely to happen due to the security measures usually put in place.
As we’ve seen above, if your business doesn’t have a merchant account to process payments, you are losing money to your competitors. Convenience for customers is key in this modern era and they will go where they can shop conveniently. If you don’t have one yet, it is time for you to upgrade your game and give your customers what they need.