Why Does My Business Need Credit Card Merchant Services
Why Does My Business Need Credit Card Merchant Services? Any business, old or new, wants to be able to accept credit and debit cards from their customers without paying a huge fee for the privilege. Allowing customers to use those cards vastly improves revenue as most people today only carry their cards and rarely have cash on hand. And if your business is online, then you especially need card services. But how do you go about getting these services and what do they entail?
Credit Card Merchant Services Defined
A merchant service is a method for being able to accept payments via credit and debit cards. It can work online or in your physical store. First, in order to use these services, you select your merchant service provider or MSP. The MSP will provide any equipment you need to be able to accept payments via credit and debit cards and will set up an account to transfer
those debit and credit payments to your businesses bank account. It operates much like a line of credit. When a customer makes a purchase, the money from their account is transferred to your merchant account. Since the customer doesn't necessarily pay their card balance immediately, the merchant service account ensures you receive the payment within about 48 hours or less, so you don't have to wait for the customer to make their payment to their financial institution. The MSP does charge a fee for the service.
Importance of Merchant Services
The first and most important advantage to using merchant services is the ability to accept credit and debit cards, since that is the primary way people pay for things now. Being able to accept those cards makes your business more attractive to customers because it gives them better ease of access to make their purchases. It is especially important if you have an online presence, as cash or check is useless there. Secondly, being able to accept credit and debit cards will increase the sales your business makes.
Customers tend to spend more money when they have the ability to use their plastic, instead of worrying if they have enough cash on them, or if they remembered to bring their checkbook. This, in turn, increases customer satisfaction, which of course leads to repeat business. A customer that makes a trip to their local hair salon, expecting to be able to use their debit card will be intensely disappointed if they find out that only cash is accepted. Having the ability to process cards on site will lead to more happy customers and more revenue. In addition, you'll eliminate the worry of bad checks and the hassle that follows those if your customer can use their card instead.
No matter what type of business you have, Dragonfly Business Solutions can help you solve your customers or visitors cash flow needs by providing credit card merchant services as well as ATM placement services. Dragonfly provides free equipment and stands ready to get your business set up for credit card processing. If you are already accepting credit cards in your place of business, chances are that Dragonfly can save your money over what you are currently paying for merchant services.
Call Dragonfly today at 800.975.1764.