Merchant accounts are bank accounts that allow businesses (merchants), whether online or offline, to accept money from credit, debit, and other types of cards. The bank settles the card transactions that the business accepts.
The benefits of having a merchant account are endless!
Your customers deserve the best, right? Of course they do. And of course you want to provide it for them.
Business is hard these days. Harder now more than ever considering how many new “competitors” pop up every day. There is a new business created every minute in the U.S.
Unfortunately, the pool of consumers is shrinking. There has been a 49% increase in new businesses since 1982 but only a 26% increase in population.
Half of current workers in the U.S. will be self-employed by 2020.
What does that mean for small businesses?
It means that it is only going to get harder to do business going forward and every penny must be accounted for!
So why do you need a merchant account for your business?
Do you want your business to be able to accept credit card payments? Everyone uses credit cards! Most people don’t carry cash on them, or they do in small amounts.
How awkward would it be for a customer to come into your store, load up on groceries or merchandise, only to find out once they get to the checkout that you don’t accept credit cards?
Maybe they have cash to still buy your merchandise, or maybe they don’t and they have to go down the street to Competitor Numero Uno!
This is why you need a merchant account: to accept card payments! Why would any business owner pass up on that business?
Customers like convenience. Maybe they do carry a lot of cash on them and also carry around a checkbook and multiple credit cards in their pocketbook or purse. And? So what?
They should have the choice to use whatever form of payment they decide to no matter where they shop.
Don’t be that business that everyone knows they have to make an extra trip to the ATM before they come shopping. Unless that ATM is yours. 😉
Make sure, when you’re looking for a reliable merchant account provider that they not only equip you to take credit card payments from all the major credit card companies, but also provide personal assistance for your account.
Nobody wants to be left hanging if they have a question or concern about their account. You want someone you get to know and who is there for you when need them. This personal service should come standard with merchant accounts, but alas… it doesn’t always.
Having expert advice from the people that do this for a living is invaluable for business owners and you should be able to get the help your business needs immediately!
Let us ask you this: are you EMV compliant yet? Can you accept those credit/debit cards with microchips in them?
The deadline for this EMV compliance, set by the financial institutions, was October 1, 2015. Are you ready to accept EMV payments? You darn tootin’ need to be!
If your business is not compliant and a security breach occurs, your business may incur hefty fines on average up to $36,000. Yikes!
In fact, the median loss for businesses caused by fraud cases range from $140,000 to $1 million. Double yikes!
You cannot afford to ignore it any longer if you have yet to meet the new compliance standards. Security breaches happen much more often than you think. In 2014 there were over 59 million data breaches and nearly every single one of those was a small business. Only 43 of these breaches were even mentioned to the public.
The problem is much more serious than most people know. Small businesses are the number one target of fraudsters because they typically don’t have all the enhanced security features of much larger corporations.
You could be facing some potentially very serious security threats and not even realize it! Having reliable support is crucial to protect your business. A merchant account will help you process your credit, debit, and gift card payments safely and securely.
Protecting your faithful customers’ sensitive information is vital!
Setting up a merchant account with a secure payment processor will help ease your concerns about the safety of not only your client’s information, but your businesses’ as well!
A merchant account can help your business avoid the possibility of being held liable for fraudulent transactions.
With safe and secure face-to-face POS systems as well as virtual checkouts, a merchant account can provide you all the business solutions you need for accepting credit card payments.
There has been a massive shift towards E-commerce in the last decade. Unfortunately these types of transactions are the most vulnerable to security threats and fraud.
This is because the card and the person using the card are not present for the acceptor to personally examine and verify the validity and ownership of the card.
You need a reliable merchant account provider to help combat these security threats.
Like to see what RedFynn has to offer in the way of merchant accounts? Just give us a call to get the full scoop! (888) 510-9871
