Merchant services are crucial to running a successful business. Unfortunately, many small business owners still consider merchant services an expensive rather than an investment.
Below are four ways merchant services pay for themselves.
#1 - Increased sales.
Businesses who accept credit cards at their physical location and/or at their online stores see an increase in sales volume. Customers simply purchase more items when paying with plastic cards rather than cash.
#2 - Increased revenue.
As a result of increased sales volume, businesses that accept plastic payments see an increase in revenue. The increase in revenue usually completely offsets the cost of partnering with a merchant services provider.
#3- Increased reputation.
Studies have shown that consumers trust small businesses that accept major credit cards more than those that don't. Consumers ranked the businesses that accepted credit cards as more "legitimate" in their eyes.
#4- Increased loyalty.
Consumers are also more loyal to brands that accept plastic payments. As well as reporting stronger feelings of loyalty to stores that accept credit cards, they also reported visiting these stores more frequently.
For these four reasons, most small businesses need to partner with a merchant services provider.
To find the right provider for your business, first Google providers in your area. Look through the different provider's websites and narrow your list down to the ones that provide the services you're most interested in. Be sure to check their customer service hours. Are they available 24 hours a day, seven days a week, 365 days a year to provide assistance?
Once you've identified a few providers that meet your product needs and customer service requirements, you need to check independent, third-party reviews. The Better Business Bureau (BBB) is a great place to find in-depth reviews of merchant services providers. For the best results, partner with a provider the BBB rates as an A.
After checking BBB ratings, your list should be narrowed down to just a few merchant services providers. Take the time to interview each of them. Visit them for an initial consultation, which are free at most places.
During the initial consultation, the provider should ask you questions about your current payment processing methods and your payment processing goals. They should then present you with a plan designed to meet your needs and help you reach your goals.
When they present the plan to you, they will most likely present their contract and fees. Carefully, review the terms and conditions and make sure you understand exactly what you will be paying. You do not have to sign the contract however. Feel free to take time to review the different contracts from all the providers before making a decision.
After picking a provider, your payment processing should be up and running in less than two days. The only thing left for you to do is begin seeing increased sales, revenue, reputation and customer loyalty!