Why Credit Card Merchant Accounts?
It's a fact. In today's competitive marketplace, you simply cannot compete
without accepting credit card payments through an ecommerce merchant account.
Whether you operate an actual retail outlet, or a telephone or Internet-based
sales center, the credit card payment option is crucial to the success of
your business. A credit card machine and credit card equipment is essential
to a successful business.
Here are a Few Reasons Why you Need an Ecommerce Merchant Account...
Increased Sales with a credit card machine and credit card equipment
Companies with credit card merchant accounts—no matter their industry,
product or service—can expect to produce greater revenues than those
who offer only cash and check payment options. New credit card merchants
generally report an initial sales increase of between 40-90% from credit
card payments alone. And with higher revenues comes a higher profit margin.
In most cases, merchants who use a merchant account service and offer
payment by credit card can increase profits by up to 80%, depending on
the industry.
These astounding merchant account service statistics are due to the popularity
of credit cards in today's economy. As a payment option, credit cards
have the most consumer appeal. Customers believe that credit cards are
convenient and secure, which is why nearly 200 million Americans now carry
at least one. And the vast majority of these credit cards are not sitting
in desk drawers collecting dust; they're circulating merchant accounts
across the globe as buyers find more products and services to purchase.
In fact, consumers charge more than $1 trillion annually—more than
all cash transactions each year.
Improved Efficiencies
Even more compelling than the prospect of increasing your sales: consider
that credit cards are generally a cheaper alternative to other payment
methods in the long term. Despite the fees associated with setting up
and maintaining a merchant account, you will easily offset your additional
costs - while saving valuable time as well. By reducing the amount of
hours involved in counting cash and coins, or the amount of paperwork
and approvals needed to cash a check, your business can actually save
money by accepting credit cards.
In addition, credit card payments through a secure merchant account are
the fastest way to process orders, and the most accurate way to ensure
that funds are available. By accepting credit cards, merchants know when
a transaction is complete and paid in full. This information can then
accelerate fulfillment time, particularly in e-commerce and telephone
order environments. And that efficiency alone can improve customer satisfaction
and encourage repeat business.
Enhanced Credibility
Aside from the financial benefits of accepting credit card payments through
a merchant account, you will also earn immediate credibility in the eyes
of your customers. Credit card companies devote a mass of resources to
advertising and promoting the use of credit cards. And you profit by accepting
them.
It's a general assumption that only solid, established businesses qualify
for and offer merchant account services with credit card processing. So
when consumers see a credit card logo on your advertisements, your web
site or at your point of sale counters, they are more inclined to purchase
your product or service. They know that if they aren't satisfied, they
have the option of requesting a refund from their credit card company.
Expanded Customer Base
One recent study posted on www.irt.org estimates that nearly one-third
(1/3) of purchasers in the United States will only make payments by credit
card. This is such a significant number of consumers that businesses cannot
realistically compete without extending viable payment options to this
group. By accepting credit cards through your own merchant account, you
immediately open the door to over 30% of potential customers in the marketplace.
And according to an MIT study, "chargers" consistently spend
more than those who pay by cash or check.** The fact is that many people
do not consider credit card spending the same as using cash or check.
With credit cards, it's easier to buy on impulse, and more acceptable
to acquire goods before having the means to pay for them in full. When
you offer credit card payment via a secure merchant account, you're giving
your customers the most reasonable and preferred payment method available.
**Preiec and Simester, from the reporting publication My Generation
To learn more about establishing a new merchant account for your business,
click here.
To find out how to maximize your current merchant account to save your
business time and money, click here.
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