For a merchant to be successful, it needs payment options that accommodate its customers. For most merchants, attaining these options means contracting with a service that provides payment accounts. Choosing the right provider is critical for a merchant’s revenue goals, but it must first see the need to increase payment options. Below are six signs a business needs payment services of a merchant service provider.
No Means of Accepting Credit Payment
If your business does not accept credit cards, it may be foregoing a significant chunk of revenue. According to a 2010 study by the Federal Reserve Bank of Boston, almost seventy percent of consumers use a credit card at least monthly. Considering the average credit purchase is forty dollars, compared to nine dollars for the average cash purchase, accepting credit not only increases sales; it also results in bigger sales.
Unable to Accept Credit Payment on the Go
If your business is paid upon making delivers or rendering services at changing locations, limiting payment options to cash or check is archaic. In addition to inconveniencing customers, it also increases the chance of fraudulent purchases and cash theft. A merchant service provider can provide a wireless credit account where you use a wireless card terminal to accept card cards on the go.
Website Lacks a Payment Gateway
A website that advertises goods or services, but lacks a payment gateway, is like a car without wheels. The point of selling online is to increase sales by expanding your sales territory. In the absence of a payment gateway, your website merely invites consumers to your store, or instructs them to pay by mail, neither of which is a good ecommerce strategy.
Unable to Accept Secure Payment by Check
Just when it seemed like checks were dead, advances in payment technology revolutionized the security of check payment. In a 2010 poll conducted by Creditcard.com, nearly thirty percent of respondents indicated they did not have a credit card—a statistic that reflects a debt reduction trend among consumers. A merchant service provider can supply equipment and account options for processing checks securely, whether in store, over the telephone, or over the Internet.
Sales Remain Stagnant In Spite of Advertising
If your sales remain stagnant in spite of ad campaigns, the problem might be your payment options, not your ads. The more options you have, the easier you make it for customers to buy. Ideally, a business should offer at least the following options: check, credit card and debit card payment, both in store and online.
Large Amounts of Cash are Stored in a Safe
The more cash you store in a safe, the greater the chance your business, or the person who makes its bank deposits, will be robbed. Diverse account options can keep money from accruing to the point where it entices thieves.
AVPS has the Account Options You Need
At AVPS, we provide a variety of merchant services to various businesses. With over twenty-five years of experience in both Small Business Merchant Accounts and servicing merchants, we have the insight and expertise to supply your business with the accounts it needs. Whether you need small business credit card processing, Internet processing, mail order / telephone order processing or wireless processing, call us today.