If innovative products are what merchants sell, innovative payment accounts are how they sell them. No mater what a merchant sells, its ability to sell it depends on payment options. The more payment services a merchant offers, the more likely consumers are to buy instead of browse. If your business needs merchant services, but you are not sure what options to choose, below are four types of accounts that help business-to-consumer (B2C) merchants do what they do best – sell products and services to consumers.
Retail Processing Account
Retail Processing accounts allow retailers to accept debit and credit payments in store through a credit card terminal. When a storefront merchant is without a retail processing account, it limits consumers to cash and check purchases. Because paper checks are insecure and carrying cash can be dangerous, most consumers prefer to make medium and large purchases with a debit or credit card.
As a result, a retail processing account can improve a merchant’s revenue dramatically. According to research, the average cash purchase is $9, while the average credit purchase is $40—a difference of over 75%.
Internet Processing Account
Internet processing accounts allow merchants to accept online payments from consumers around the globe. Usually associated with reaching remote customers, Internet processing is also important for reaching local customers.
Research shows that roughly one-third of physically active U.S. and U.K. consumers prefer to shop online instead of in store, even when stores are nearby. If you think the Internet is only valuable for reaching remote buyers, think again. It can also reach buyers in your city.
Mail Order / Telephone Order Account
Mail order / telephone order (MOTO) accounts allow merchants to process payments made by mail, fax, or telephone. In some cases, MOTO payments are processed using a keypad on a card terminal; while in others, they are processed using a telephone, POS software, or a virtual terminal.
Although mail, fax and telephone payment may seem outdated, many consumers prefer them out of habit. And consumers who wish to speak to a representative prefer telephone payment.
Wireless accounts allow merchants to accept payment on the go. Situations where they become critical are: selling at public events, selling at trade shows, accepting payment upon rendering services, and accepting payment upon delivering goods.
Most wireless payments are processed using a wireless terminal that functions as a retail terminal, but without wires. If you accept payment at kiosks, residences, businesses, trade shows, or public events, a wireless account could increase your revenue.
AVPS has the Account Options You Need
There is no shortage of merchant service providers (MSP) who claim to offer the best account options. At AVPS, we distinguish ourselves with industry leading insight and experience. With over twenty-five years of experience in Small Business Merchant Accounts and servicing merchants, we have the experience you need in an MSP. We also provide complete account solutions, offering retail, MOTO and wireless processing equipment.
To learn more about what merchant services would work best for your business, call us today.