4 Benefits of a Merchant Account You Need to Know

Tuesday, February 1st, 2022

Moving into 2022, you’re probably seeing less and less cash and checks coming through your shop. Meanwhile, online payments like credit and debit cards just keep ramping up in popularity. If you haven’t already, now is definitely the time to invest in better payment processing services and options.

The best way to achieve this is to secure a merchant account. Essentially, a merchant account is a business bank account you set up with a provider that allows your business to accept and process electronic payment card transactions. It enables you to accept payments in multiple ways, helping your business seize opportunities and add value to your company.

Here are just a few of the benefits of a merchant account:

• Offer More Payment Options

One of the biggest challenges today is keeping up with rapidly changing consumer trends. As things have shifted from the pandemic, more and more shopping is done online. Businesses have had to quickly adapt to keep up with new needs and challenges. A merchant account allows you to meet customers where they are today, providing payment options they prefer and trust.

• Increase Your Bottom Line

A variety of new studies over the past few years have found that customers spend more if they are able to use their credit cards over cash. In a Community Merchants USA survey, sponsored by Intuit, 83% of small businesses said they saw an increase in sales when accepting credit cards. Over time, this could significantly impact your sales and overall growth.

• Stronger Money Management

Is keeping things organized a weakness of yours as a business owner? Never fear, you’re not alone. Money management is a top challenge for businesses across the nation, especially when it comes to cash flow. Accepting more forms of payment and moving to online payments streamlines the way your business handles transactions.

• Avoid Hassle of Bad Checks

If you’ve ever had a bad check come through your business, you know it can be a really big hassle to make right. Using merchant account services and accepting electronic payments can help you avoid this situation altogether, save costs and even set up recurring billing. 

The next step of course is to find a merchant account provider. This is key. You need to partner with a processor that understands your business type and industry. They will also need a firm grasp of eCommerce and the latest consumer trends if you have an online shop. 

Searching our extensive list of providers here at Best Payment Providers can help you discover an industry-leading processor with an exceptional reputation.