Types Of Merchant Accounts

Does your business currently have a merchant account? If not, this is a great time to open one. A merchant account will help you expand the business to bring in new and repeat business that you may not be able to reach in other ways.

Why Should My Business Get a Merchant Account?

Customers love merchant account services. In fact, many refused to shop at establishments that don't offer these convenient and flexible payment options. If you insist on receiving cash or personal check only, you may be turning away a sizable volume of business. Here are some of the more common and popular types of merchant accounts.

1. Get a credit card processor. Accepting credit card payments allows your customers to make larger purchases than they might otherwise do if restricted to payments by cash or check. Studies show that those who charge tend to spend more than those who pay via other methods. A credit card processor comes in many sizes and styles, with some fitting into a drawer or taking up little countertop space. Your customers won't have to use an ATM before shopping at your store, or remember to bring the checkbook, and they'll love you for it.

2. Accept debit purchases. Many credit card processors also can process debit payments for customers who prefer using real cash from a bank account but do not want to carry money around with them. The equipment for offering this service is pretty much the same as accepting credit payments. You just need the processor, a phone line, and printing paper for receipts.

3. Make it mobile. Your merchant account can provide mobile technology for your associates to take on the road. For example, a plumber can carry a credit card processor in the company truck for accepting credit payments in lieu of cash. Some processors will let employees call in the payment for immediate clearance, while others will need to be processed when the employee returns to the company base.

4. Offer direct dial-in service. Many people enjoy shopping from home by using a telephone to call a toll-free number and place an order. You can set up a service by which an employee will take calls and fill orders from a warehouse or office location. Or you can opt for an automated service that lets customers touch or dial numbers on the telephone pad to key in their responses to ordering prompts and questions.

5. Set up a company website. The Internet is becoming the primary means of advertising goods and services to the world. Now your customer base need not be limited to those in your immediate vicinity. Instead, after designing a website and ordering system, or paying someone to do this for you, customers from around the world can place orders non-stop, day and night.

Start searching for the bank or lending institution that may be interested in setting you up with a merchant account. A simple application, often completed online in minutes, may bring you business-building results in a matter of hours.