Carrying bundles of cash around is not only inconvenient but also risky. On the other hand, the waiting period that comes with check payments are making checks obsolete by the day. Plastic money rules with easy credit, debit and gift card payment solutions. This dynamic change from cash to plastic money affects both the customer and the business; therefore, have you considered transforming your cash-only business to one that accept all major card payments?
The Benefits of Card Payments
- Customers are free to pay the way they want.
- You do not lose out on a sale just because your customer did not have enough cash.
- Impulse buys are supported by credit and debit card payments, which is good for your business.
- Customers spend more when they are not restricted by the amount of cash they have; this increases your business sales and drives up profit.
- Electronic payments shorten the speed of checkout as there will be no change-counting or check-signing at the counter.
- Handling lesser volumes of cash increases efficiency of managing money at the counter and decreases the risk of thefts.
What Are Merchant Processing Services?
Merchant Services or Credit Card Processing is a term that refers to a broad spectrum of financial services used by business in the United States. More specifically, merchant services allows merchants (businessmen) to handle electronic payments by accepting credit and debit card payments for their products and services.
Merchant Services include the following useful functions:
- Processing credit and debit card payments
- Accepting gift cards through loyalty programs
- Allowing online and mobile monetary transactions
- Merchant cash advances
- Payment gateways
- Point of sale systems
- Electronic benefits transfer programs
- Check conversion and check guarantee services
Some of the most common activities involve:
- Acquiring information about sales from the merchant
- Receiving an authorization for credit and debit card transactions
- Collecting funds on behalf of the merchant from the bank or financial institution which issued the credit or debit card to the customer
- Depositing the payment into the merchant’s account.