In today’s digital marketplace, can a web-based business truly thrive without a merchant account? While accepting checks or money orders might seem like a viable option, numerous advantages come with having a merchant account, with increased revenue being just one of them.
One of the primary limitations of foregoing a merchant account is the restriction on payment methods. A merchant account enables you to accept major credit cards like MasterCard, Visa, Discover, and American Express, significantly broadening your customer base. While American Express may require a separate application, the ability to process these payments is a game-changer.
The application process for a merchant account typically takes just a few days, a worthwhile investment of time. Once approved, you can immediately cater to a wider range of customers who prefer the convenience of online credit card payments.
Your local bank is an excellent place to start your search for a merchant account. Speak with a bank representative to explore their merchant account programs. Banks with whom you have an existing account and a solid financial history are often more likely to approve your application.
Furthermore, a merchant account is essential for staying competitive. Researching competitors will likely reveal that most already offer credit card payment options. This convenience is a major draw for customers who are accustomed to paying with credit cards online.
Merchant accounts also streamline record-keeping, a significant benefit during tax season. The detailed monthly statements provided by merchant account suppliers simplify expense tracking and financial organization.
Many merchant account providers offer software applications that enhance your website. These tools include shopping carts and “buy now” buttons, giving your site a professional and user-friendly appearance, encouraging repeat business.