Over the years traditional modes of payment have undergone a lot of change. Earlier, people used to make cash payments for purchases. Later cheques were used for making payment as it eliminated the need of carrying cash and avoiding risks of losing the money. Cheques had a gestation period for the realization of the specified amount. Then came the revolution in payment processing, Credit and debit cards ushered in a new era of payment through the best merchant services. They became so popular and convenient that by end of 2015 more than 18 billion cards were being used for making payments.
If you do not want to lose a significant share of your business it is essential for you to have a merchant account. It is a type of bank account that enables you to accept various types of payments from your customer including credit and debit card payments. Let us see what are the benefits of having a merchant account in the points below:
Credit and debit card payments are acceptable
By opening a merchant account you will be able to accept payments through credit and debit cards. This is a necessity in today’s world as majority of people prefer it to make payments online or in stores. You will not lose customers on account of not accepting card payments.
Increased sales
It has been studied and observed that people tend to spend more while using credit cards for payment instead of cash. Also, people do more impulsive buying when using credit cards hence, resulting in more sales for you.
Enhanced Security
By opening a merchant account with a PCI DSS certified payment service provider, you will be able to offer utmost security to your customers while making payments through credit cards. Their data is secure and this puts them at ease while making online payments.
Accept payments in multiple currencies
Opening a merchant account will enable you to receive payments in multiple currencies which is a major benefit. You can take your business to people across borders as they can make payments in their local currency. To receive payments in different currencies your payment service provider must help you to open accounts in each currency.
Reputed PSPs have merchant accounts set up in their name to receive payments in various currencies. This will help them to streamline and facilitate accepting payments in multiple currencies by you.
Improved money management
When you accept payments through merchants Over the years traditional modes of payment have undergone a lot of change. Earlier, people used to make cash payments for purchases. Later cheques were used for making payment as it eliminated the need of carrying cash and avoiding risks of losing the money. Cheques had a gestation period for the realization of the specified amount. Then came the revolution in payment processing, Credit and debit cards ushered in a new era of payment through the best merchant services. They became so popular and convenient that by end of 2015 more than 18 billion cards were being used for making payments.
Conclusion
By having a merchant account you can accept payments through different modes and in multiple currencies. It helps you increase your sales and expand your business services beyond your borders. You can avail merchant cash advance for the short-term needs of your business.ervices you can manage your funds in a more organized way and optimize your cash flow. You can ask your PSP to send you monthly statements of account activity. You will also be provided with an online interface which can be accessed through unique id and password by you. You can view and manage your account online. It will help in making your tax payments and tracking profits too.
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