Let’s talk about your money, and how to make more of it. It used to be a person went to a store or a restaurant and spent money, hard cash. Today money is taking on a new form. It’s digital, it’s electronic and it’s everywhere and anywhere 24/7/365.
Aren’t you stunned when you go to a store and see a line at the cash register and 9 others that have no one working them? Wouldn’t you be just as stunned if you handed a dollar bill and they refused your sale because they couldn’t make change? The point is that payment acceptance is key to making more money. You don’t make more money by not accepting a transaction, and making the experience convenient and safe to your customer can bring loyalty. Is there a store or restaurant you avoid because of a hassle you experienced?
Let’s break down a transaction. It could be cash but that would mean that the customer has to be in front of you. They could mail cash but that isn’t very safe and you may need to provide change, so let’s assume cash requires presence. You could take checks, those are safe to mail, but then you don’t have your money until you drive to the bank and cash or deposit the check. So how do we easily and securely transfer funds for a transaction?
The answer lies in digital or electronic payments. Accepting credit cards, debit cards, ebt cards or even gift & loyalty cards and electronic checks. These provide secure and convenient ways to complete transactions for your customers. If you want to make more money, make it easy for customers to spend it while making it faster for you to receive it. That’s where a merchant account comes in.
A merchant account allows you to deposit funds directly into your bank account in as little as a few hours. Whether the customer swipes their card into your smartphone, calls it in over the phone or keys it into your web site, just having a merchant account can be a huge advantage over competitors. It could be that hassle avoided when your customer comes to you instead of your competition. It also allows you to conduct transactions in more ways than cash or checks alone. Transactions are recorded automatically and can easily be reconciled for both customer and merchant. Most importantly it widens the opportunities to conduct sales to the widest customer audience possible. No matter what you sell or how you sell it, the sale is only complete once the funds are transferred from one party to the other. In other words, “Nothing happens until something is sold”.
In the next post we’ll discuss the process of setting up a merchant account and what is involved, but for now it’s important to recognize your missed opportunities. Could accepting electronic payments help increase your revenue stream? We’re here to help you make more money, let us show you the many ways we can do just that. Let’s talk, 888-996-CARD (2273)
April 19th, 2023 by Admin