In order to accept credit card payments for your online business, you need to open a merchant account. This type of account is established with a payment processor to allow transactions to be processed. A merchant account allows you to accept various forms of electronic payment, such as debt cards, credit cards and gift cards. There are many types of merchant accounts offered, so it’s a good idea to do some research and find the right one that will work best for your business’ needs and help it to grow.
Why Accept Credit Cards?
With fewer people carrying cash, credit cards have become the most commonly accepted form of payment. Plus, if you have an online business, you need to have the ability to process payments quickly and easily. Because the customer is not present, you can’t do this with cash or checks. That’s why having a merchant account is a crucial part of an online business. You can increase your cash flow, since businesses that accept credit cards tend to have loyal customers. You won’t have to handle bounced checks and you can set up recurring payments, adding convenience to your business. Credit cards are faster to process and more convenient than invoicing, which adds paperwork and causes delays. Adding credit cards to your list of accepted payment types will give your business a competitive edge, since 29% of consumers prefer to use credit cards for retail purchases.
Opening a Merchant Account
The hardest part about opening a merchant account is choosing one from the myriad options available. Keep some things in mind, such as your business size, monthly revenue, fees and features. How much are the monthly costs? What features does the account offer? These are things to consider because if the fees are too high, it may not be worth it financially. Your merchant account should come with advanced security features, fraud protection and customer support so you can accept credit cards with peace of mind for you and your customers.
Take your business to the next level. Allied Wallet offers a variety of innovative payment solutions so your company can grow. Learn to open a merchant account online by visiting www.alliedwallet.com.
