Merchant services are a prevalent part of our highly accommodating, technology dependent world – and in order to ensure they provide their customers with the best services available businesses need to make sure they are always up-to- date with the current, preferred payment methods.
Paying by card has never been easier – you can walk into a shop, lift your arm just a little bit then pay for your items with your watch (providing it has a contactless card function!)
To find out how else your customers will be able to pay by card, visit our ‘Merchant Services Overview’.
If you run a small business it will only benefit you to begin using merchant services. Nowadays, customers will expect you to allow them to make card payments – this is usually the most popular payment method.
Aside from increasing and maintaining high levels of customer satisfaction, there are also a number of beneficial reasons your business should be providing this service.
The Advantages of using Merchant Services:
- If their cash stash has dried up, you will not lose money.
- You do not have to keep lots of cash on site, which will increase security.
- Your books will be easier to balance. The days of counting pennies can be waved goodbye to.
- Impulse buying –
Customers will not have time to pause and take cash out, which also means that they will not have time to reflect upon this and realise it is probably a bad idea to let another sum of money roll out of their funds.
- Multiple purchases –
Customers can easily pay for multiple items.
- Detachment –
Customers are likely to spend more on their card than they would if they only had cash. A card detaches a shopper from the purchase.
- Insurance cost –
With a merchant services in place for a little monthly fee you could be should you fall victim to crime.
Choosing a Provider
Most banks will offer merchant account services, including the bank you are currently with, however you are not restricted to using their services. You have the freedom to shop around and locate the best deal.
Now you could spend lots of time, time you probably don’t have to spare, scouring the market and trying endlessly to sniff out the best provider, or you could just give a call!
Our home-grown switching formula makes the process easy.
Reducing merchant account fees
If you run a business, your expenditure needs to be controlled.
Here are some simple, yet effective, ways you can reduce your merchant account fees:
- If you run an already established business, it is likely that you will be perceived as more trustworthy, and less of a risk. So, if you are able to prove to your account provider that your trading history is in tip-top shape, they may cut your costs.
- Good credit rating should also equate to merchant account fee savings.
- Review your account annually. More attractive rates are often offered to new customers as opposed to existing ones. Do not hesitate to switch if you find a better deal.