Merchant services provide solutions for your business - from accepting payments, to invoicing customers with more ways to pay. By working with merchant account providers, your business can have additional methods of accepting payments, other than cash. You are able to expand your payment options for your business and get your money more quickly.
If you run a business, here are some ways merchant services can benefit your business.
- Expand your customer base
Not all of your customers have cash on a daily basis. Only accepting cash payments at your business might give customers the only option to not make a purchase. By offering multiple payment options, you attract more customers. If you own a business that sells high-value items, this is particularly true for you. If someone is looking at furnishing their new home at a furniture store, they are likely not going to pay cash for their purchases.
- Easily manage your money
Merchant services gives your business flexibility to handle multiple payments without having to work with separate providers.
- Saves your business time
You are able to see all of your data in one single platform. This prevents you from spending additional hours updating your daily transaction information. With merchant services, the amount of time you save allows you to be more hands-on with your business.
- Options for Business Operations
Is your business in-person, online, or both? You have product solutions with merchant services, no matter where your business is located. You have the option to take your brick-and-mortar-store online, which helps you reach a larger audience. You can also branch out in your business model. If your merchant services provider offers automated payments, consider offering subscriptions for your products or services. Or, if your provider offers mobile payments, you can start delivery services without having to worry about cash.
Solutions for You
- Card Processing: Accept your card payments with a reliable, cost-effective electronic payment solution that is customizable. Many merchant service providers offer processing options that include point of sale (in-person and mobile), telephone, web-based, and software-based.
- Gift Cards and Loyalty Programs: Say goodbye to paper gift certificates! With this solution, you are giving your customers the option of purchasing gift cards and rewarding your frequent customers with a reward and loyalty program. This will attract new customers and allow your current customers who already know and love your business to easily purchase gift cards and provide you with a referral revenue stream. Gift cards also improve your brand awareness as they give customers a reason to come back. Gift cards can be used to issue store credit for merchandise returns allowing you to keep that cash in your store along with providing detailed reports, reducing fraud, and eliminating manual accounting tasks.
- Check Verification Services: Avoid potential revenue loss of returned checks with check verification services. With check verification services you can accept checks safely and securely without the hassles and potential revenue loss of returned checks. With this solution, you will be able to accelerate your cash flow, lower your operating expenses, increase your sales, and minimize account receivables collection effects.
What to consider when working with a merchant service provider
Keep in mind, when trying to contact large merchant service providers they might have long wait periods and don’t live near you. Consider working with a local merchant service provider to get timely customer service to meet all your needs, from training to replacing terminals.
If your merchant service provider is a different institution than your bank, consider looking at your bank's merchant service options as everything will be easier to manage under one umbrella. To learn about Central Bank’s Merchant Services or to implement a customized solution, contact a business banking representative at (866) 236-8744 or stop by any branch location to get started.