There are only a few things needed today for business success. Besides a great product or service, an exceptional management team and employees and if applicable a great location and marketing strategy, the other thing that’s also very important is credit card acceptance. Credit card acceptance; are three words that conjure up business freedom for your customers. Because without it they are restricted to using cash, checks and yes, even going elsewhere to purchase what they want. So with that being said, accept credit cards at your business as it will present payment options for your customers and in the long haul effect your business positively too.
Businesses accept credit cards because it provides a quick and easy way for customers to pay for a product or service. When they pay via card, they get proof of their transaction which comes handy when they are dissatisfied with their purchase and would like to return it. This may not be beneficial to your business since you are losing the sale but it provides an added value to the customer which is important.
Once you decide to move forward with accepting credit cards it’s important to understand everything about merchant accounts because that’s the account which you will have to set up with a credit card processing provider. A merchant account is basically an account between your bank, your customer’s card bank and an overall presiding bank (known as the merchant acquirer) that manages over the transactions that take place between the other two. The acquirer takes the batch of all the approved transactions and sends them to Visa, Mastercard, Discover etc. for payment. These credit card companies send all the payments to the appropriate card issuing banks and eventually the acquirer gets paid and the money is transferred over to your business account the following day.
There are many merchant account providers out there that provide various services. One such provider is North American Bancard. NAB is a reputable provider that has been working with businesses of all sizes for many years and offer great services. But don’t take my word for it, it’s important that you conduct thorough research before settling with any single provider. Accepting credit cards is mutually rewarding for your business and your customers alike. Ultimately the decision lies in your hands on allowing the freedom of payment options.