In the world of increasing electronic transactions, it is almost impossible to carry out a cash-only business. Though a local ice cream vendor, a car washer, or a local diner might carry out a cash only business, it is next to impossible for the big firms to force their customers to pay by cash only.
Customers when visiting such outlets carry a sufficient amount of money with them for making the small payments purchases find paying with a credit card a more feasible option. Certainly, there can be nothing worse than losing on your sales just because you aren’t able to offer the credit card processing agent preferred payment option to the customer.
The statistics convey it all! Today, every 6 out of 10 retail transactions are carried out through the credit/debit cards rather than cash. In fact, only a mere 30% of the customers opt for paying by cash and do not rely on using credit cards. In fact, in the domain of online businesses, electronic payments are the only option and one can’t pay cash electronically and must use other options.
This is the reason why a new service is gaining huge popularity these days and is referred as a merchant account service. Such services are especially helping the merchants to boost their sales drastically, as well as provide an excellent shopping experience to their customers. Moreover, the ability of accepting payments through plastic cash helps by significantly improving a business’ customer base.
The market is full of such service providers who offer excellent merchant services. However, still a number of misconceptions exist about these services. It is a popular misconception that the merchant account fees are same for all the merchants. However, the truth is that the fees incurred for using the merchant account services are dependent upon the number of swipes made in the account and this varies from business to business.
Moreover, a merchant account service, like any other bank service, evaluates the risks involved. Since the entire transaction is carried out in the virtual world, it becomes extremely important for the service provider to carry out adequate authentication processes. Several processes like ID authentication, signature verification, and even verbal verification (in some cases) is carried out by the service provider.
Another popular myth which exists among the merchants is regarding the high fees of such accounts. The fees charged by such service providers aren’t high. In fact, the merchants can even get discounts of about 1% if they possess a sound credit history.
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