The business world has evolved drastically. In the past, people business preferred cash payments over anything, but times have changed.
Entrepreneurs want to offer all kinds of payment methods to their customers to ensure their sales are skyrocketing along with their profit. A research statistic from TSYS suggests that 82% of consumers prefer to get cash advance online via credit cards and debit cards, while only 10% of consumers prefer cash.
Businesses need to apply for a merchant account along with a professional merchant service provider to allow exchange of funds between a customer and a business keeping the customer’s personal and financial data encrypted.
But what are the best online merchant services you can adopt for your business, and how are they necessary for your business growth?
We have entailed all the points regarding ‘what online merchant services are’ and ‘what are the benefits they bring’ along with themselves for a business to grow and expand rapidly.
Online merchant service providers like ourselves, allow the ability for businesses to accept debit and credit cards online, or in-person in exchange for the goods and services offered by them.
Online merchant services are also referred to as credit card processing services. The offline services include POS infrastructure, merchant accounts, and check support.
On the other hand, the online merchant services comprise internet merchant accounts, chargeback support, credit and debit cards, e-wallets, and mobile payments.
The process of merchant service comprises the following steps. These are:
1. Gathering payment information for the customers
2. Giving the authority to customers to make the payment to the business
3. Transferring the funds into the business’s bank account
Authorization is the stage at which any fraud or customer’s inability to access enough funds to pay for the goods and services is analyzed. The authorization process, however, varies according to the type of online payment processing solutions used by the customer, for example, Visa or MasterCard, and the machine type used by the business to make the payment.
If this part of the process goes smoothly, an authorization code is generated on the customer’s payment provider, who then sends it back to the bank account of the business. The code is then sent through to the card machine, point of sale, or online system to complete the process.
There are a number of different tools offered by online merchant services providers, which provide businesses online payment processing solutions. Additionally, allowing them the ability to accept and process online credit card payments, providing convenience to both the companies and their customers.
A payment gateway is one of these online payment processing solutions that is actually a fantastic software that allows businesses to process credit card payments online, ensuring the safety of customers’ personal and financial data.
A credit card terminal, on the other hand, is a device that comes with the features to swipe, dip and tap a credit or a debit card. The device helps to connect with the online merchant services provider and will aid the business in receiving and verify payments from customers in exchange for the goods and services offered.
Credit card terminals are available in a variety of shapes and sizes – from simple magstripe swipers to handheld terminals depending upon the business requirement.
The point of sale system is another tool of the best online merchant services. A point of sale system is both a software and hardware that not only provides credit card payment processing solutions but also offer abilities to business to manage their general day to day sales and processes.
The days when people preferred paying hard cash have long gone. People prefer online credit or debit card processing services over anything.
For this reason, business needs to have an option to offer online transfer of funds in exchange for their goods and services to keep up with today’s norms.
A business needs to keep up with the norms and practices of the current industry. This allows them to be perceived as adaptable and will enable them to sustain in the market for a more extended period.
According to various studies and research, customers are likely to spend more when they are offered the facility of online payment processing solutions through credit or debit cards by businesses.
Research from Community Merchants USA revealed that 83% of small businesses that adopted merchant account and provided online merchant services experienced a boom in their sales, which brought a profound impact on the overall growth of their business.
The transfer of cash via credit and debit cards allows better money management as your cash streams down to online systems managed by financial institutions – saving you the hassle of keeping track of your money physically.
Another fantastic advantage of adopting online merchant services is that it reduces the risk of receiving bounced checks and the cost associated with it.
Moreover, the complete payment system allows recurring payments for goods or services your business provides regularly. Examples include gym classes, cleaning services, etc.
The flexible payment option of plastic money in the form of debit and credit cards leads to happy and satisfied customers. Customers can pay the cash later while enjoying the goods and services such as shopping grocery, making mobile payments according to their convenience and ease.
Acquire the best online merchant services with Automated Merchant Services. AMS is one of the best processors in the USA. Not only it provides the best merchant account, but it also offers options to opt different types of payment processors according to the kind of business you operate.
Opt the best merchant services via AMS and enjoy amazing facilities such as 24/7 customer support, extended warranties, rebate, and useful functions that prove helpful in these online merchant services.
Despite the high costs involved, most businesses still prefer online merchant services because it provides more options to customers to avail the products and services, thereby encouraging more sales.
To operate successfully in today’s world, it has become significant for businesses to adopt the best online merchant services and provide the ability to purchase goods and services via credit and debit cards.