Merchant services are essentially the range of payment processing methods offered to businesses. This can vary from a chip and pin card machine in a small shop to over the phone and online payment services for larger businesses that require such options.
There are many reasons using merchant services supplied by the likes of Card Cutters are a good example. They will set up such services quickly and securely to suit your business, either for those hoping to switch from old payment services or to install brand new ones. This will benefit both your company, staff and customers in various ways.
Studies have shown that when customers in a shop or other retail outlet can pay by credit, debit or any other type of card they will spend more. Given the chance to use credit cards over cash it found that some people would spend up to 100% more than if cash payment was the only option.
For any business, having customers or clients spending more is the ideal goal. There is a cost involved for installing and using merchant services but this should soon be reclaimed by the money earned from increased sales.
Increased Money Management
There is less room for human error when using online and card payment technology. It can streamline the way your company deals with payments and handles transactions which will save time and cut down the risk of employees making mistakes and potentially getting the business into trouble.
Accepting and processing electronic payments can also make it easier to add up incomings and expenditure. This means analysing the business’ finances is a lot simpler as well. Cash flow management and forecasting can therefore be presented in a more professional manner to board members with solid data behind it.
Customer and Staff Convenience
For any kind of business, keeping clients and customers happy is a priority. Allowing them to pay in a range of different ways can be a good step towards customer retention as they will know the payment process is quick, easy and secure. Going somewhere to find out they cannot pay by card can make them not want to return.
Installing contactless card machines in shops, restaurants and other retail outlets will increase the speed and therefore customer satisfaction too. It can help lead to increased sales in certain circumstances by getting more customers seen to and their payments processed in a day. Consider using merchant services to improve your business and payment model.