When you sell products or services online, your business will need to have a wide range of payment methods to cater to your modern consumers. In that regard, cash and checks are continually becoming less used by customers, while credit and debit card payments are gaining traction and becoming the new standard option for online payments. With a merchant account, it enables any business to accept payments in multiple ways, which will help widen your reach, open up opportunities, and add value to your company by improving the user experience. To that end, here are the key benefits of integrating merchant accounts for your e-commerce business.
Benefit #1: Accept Credit or Debit Cards
It adds a new level of diversity to your payments as merchant accounts bring in new sources of income. Since credit or debit cards are growing in preference among customers, having your e-commerce business accept these methods will help make transactions from all over the world be processed faster and safer. Be sure to choose a merchant account that offers support to almost every major credit cards, including MasterCard, American Express, Visa, Discover, JCB, Diners Club, Maestro, China UnionPay, Cartes Bancaires, and Giropay.
Benefit #2: Increase Sales
Research from Community Merchants USA found that 83% of small businesses that accept credit or debit cards spiked a significant increase in sales, which directly impacted the overall growth of their operations. The study proves that customers tend to spend more when given the option to take advantage of the convenience of credit cards over cash, not to mention, it also means that your client base can widen its reach. It goes beyond borders as merchant accounts can work with multiple currencies, enabling your business to accept payments and address customers from different parts of the world. Of course, you will have to apply your PSP to a merchant account for each currency to have full access on cross-border payments.
Benefit #3: Avoid Bad Checks
Bounced checks are inevitable when it comes to handling cash, and it can be time-consuming to address the issue when it happens. It’s inconvenient for both the merchant and the consumer, so having merchant accounts set-up will eliminate the risks that are typically associated with cash payments.
Benefit #4: Increases Security and Money Management
Handing cash payments can be a hassle when it’s time to count and crunch the numbers, but merchant accounts streamline the way your business manages transactions. In that regard, electronic payments can help your business efficiently organize your cash flow management.
Benefit #5: Customer Convenience
The use of credit or debit cards allows customers the convenience of shopping your services through mobile payments or recurring billing, which removes the hassle of going out to banks to deposit cash. The flexibility to make purchases in one swift click of a finger can improve user experience and lead to happier consumers, which ultimately results in higher returns and better conversion rates for your e-commerce business.
If you’re looking for a merchant account in the UK, get in touch with us today at Partnerpay for a free consultation.
Please visit our website at www.partnerpay.co.uk