The main reason why a small business needs a merchant account is because it is by far the easiest and most recognized way by which that business can start taking credit and debit card payments.
Enabling credit card payment processing has multiple benefits: it shows that a business is up to date; it looks professional; it is convenient for customers and, since around 60% of customers prefer to pay by card, it reduces the risk of losing business to competitors.
Having a merchant account and taking credit cards also benefits online shops and facilitates mobile credit card processing for those who need to take payment on the go.
Those are just some of the reasons why a small business needs a merchant account, but how does a small business get one?
It Pays to Shop Around
Opening a merchant account is easy, but choosing a provider that is right for the business in question is much harder. The issues of cost can be a minefield with a raft of fees lying in wait ready to trip the unprepared .Chief among these are the ‘per transaction fees,’ which is a percentage (usually 1-3%) which goes to the payment processing company. To make life easier for small businesses, Speed Fund LLC offer a free, no-obligation comparison service.
Cost is only one of the many considerations a small business will need to make before they decide which merchant services provider to use. Questions business owners will need to ask include:
- How long does it take to set up my merchant account?
- Are there any set-up costs?
- What merchant support options are provided?
- Do I need to commit to a contract?
- Which cards do you/your payment processing company accept?
- Are both my merchant account and card authorization service handled by one company?
- What card security measures are in place?
- Do you sell, hire out or supply payment processing equipment free of charge?
- Do you provide online and mobile credit card processing?
Online and Mobile Credit Card Processing
One of the reasons, already stated above, for why a small business needs a merchant account, is the opening up of online and mobile credit card processing opportunities. This is equally useful for individuals who are running purely online shops, tradespeople or other merchants who need to take payment on the go and bricks-and-mortar businesses looking to explore online and mobile avenues where credit card payment processing is a must.
Speed Fund LLC work alongside North American Bancard who provide comprehensive merchant services at small business friendly rates. Customers can benefit from free equipment, including mobile credit card processing terminals, or machine re-programming.