4 Types of Businesses that Can Benefit from Having Merchant Services |
Posted: January 23, 2019 |
While it might seem that online businesses are the only ones that could do well from implementing several types of payment methods, there are also plenty of other companies that can benefit from using them too. Having several payment options not only builds trust with potential clients, but it also allows you certain benefits that providing only one or two methods does not.
Here are 4 types of businesses that might want to consider using a few types of payment options for additional merchant services.
1. Small businesses and physical stores
Small businesses have mostly relied on using cash and card, but it has become more common within the past few years to also offer card and online payments. A company like Venmo is mostly seen as being used for exchanging payments with friends and family, but it also has caught on with a number of businesses looking for a simpler way to accept small amounts of money. With devices like smart terminals, it can be simpler for merchants to make payments while avoiding creating a number of wasteful paper receipts.
2. Large corporations and businesses
When dealing with more customers, it can help to have quality support. That’s why many large companies choose to offer credit cards, online and mobile payments, and check or money order as payment methods. Not only do these companies provide merchant services that can make them feel as though they have a middleman working with clients, but they also offer tools to make payments more efficient. They can also benefit from automated sales reports that allow them to track where exactly customers are purchasing their products from and which marketing channel provides the highest rate of conversions.
3. eCommerce and online stores
A business that is entirely online or that sells many of its items online will often need to have mobile or credit card payments as a given. Cash and check are generally not accepted by online stores, so making sure that you have both credit cards and online payments as options can end up allowing you to keep your clients or lose them to your competition. Many online payment companies also offer similar support like what you would get through credit card merchant services. This includes automatic billing, fast refunds, and apps to make payments simple.
4. Freelancers and entrepreneurs
As more and more companies are choosing to hire freelancers in order to help them with their business projects, they might need to consider which payment options they will be using. Using online payment options allows freelancers to reap the benefits of merchant services in order to streamline their business. Some of these services include time tracking, automated invoicing, and global payment options that allows them to work with clients from all over the world. Not only does this help to expand their client base, but it makes it simpler and easier to finish day-to-day tasks.
When you have a variety of payment methods available, you are more likely to build trust with potential clients and to reach your goals—no matter what type of business you have.
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