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Merchant Services That Can Boost Your Wireless Business
If you are the owner of a wireless business, the right merchant account can boost your bottom line in ways you may not have considered.
A merchant account provider - also called an independent service organization (ISO) - can do far more than simply process online payments. It can also help you choose from the vast array of merchant services available out there, like credit card processing, debit card and ATM card processing, e-Checks, gift cards and cash advances. Some of these services will greatly improve your business's profits. Others may be more appropriate for a bigger business, but your merchant account representative can help you decide what is right for you.
Don't forget the basics of how a merchant account can boost your business:
Increase your sales with new customers who only shop with plastic
knock down the checkout lines with quick, efficient payment
avoid losses from bad checks
avoid large amounts of cash on the premises
Although there is a cost involved in accepting credit card purchases, the benefits and increase in income will justify the expense.
The merchant account - or ISO - actually represents a bank and has the authority to sell its services. When the ISO sells a service to a merchant, it marks up the fee to cover its costs. The bank you use may also offer this service, but be aware that most times the banks simply pass this business onto a third-party. Still, it is something to ask about when you are selecting a bank for your business.
Another alternative is to establish an association with a specific credit card company - like American Express, Discover, Visa or MasterCard. Each company will have different requirements, some of which are far too steep for a small business, but will be a good fit for a larger business.
If you are the owner of a small to mid-sized business, you could also consider a registered credit card broker. The broker actually represents several ISO processors. They do not actually process wireless transactions, but will contract with a firm that does. A credit card broker offers more personalized service than is usually offered to small businesses. You will pay more for the service, but it can give you an advocate when you need one.
Among the extra benefits of using a merchant account are:
Cash Advance:
Opening up a merchant account with a merchant service provider is oftentimes an easy way to receive a cash advance to expand your business. This will help you avoid the fees, paperwork, and overall long process of an ordinary business loan. After you apply for a merchant cash advance, the merchant service provider gets paid back through a small fixed percentage of your daily credit card transactions.
Gift Cards:
Plastic gift cards have all but replaced paper gift certificates. Recent statistics show that 65 percent of Americans have used a gift card - or given one to someone - in the past year. These gift cards offer merchants a new source of income and give customers an invaluable convenience. The merchant will earn interest from each gift card, from the day it's ordered until it's used. And when the customer redeems the card at your business, he is often likely to spend even more than the value of the card. And unlike gift certificates, gift cards cannot be cashed out for the unredeemed value. Some studies show that 10 percent to 15 percent of gift cards are never fully redeemed - and those funds stay with your business.
Debit/ATM cards:
A merchant account allows you to accept payments via a debit card or an ATM card. It works the same as a credit card transaction, except funds come directly from your customer's checking account.
e-Checks:
Because e-Checks are processed online, they do not require a signature like a paper check. What you need to collect is the customer's bank name, routing number and account number. You can use commercial software to accept online checks, funds from which will be deposited into your bank account. You will then need to wait a few days to ensure the check clears. The other alternative is to work with a transaction services that verifies and guarantees payment from the online check. Of course, this extra level of security comes at an extra cost.
Escrow Services:
This service is beneficial to those businesses that utilize a middleman to negotiate a transaction - usually an expensive purchase such as real estate or a high-end auction item. It works this way: The customer pays for the order (credit card, money order, check, etc.) and the escrow service receives the payment. The escrow service authorizes shipment or delivery to the customer. When the customer reports satisfactory delivery, the escrow service pays the seller. If the customer is not satisfied, the purchase is returned to the seller and the escrow service issues a refund.
Merchant accounts can provide versatile and extremely helpful services to keep your business on the fast track to success. Find one that's right for you now!
Merchant Services That Can Boost Your Wireless Business
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