We know your day as a business owner is busy. You’re running the show, after all. So you’ve got your business credit card lined up, your payroll solutions in place, and your chequing account running. If you’re accepting funds in exchange for work, you’ll save even more time with merchant services.
What are merchant services? I’m glad you asked. Typically we refer to merchant services as the merchant processing services that help your business accept payment using a customer’s debit or credit card. And hey, we all like getting paid.
Merchant Services is convenient for customers
It takes some pain out of paying. A quick tap is easier and faster than pulling out cash and counting change. More and more people are opting to pay by card rather than cash or cheque. By offering your customer more convenient options to pay, you can increase your income and customer loyalty.
You can offer multiple payment channels
When you offer multiple payment channels, it shows that your business is not afraid to evolve with technology and change to give your customer the most up to date service. It allows many new and different ways to make their payment. While the obvious ones are credit and debit, some more exciting ways to pay are INTERAC Flash®, Apple Pay and Google Pay™. Thinking about selling your stuff online? Merchant services can help with that too.
It saves you time
Time means money when you run a business. Merchant Services isn’t just for the customer, it’s also for you.
This payment solution saves you the hassle of trying to find time to count your cash, add up your cheques and drive to the bank. With merchant services, you get paid instantly. No more invoices, no more waiting for cheques in mail. You can even save credit card information for recurring payments. You’ll finally have more free time to do important things like your payroll or watch adorable kitten videos. We won’t judge.
You can increase customer loyalty
With merchant services, you’ll have the option to offer gift cards to your customers. They’re a great way to promote your business and increase customer loyalty. By taking advantage of this option, you’re giving current customers the opportunity to make repeat purchases. You’ll also be opening your door to new customers who’ll receive gift cards as presents for birthdays or holidays. And a little icing on the cake, merchant services give your business the ability to offer rewards so you can thank your loyal customers.
Things to consider
Merchant services are often offered as packages. Some will offer you a flat rate or your cost may vary depending on the type of cards your customers use. It’s important to review this with your provider to make sure you’re set up with the best plan for your business.
I hope this provided some insight into how merchant services can help your business. If you have any questions, just give someone from our business banking team a shout. We’re happy to help.
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This article is provided for general information purposes only. It is not to be relied upon as financial, tax, or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, fees, and other investment factors are subject to change without notice and Cost Capital Savings Federal Credit Union is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and Coast Capital Savings Federal Credit Union does not guarantee accuracy or reliability of such sources. Readers should consult their own professional advisor for specific financial, investment, and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
