You Don’t Have to be a Finance Pro to Accept Credit Cards at Your Retail Business

This year alone, countless retail businesses will enter into the startup phase. Be they online entities, local businesses or even larger companies, one thing remains clear: They all will require a means to process payments. There is a very common misconception in the business retail world that you need to be an accountant or a well-versed bookkeeper in order to accept credit cards at your retail business.

But the reality is that accepting credit cards at your place of business can be done easily by applying for a merchant services account. To better exemplify the many upsides to establishing a merchant services account, let us take a quick look at why they are so commonplace these days, and just how easy it is to go about getting a merchant account setup.

You Have Lots of Options with a Merchant Services Account
Today’s merchant services accounts give you, the business owner, plenty of options. For example, say you are using a specific interface to process transactions and calculate your inventory levels, as well as aid in managing your bookkeeping — there are many different machines and batch processing gadgets that can easily interface with your existing software setup. So integration can be as easy as pie. And in no time at all, you and your customers can enjoy the ease and convenience of swiping plastic at your place of business.

Super Fast Credit and Debit Authorizations
Another perk of establishing credit card processing services at your retail business is that you can easily authorize any card, be it a debit or a credit card. This can greatly help your business reduce the risk of chargebacks and unauthorized transactions, not to mention greatly reducing the incidents of fraud, all thanks to the state-of-the-art technology that the software and machines used for credit and debit authorizations provide.

Comprehensive Reporting Packages are Priceless
Another added plus to merchant services is that you get the power of comprehensive reporting packages—which in most cases can easily be accessed by simply logging on to your merchant services account provider and requesting a report. Even better, most reports are updated in real time. So you can see any pending transactions, those that have been posted, or ones that have been declined or refunded. Additionally, such reporting greatly eases your bookkeeping woes by providing detailed reports that you can simply email over to your accountant, or upload to your own accounting software, nearly at the push of a button. This fast, paperless system saves busy retailers endless time and hassle.

Accepting Credit Cards Will Vastly Expand Your Market
By offering your customers the convenience of using their credit cards, you can enjoy increased sales exponentially. The one thing that is, always will be, and always has been a staple for any retail business is customer service and convenience. By offering your customers an easy method to pay (some systems even allow for customers to wave their credit card past a machine that automatically authorizes the transaction) you can most assuredly garner more business than you would otherwise. Giving your customers a broader range of payment options earns their loyalty and is a great way to boost profits too. In fact, consumer studies indicate that people spend more when paying with a credit card than with cash.

Batch Rates and Processing Fees are Very Affordable

Lastly, you might be quite shocked at how low the fees are for credit card processing these days. In some cases you don’t even pay a batch processing fee for debit-related transactions. In either case, the monthly associated fees and the batch processing fees may vary from service provider to provider. However, this means that you have some real options when it comes to choosing which provider is going to be the one that you choose for your retail business. In any instance, it is crucial that you have a merchant services account for your retail business in this day and age. By doing so, you can be confident that you are striving diligently to meet the demands of your growing customer base. Take some time to research your merchant services options today. You’re sure to find just the right fit, and see your business prosper in no time at all.