5 Reasons Why You Need a Merchant Account
By Allen Kopelman, CEO, Nationwide Payment Systems
With ever-changing technology and customer buying habits and preferences, the best way to meet customers, suppliers, and business partners wherever they are and accept all the different currencies and payment methods they may want to use, is to set up a merchant account for your business. Most customers today do not use cash or checks to make purchases. Instead, they use credit or debit cards for face-to-face commerce and internet purchases.
A merchant account enables a business to receive payments in various ways. Most companies getting into Omni Commerce have a brick-and-mortar location and a website where they can accept payments. A merchant account serves as a bank account for a business to help manage payment
processing with credit and debit cards. It is an excellent way to improve business security and manage credit card processing. Five of the significant benefits include the following.
Reason 1: Avoid accepting bad checks
Your merchant account will support electronic payment methods, which saves your business from the troubles and costs associated with checks that bounce. When you receive payment for goods and services using major credit and debit cards, you have no further need to accept paper checks.
A reliable merchant account provider, such as Nationwide Payment Systems, will set you up to accept payments from anywhere you happen to be working, and gives you a range of other options that will modernize your business, such as business invoicing solutions, payment reminders and online payments. Additional options include Smart Terminals, Point of Sale Software, and Mobile Payments.
Reason 2: Customer satisfaction
Your merchant account will give your customers the flexibility and convenience they require. Providing clients with various payment options gives them control over how money is spent. You can cater to clients with different payment mode preferences. It ensures customers are content with the freedom and flexibility they desire. Businesses want to take payments like Apple Pay, Google Pay, Tap, and Pay along with EMV cards.
Reason 3: Security
Your merchant account will protect your customer’s identity, money and financial data. Research shows 50 percent of online consumers fear credit card data theft. With the strict security guidelines and high security associated with your merchant account, you and your customers can be confident all financial data is secure, whether customers shop online, in your store or on a mobile app.
A merchant account protects cardholders who support a business if their Payment Service Provider (PSP) adheres to measures implemented by the Payment Card Industry (PCI) Data Security Standard (DSS). A PSP utilizes innovative financial technology to prevent fraudulent activities and online hackers while ensuring customers’ credit card information is protected in payment processing.
Reason 4: Efficient money management
Your merchant account’s Omni Channel Solution drives continuous process improvement by using Smart Terminals, Invoicing, and eCommerce payment processing to manage and organize cash flow efficiently. You will also receive detailed monthly statements, transaction histories, payment modes, etc., which makes it easier for you to track payment histories and respond quickly to retrieval requests and transaction inquiries and avoid costly chargebacks.
Reason 5: Meet customers at all touchpoints
Advanced technologies that power your merchant account will give you access to customers wherever they shop, on every channel and touchpoint. Your Omni Channel, Omni Commerce, or Complete Payment Processing System will ensure you never lose a sale due to not supporting a particular payment method or processing channel. Your customers will appreciate being able to transact with you from anywhere and this will drive loyalty and deeper customer relationships.
Whether you’re a tech startup, gig worker, side hustler or small and midsize business (SMB), there’s no reason to wait to set up a merchant account. Visit www.nationwidepaymentsystems.com and fill out our short questionnaire and in most cases, we’ll have you processing in minutes with flat fees and full transparency. We’ll even help you set up a private label e-commerce website with your logo, colors, and brand.
Allen Kopelman co-founded Nationwide Payment Systems Inc. in 2001, providing concierge-style credit card processing and equipment to merchants. The company quickly grew nationally, adding products and banking partnerships and becoming laser-focused on technology. As a serial entrepreneur from a family of business owners, Allen first learned about business by working behind the cash registers at his father’s Miami clothing stores. In 2021, he launched the B2B Vault: The Payment Technology Podcast, where he educates merchants, drawing from his experiences as a payments industry consultant, master chef at hotels and country clubs, and former owner of a restaurant and catering company.