Deciding on the necessary products and services that can help your business operate more smoothly is a crucial step toward business success. Establishing a merchant account is an essential stepping stone that can help you along the way. A merchant account is a type of business bank account used to handle electronic payments. It serves as an intermediary between a customer’s bank account and your business’ bank account. As consumers rely more on electronic payments and less on cash or checks, your business needs to provide the most convenient and reliable payment options offered by a credit card processor.
Credit card processing can benefit a wide variety of businesses in virtually every industry. Utilizing a third-party payment processor can help to open your business to many opportunities, whether you are a restaurant or retail store owner. If you want to add value to your business, increase revenue, and attract new customers, read our five advantages of working with a third-party payment processor for retail store owners.
How to Run a Successful Retail Store with a Payment Processor
Getting started with a merchant account for your retail store can seem intimidating, but we design our solutions with you in mind; they are intuitive, easy to use, transparent, and affordable. Below, we are sharing five advantages of choosing a third-party payment processor for your business.
Accept credit and debit cards.
The most important benefit a third-party payment processor offers is processing debit and credit card transactions. It is no secret that adult consumers regularly choose electronic payment over handling cash because it is reliable and convenient. Studies found that the average cash transaction is only $22, but the average non-cash is $112. With over 80% of consumers preferring card payment, accepting credit and debit cards can help gain new clients and increase revenue.
Improve cash flow.
If you choose to invoice your vendors or customers, payments made by check can take days or even weeks to clear the bank. You can also avoid the hassle and added costs that are often associated with bounced checks. With credit and debit card transactions, authorizations typically take seconds. Funding happens in as little as one to two business days, eliminating payment complications.
Gain customer satisfaction.
Using a third-party payment processor can lead to happy and returning customers because it offers them the flexibility to make purchases in different ways. Whether it’s in-person, online, through mobile devices, or anything in between, your customers will be pleased knowing they have a choice.
Integrate with your business systems.
When you choose to partner with a credit card processing company like Simpay, we can seamlessly and securely integrate payments with other business processes like billing, accounting, CRM, and more.
Receive 24/7 support and a partner you can trust.
While the advantages of choosing a third-party payment processor typically have to do with increasing revenue, you will also enjoy prompt customer support. When you work with Simpay, your business is a partner, not a number. Our dedicated support team works closely with you to resolve any issues promptly and proactively. With just one phone call, we can get you back online and back to what matters most – running your business.
If you’re looking for more intuitive ways to run a successful retail store, or you have some questions about small business payment processing, connect with our team of experts today. With Simpay as your partner, enjoy flexible pricing options for your business and your customers and true transparency with Fee Navigator. At no obligation or cost, drag and drop your PDF merchant statement here, and get instant access to an AI-powered statement analysis so you can be informed, build awareness, and become educated – the Simpay Way.