As you are probably already aware, it is extremely important for businesses these days to have access to credit card services.
As a merchant in the modern world of business, you will come across credit cards, debit cards, and gift cards with credit card labels.
You need to be able to accommodate these forms of payments if you want to stay competitive within your particular market niche.
Speaking from my own experience as a consumer, I find it very inconvenient when I go to buy something at a store or restaurant who only accepts cash, even if it happens on the rarest of occasions nowadays.
Yes, they usually have a sign displayed somewhere letting customers know, but it’s usually not in an obvious spot. And even when it is in plain sight, it doesn’t register with most people because nowadays we all just assume every business accepts credit or debit cards.
Maybe we are all being a tad bit too presumptuous, but come on…it’s the early 21st century, for crying out loud!
As a business owner, your revenue will definitely take a hit if you don’t have merchant services set up allowing you to accept credit card payments.
Most people don’t carry cash on their person anymore, and if they do, it’s usually a very small amount. If they come to your business and find out they can’t use their card, guess what?
They will go over to your neighboring competitor and buy from them instead. Or get mad they have to use the ATM.
My guess is you are a much smarter business owner than this and you don’t want to let this to happen to your business. The good news is: you don’t have to!
Credit card companies have plenty of card services to offer you as a merchant. Much like the way your personal credit card account provides you with certain card services, those same companies can offer you merchant services which enables you to accept card payments.
They will also provide your company with business credit accounts you and your employees can use for business related expenses.
They aren’t all the same, and each card service offers different things. Like Mom used to tell you: “Do your homework!”
The terms of merchant credit card services are different in most cases than they are for individual credit card accounts.
We’ve all used ATM machines at one time or another, right? This falls under the category of card services. As does processing transactions wirelessly, credit card processing machines, and access to business credit accounts via the Internet.
The maintenance of your equipment is also sometimes included as part of the services credit card companies provide when you set up a merchant account with them. Not all of them offer it though, so double check their terms of service first.
If you work out of your home, for example, the services offered may be different than if you own a large brick-and-mortar business.
For individuals, credit card companies also offer a wide range of credit services. ATMs and online access to your credit card account are also part of the same type of services offered to businesses.
Credit card companies often offer individual card holders and businesses incentives like no annual fees, zero balance transfers, and rewards programs as part of the services provided.
As stated earlier, not every credit card company provides the same set of offers. Some people have access to services others don’t.
The same can be applied to businesses. Not all businesses get the same features as others do.
The way you get access to card services is by first getting a card. Clearly a very important part of the process. The way you do this is by applying.
If you are applying for a merchant account, you will be asked a lot more questions than if you were just applying for a personal account.
Once you are approved, you are agreeing to the terms of service and use.
For businesses, personal use of the business account is most often prohibited by the credit card company. So, sorry, no shopping sprees on the company dime.
You will be provided with a list of the credit card service’s terms and conditions when you sign up.
You should do yourself a favor and find out if your banking institution offers credit accounts and services. Most do, which is great because these accounts work hand in hand with credit card services.
They also give you the added benefit of being able to go to the bank to discuss your account.
Talk with your credit card company and bank to see what services they offer. If you are looking to start a new business account, be sure to check out what they offer first and see if it coincides with your business needs.
Have more questions? Call RedFynn’s amazing customer support today to learn more! (888) 510-9871