In order for your business to survive and function efficiently, you need different kinds of services and accounts. There are also a ton of different kinds of administrative accounts & services that you need; one of the most important is a merchant service account. Now you will ask why would a small business apply for merchant account? Well, a merchant service account helps process payments safely and securely. But this isn’t the sole reason your business needs a merchant business account; there are tons of other reasons why you will require a merchant or a merchant service account, but before we get into why your business would require a merchant service account, let’s understand what a merchant account is
What is a merchant service account?
A merchant service account is what helps your business become a business. Without a merchant service account, your business won’t be able to accept payments, process transactions and work with the remainder of the financial service marketplace. Here, it is important to note that a merchant account is different from your business’s bank account. Yes, indeed, at the end of the day, all of the money ends up in your bank’s business account, but first, the money must go through your merchant service account.
Merchant service providers specialise in working with hundreds of different payment options that exist in the modern consumer environment. This includes payment options such as crypto, debit or a business credit card or normal credit cards, UPI & other forms of online payments. It would be better for your business if you could provide all of these different forms of payment to build credibility with your customers. What are the other reasons you will require a merchant services account? Let’s take a look.
- Streamline transactions: A merchant service account streamlines the transaction process for all small businesses. When a customer pays through, say, their credit card, the funds are directly deposited into your merchant account. This eliminates the need for you to manually manage your money, reducing administrative work and eliminating errors. Moreover, this is applicable to multiple forms of payment. This means you see all of your payments on one dashboard on your instant merchant pay app.
- Accepts online payments: The reason we are singling out online payments is because this is useful if you choose to take your business online & need to offer online payment. This will help you expand your business further and have a better business credit.
- Debit and credit cards: Now, I know you must have thought of searching debit card merchant service account’, but no, sadly, you won’t get a debit card. But instead you get a wider audience base for your business. This is because having a merchant service account allows customers to pay via credit and debit card.
- Reporting & Analytics: Another reason you should get a merchant account is that Merchant accounts come with analytic tools that provide insights into sales trends, transaction values, and customer behaviour. This will help you make better and more informed business decisions and find opportunities to grow and refine your business strategies.
- Credibility & Customer trust: As mentioned before, having multiple payment options increases your business’s credibility. This establishes your business as an established, trustworthy, and professional business. Moreover, having a merchant account helps customers perceive your business in this way.
So do consider opening a merchant account for your business & it will open a door of opportunities for your business to flourish & grow. On the surface, it may seem like it is only streamlining your transactions, but it provides you with tools to analyse your business strategies & help you improve them. Finally, it builds credibility with the customers.
