Today’s tech driven business world is quickly moving toward one that is cashless. This means that paying electronically has now become the practical option for those looking to pay their invoices. Because it’s easy to do and doesn’t take much time, it’s become a preferred method of payment for many.
If you don’t have that option available for your customers, you could hinder both your business growth and cash flow. It can even cause you to lose customers and send them quickly to competitors who accept credit and debit card payments.
1. Makes your business trustworthy
Hackers and data breaches are common and have made the public leery about which vendors they can trust. When you display or advertise to your customers that you accept familiar brands such as Amex, Visa, Discover and MasterCard, you’re building trust and credibility.
It’s comforting to have other trustworthy options to pay for a service or product besides, cash or checks. To make it easier for your customers to use, include a pay now button on your website
2. Boost sales
When it comes to ease and shopping convenience, debit and credit cards work best for most customers. Studies even show that of the businesses who accept credit cards, their volume has increased greatly. Businesses may even see their sales double or trip over their current sales.
TRX Services provides secure and safe payment processing for businesses of all sizes. Clients love the effective and state-of-the-art solutions that allow them to manage their business operations and ensure that they’ve maintained the ultimate level of data security.
3. Improve cash flow
Customer terms are typically between net 30 and 45 days. But if your clients exceed those limits, your cash flow can take a hit. It may even make it difficult for you to pay your vendors. But when you accept payments electronically, you’ll have instant cash flow.
If your customers place the transaction on their credit card, they can earn bonuses such as cash back or airline mileage. It also affords them an additional 30 days to pay off their bill. The credit or debit card transactions are also immediately placed into your bank account, so you won’t waste time having to go deposit the funds.
4. Increase productivity
Merchant services technology has advanced over the years. Customers now have a number of easy options to pay for the goods or services. No touch terminals for credit cards are extremely popular. With a swipe and PIN number, checkouts can run more efficient and smooth. Today’s smartphones can also store your personal credit card information safely and securely.
5. Enables global purchases
When you’re able to process payments electronically, you can expend your company’s geographic capabilities beyond your computer or store front. This means that consumers can buy your goods using their credit card from anywhere around the globe.
6. Customer service support
Customer’s credit card transactions may fail to process accurately. Having customer service support on-hand can help you handle the issues timely. Technical issues can also occur. You’ll be able to prevent the loss of a sale with 24/7 technical support for your business.
7. Minimize fraud
The Payment Card Industry Data Security Standards are more stringent today. You can limit your exposure to fraud and security breaches with merchant services. Their security protocols are intact to give your customers peace of mind knowing that their information used for a transaction is secure. Before you contract with a company, ensure they are PCI Compliant.
A merchant services account is an excellent option for keeping track of your finances. Whether you need to track your cash flow or verify payment transactions, you can run reports, record invoices and send receipts to your customers easily and accurately.