How to Make the Most of Merchant Services
Digital payments, such as debit and credit cards, have risen over the last couple of years, widening the gap between these payments and cash. Some of this stems from consumer preference during the COVID-19 pandemic and the desire to stay healthier with touchless payments.
Despite the reasons behind the rise of touchless payments, the need for well-rounded merchant services to address and manage these payments has also increased. Thankfully, banks that work with local businesses are helping businesses level up their game by providing various merchant service options to meet consumer payment needs and how to make the most of these services.
What are Merchant Services?
Merchant services are an essential part of any business. They allow you to process payments for the goods or services you sell and can help you grow your business in several ways.
There are four main aspects of merchant services:
- e-Commerce processing
- Mobile processing
- Terminal processing
- Business-to-business processing
E-commerce Processing
E-commerce processing is an essential merchant service for businesses; it allows you to process online payments for goods or services you sell. With e-commerce processing, you can expand your reach beyond your local community and sell products or services to consumers worldwide.
When choosing a merchant services provider, selecting one that offers a comprehensive suite of e-commerce solutions is crucial. Choosing the right merchant services provider ensures you have everything you need to run a successful online business. In addition, a provider that offers a wide range of features will help you take advantage of new technologies and trends in digital commerce.
Mobile Processing
Mobile processing allows you to process payments for goods or services you sell on your mobile device. This can be a beneficial merchant service if you run a small business because it gives you the flexibility to process payments anywhere, anytime.
It's best to select a merchant services provider that offers a comprehensive suite of mobile solutions. Doing so ensures you have everything you need to run a successful mobile business. In addition, a provider that offers a wide range of features will help you take advantage of new technologies and trends in digital commerce.
Terminal Processing
Terminal processing is another essential merchant service for businesses; it allows you to sell products or services in person. In addition, terminal processing enables you to process payments for goods or services using a credit or debit card.
One benefit of terminal processing is that it allows you to accept customer payments anywhere, anytime. Therefore, terminal processing can benefit your business in a busy area with much foot traffic.
Terminal processing provides your customers with a receipt for each transaction. Terminal processing also helps you reduce the risk of chargebacks. These payment disputes can be costly and time-consuming to resolve. Selecting a merchant services provider that offers terminal processing is a wise decision for any savvy business owner who wants to accept payments in person.
Business-to-Business Processing
Business-to-business (B2B) processing allows businesses to process payments for goods or services. This type of processing is helpful for companies wanting to streamline their payment process.
One benefit of B2B processing is that it allows businesses to save time and money. When you eliminate the need to process payments manually, B2B processing helps your company speed up payment processing saving valuable time, money, and labor costs.
B2B processing also helps businesses reduce the risk of chargebacks by ensuring that each transaction is documented and tracked.
Why are Merchant Services Important?
There are several reasons merchant services are essential for businesses:
- Business growth
- Reduce costs associated with payment processing
- Reduced labor costs
- Provide more ways to accept payments
All businesses, no matter how small, can benefit from merchant services. Merchant services allow companies to process payments for the goods or services they sell; you can do this in various ways, including online, mobile, and in-person transactions.
Merchant service providers offer a comprehensive suite of solutions that help businesses take advantage of new technologies and trends in digital commerce. By accepting payments for goods or services online, mobile, or in person, companies can reach more consumers and increase their revenue. However, what services your merchant services provider offers will determine how you can maximize your return.
Merchant Services: How to Maximize Your Return
Another way to get the most from merchant services is to tie the payment process with positive pay, which provides an extra layer of security to prevent payment fraud and protects your business from financial loss. Extraco Banks offers all these services to our business bankers. However, take advantage of all the services provided to get the most from merchant services.
Conclusion
Merchant services are essential for businesses of all sizes. By taking advantage of merchant services, you can streamline your payment process, save time and money, and reduce the risk of chargebacks. Select a merchant services provider, like Extraco Banks, that offers a comprehensive suite of e-commerce solutions that will help you take advantage of new technologies and trends in digital commerce. Contact us today to get started.
Sources
https://www.creditcards.com/statistics/payment-method-statistics-1276/
https://smallbusiness.chron.com/rules-businesses-accepting-cash-70791.html
https://www.thebalancemoney.com/got-a-cash-business-important-facts-you-need-to-know-398166
https://www.fundera.com/blog/merchant-services
https://www.extracobanks.com/business/treasury-management/merchant-services
