Being able to accept credit cards for payment provides many benefits for business owners including:
- Allowing consumers to make impulse buys
- Encouraging larger ticket purchases since they can pay later
- Additonal sales added to their purchase
- Eliminating collections by collecting at the point of sale which provides improved cash flow and eliminates write offs of bad debt
Having a merchant account can be beneficial for businesses but you need to understand what is involved. Todays environment requires diligence on the part of the business. This includes taking preventative steps to reduce the problems of chargebacks and data loss. If you don’t proactively take the necessary steps than you can negatively impact your business. Everyone is aware of hackers and credit card fraud but no one believes it will happen to them. 95% of the credit card breaches reported by Visa are occurring to their small business customers. Small businesses are those with 100 or fewer employees. These losses run between $25,000 to $50,000 in various reports. Can you afford that kind of loss? Make sure you get a complete package.