Once you’ve decided to increase your sales and customer base with a credit card merchant account, you must then choose the credit card processing equipment that best matches your business’ needs. Credit card terminals work to process and send the cardholder’s information, including the card number, available credit and expiration date to the issuer for authorization. There are a few basic types of credit card terminals from which you can choose, and your final decision should depend on how your business operates on a day-to-day basis.
A credit card merchant account can benefit a wide range of businesses in any industry, as many merchant account providers give customers the ability to customize their account to best fit their business’ needs and goals. If you’re still hesitant about starting a credit card merchant account, whether you’re unsure about the associated costs or if you think your business is too small to benefit, below you can find benefits and solutions for three different industries.
A great way to acquire new customers while retaining the loyal ones is to set up a gift card program. The many benefits of the gift card are often overlooked by merchants. For retail stores and special-service businesses, such as bookstores and day spas, gift cards are extremely effective marketing tools that can be displayed at the cash register or front desk for easy access. Below, find more benefits of gift cards.
The ability to set up recurring billing allows merchants to simplify the monthly billing process, reducing late payments and providing customers with a convenient billing solution. Through recurring billing, you can automatically debit customer accounts with the acceptance of most major credit cards, debit cards and ACH payments.
As a business leader and credit card merchant, there are several key terms you should be familiar with when it comes to payment processing and merchant accounts. Below are just a handful of terms that will keep you in the know. Find a complete merchant glossary at http://www.bluepay.com/glossary.
• Address Verification: A security service in which the merchant verifies the cardholder’s address in order to deter fraudulent transactions, usually during card-not-present transactions like Internet or phone sales.