Without the resources and solutions of a reliable merchant service, new businesses would be failing at an even more alarming rate than they already are.
Considering 95% of most new businesses fail within the first 5 years (half of them not even making it more than 1 year) it is crucial small businesses have reliable business solutions.
One of the most important services businesses need access to these days is the ability to accept credit card payments, second only, perhaps, to data tracking.
You want to accept all forms of payment without it costing you an arm and a leg!
One of the aspects of the merchant services industry which can make people groan and want to avoid it is you have to pay for the ability to process card payments.
The merchant service provider you choose gets paid by taking a small percentage of each card transaction. There are usually fees associated with each transaction, too (like $0.10 per card swiped) as well as other small fees, like $0.30 for every “batch out.”
These small fees can add up, but not as much as the “rate above interchange,” as it’s called in the industry, which you can be locked in at.
There are literally thousands of different types of payment cards out there. And you want to have the ability to accept them all. Why leave money on the table?
So, fees aside, your business needs to accept card payments. Be sure you find a merchant service who charges a low percentage rate above interchange.
How successful do you imagine businesses would be without the ability to accept all of these different types of card payments?
Yes, there are some businesses who have been successful and only accept cash. But think of how much more successful they could be if they were able to accommodate every customer, every time!
There is no question these businesses lose out on sales because they aren’t set up to accept credit card payments. Just think of all of those customers who forgot to hit up the ATM before they walked into a cash-only business. They’re then turned away when they try to pay with their card.
My guess is you do NOT want to be that business!
The goal of every business owner is to welcome every person to their store or place of business and encourage them to purchase as much as possible without any problems. Right?!
One cool aspect of merchant services is once you are set up, you can also offer those customers cash back with their purchases!
Most payment terminals ask the customer if they would like cash back with their credit or debit purchase. This is one of the features provided with merchant services.
The added convenience of cash back can increase traffic into your business. It also encourages impulse buying by your customers. And, let’s be real, it is part of a complete customer service experience.
The field of competition is crowded these days. There are literally new businesses created every minute in the United States!
Yet the pool of consumers has been steadily decreasing for the last several decades.
In order to stay current and relevant in the modern world of business, you need the proper set of tools.
One of those tools? A reliable merchant service!
None of what we’ve discussed so far is possible without POS systems. Merchant services provide you with POS systems specifically for the type of business you are running.
POS systems come in many different forms. Say you own a gas station. You probably want a stationary system with a printer, scanner, cash drawer, and screen or readout for data entry.
Merchant services provide these POS systems.
Maybe you make a lot of house calls or you are a contractor of some sort. Having a mobile POS system would work best for you.
It’s convenient for your customers and a much more efficient way for you to accept payments than cash or checks. It helps you keep track of your accounts payable and receivable as well.
Have you ever considered creating a loyalty program for your business? It may sound complicated and challenging, but it really isn’t. And the payoff for your business is well worth the effort!
Rewards programs encourage customers to buy more and encourages them to keep coming back!
Did you know on average over 70% of women will spend more when they know they are going to receive rewards in your store?
Did you know customer retention rates can increase by almost 80% when there is a loyalty program in place? That is a heck of a lot of repeat business isn’t it?!
One other small fact about loyalty programs, and this is one I hope will abate your concerns about the cost of implementing such a program.
Did you know it costs 5 times as much to acquire new customers as it does to retain existing customers?
This bears repeating: It will cost you FIVE TIMES AS MUCH to get new customers through your doors as it will to retain the ones you have now!
And a loyalty program costs but a fraction of that. They’re a business asset, not an expense.
Some merchant services (the great ones, at least) offer loyalty programs and gift card programs to help you keep the customers you have and also encourage their spending habits.
Many of them come with tools to help you track your customers’ buying habits so you can tailor your marketing efforts to meet their needs. How awesome, right?!
Would it help you to have the cash on handyou need to redecorate your store or update your software systems? Every smart business owner knows it takes spending money in order to make it.
Unfortunately, most businesses can’t do the repairs or updates they need to their business because they simply don’t have the funds available.
Some merchant services will supply you a cash advance with easy, flexible payback options to help you get what you need done. This is very useful for small businesses who are counting every penny.
These are just some of the examples of what an exceptional merchant service provides, whether they’re a bank or an ISO (Independent Sales Organization).
Check out the services we offer here at RedFynn while you’re shopping around. We offer all-in-one business solutions and merchant services and are pretty darn affordable to boot.
Go see for yourself!