Every business needs the proper tools to succeed in an increasingly difficult world of business, which is why reliable merchant services are so important to have.
Businesses these days need all the help they can get. With new businesses being created literally every minute of every day in the U.S., it isn’t hard to see why.
The customer pool is shrinking as more and more people begin opening their own businesses and become competitors for the same groups of people.
Unfortunately, most of these new businesses won’t make it past their first year. Nearly all of them will fail within the first 5 years of opening their doors.
Yes, the increase in competition is a factor. But an even bigger reason for this is because business owners don’t have the proper tools in place to keep everything under control.
Small business owners don’t normally have the advantage of huge sums of money to play with. This means a lot of the burden falls on them when it comes to operations, inventory, back office, working the sales floor, etc.
There is no “magic wand” for these types of challenges to your business. There are, however, some valuable tools available to help you tackle all of those challenges.
You need a merchant account if you want your business to accept credit cards. You can ill-afford to not accept credit and debit card payments in your store(s).
Did you know there are over 3,000 different types of payment cards and multiple ways they are accepted?
This is a lot of options for customers! Business owners need the proper equipment and services to accept all 3,000 of those payment cards.
Everyone uses credit cards. It’s simple, easy, convenient. The end.
Ok, so there is actually more to tell you. Don’t leave yet!
If you own a small business (especially a new one) you need an affordable merchant service with competitive transaction fees which won’t break your bank.
Beware of merchant services who don’t divulge all of their pricing information! If you have to dig to find it, chances are they are hiding more than you realize.
Unfortunately some merchant service providers are not fully transparent when it comes to their fees.
If you feel like you aren’t sure, take more time and do more digging. There are definitely some excellent options out there for your business.
Most merchant services provide business solutions for not only accepting credit, debit, and gift card payments but also check guarantee services, gift cards and loyalty programs, payment gateways (for online payment processing), merchant cash advances, and many other services.
How much would your business benefit from having a loyalty program in place? If you are not sure about this, here are just a few facts about loyalty programs:
- Loyalty programs increase customer retention rates by nearly 80% in the first year.
- It costs 5 times as much to acquire new customers as it does retaining existing customers.
- 72% of women spend more when they receive rewards in return.
- Nearly 70% of the public is willing to share more personal information to be a part of a rewards program.
- $1.6 trillion is up for grabs with customers changing where they shop.
Now that you have some statistics to entice you, do you think this might help bolster your business?
I didn’t even mention the statistics for smartphone users redeeming coupons on their phones, but this has proven to be a very effective tool to go along with your loyalty program.
25% of smartphone users redeem coupons on their phones and this percentage is on the rise! It is a simple and easy way for customers to get “perks” for their loyalty.
Maybe you need some extra cash for repairs in your store or buy a new company vehicle?
Whatever your needs are, a cash advance could be very useful for you if you are in need of making some repairs or updates in your store. Having cash on hand is essential for the success of your business.
Making money requires spending money, right?
Some merchant services include cash advance programs you can take advantage of. In some cases, providers are willing to work with you and will take more than just your credit situation into account when determining if you are eligible.
The length of time you have been in business and the amount in sales your business generates are a few examples of some other factors are taken into consideration.
These examples and many others are just a small portion of the merchant services the guys and gals here at RedFynn have to offer your business.
Need new POS systems, online support, phone service solutions, loyalty/gift card program, or help with your accounting?
Challenge accepted! Check out all the different business solutions offered. Or talk in person with one of our outstanding support team. (888) 510-9871