Both old and new businesses have to deal with the challenge of providing convenient payment methods. Eventually, you’ll need to implement advanced payments (like e-payments) and decide if a merchant accounting service is best for your company. The decision can prove to be difficult for most of your companies.
Notwithstanding, having this kind of account would be best for you, and for good reason too. And if you’re looking for an alternative, you can be certain that none of them can match the usefulness of a merchant accounting service.
What is an Alternative to Merchant Accounting Services?
A common alternative to this type of account is a no-card-payment system. This can be quite limiting for your business and customers as well. Another option would be processors controlled by a third party, and these types are better suited to small firms. However, larger companies would struggle with this option. A popular example is PayPal which allows its users to collect electronic payments like credit cards. However, the company only acts as the middleman while PayPal processes the payments through their master account. As expected, this option would cost more due to the charges that are deducted per transaction.
What To Gain From a Merchant Account
Although you can receive credit payments through other ways, merchant accounts come with several benefits. Most of them cut across financial and credibility gains for your company.
Financial gains
Hiring a merchant accounting service can open up several financial possibilities for businesses. For one, it helps customers easily access your business as it shows your company is keeping up with payment system trends. Card payments likely get more normalized in businesses everywhere. After all, it would be rude to turn down money from a customer.
One other thing to gain is that they help to save cost the most out of all card payment systems. You should however note that not all payment processors and accounts are equally as effective. So, make sure to explore your options before deciding which service provider to subscribe to. Plus, they come out as the cheapest option when you review the rest on a per-transaction basis.
Credibility gains
If customers can begin to trust your business, then it’s likely that they will take their money somewhere else. By accepting payments via a processor controlled by a third party, you expose your customers to some hassle of getting thrown off from your platform to the third-party site. That alone could motivate some clients to quit the payment process altogether.
On the other hand, a merchant account gives your company the freedom to collect safe and quick payments directly on your platform without any redirects. With that, consumers will perceive your company as a secure and credible place to do business. This is what separates several organizations from their peers within the same industry -convenient and trustworthy methods.
