What is a Merchant Account and Why Does My Business Need One?
Business in todays world is rapidly evolving, and everyday there is a new product or technology that is
introduced to the market. Keeping up with technology is imperative in making your business successful.
According to Statistic Brain, almost 200 million people in the US have a credit card. This makes it
apparent that if you are not allowing your customers use credit cards that you are likely missing out on a
big chunk of change. To compete within the modern market, you must accept credit cards and taking
that into account, update your business operating systems.
So what is a merchant account? In layman terms, it is a bank account that allows a business to accept payments for their goods and services multiple ways. It is acting as a bridge between you, the business owner, and a credit card processing company. In the case of Laigle Business Group, we allow you to accept debit/credit cards, create loyalty programs for your customers, and provide the operating systems to make that happen.
Being in this business, we understand there are “alternate methods” to avoiding a merchant service, but these methods imposed additional steps and delays of the transaction process, and in the end, show your customers that you don't not value their time. Merchant services provide a modern way of conveniently getting money from your business into your bank account.
But why do you need a merchant account? One of the biggest benefits is risk mitigation. We ensure that
the credit cards payments are vetted and valid before the transaction is accepted, which boosts security
and minimalizes the possibility of fraud. Our point-of-sales (POS) machines provide a gateway to ensure
the cardholder has sufficient funds for the purchase, and only after the verification can the transaction
go through.
A relationship between you and your merchant service provider is imperative to having a healthy and
successful business model. We have a reputation of providing reliable and accurate payouts and quick
and easy customer service. Choosing the right merchant service provider that works well for your
business involves double-checking the reputations of the company, products the company has to offer,
and the support they can provide for you.
The bottom line of why you need a merchant account is if you want your business to accept customers
credit and debit cards. In today’s world most customers expect to be able to pay with plastic money, and many avoid carrying cash. If you avoid allowing your customers to use electronic funds, it could upset them and ultimately you can lose business. We pride ourselves at Laigle Business Group to provide you secure and effective service for your business. If you are interested in exemplary service or have any questions about the needs of your business contact us to see if we are the right fit for you!
See the difference Laigle Business Group can make in your online ordering, Click here for more info today!