As a business owner, you already know the more payment options you can provide your customers the easier it is to make sales, and most importantly, to get paid. You also know, in this day and age, that many customers prefer to pay with credit cards and debit cards rather than cash. If you haven’t added those options to your payment choices, you are missing out on potential sales. How do you change all that? By signing up for a merchant account with a merchant services provider (MSP).
Synonymous with financial services that allow you to accept credit cards, debit cards and mobile payments, merchant services can cover everything from software to the hardware and equipment needed to enable in-person, telephone, online and mobile device sales, with a fee attached to each transaction.
Some business owners have resisted merchant services due to that fee, but others have come to realize that paying a small percentage per transaction does not eat into their bottom-line like reduced sales (due to cash-only policies) or non-payment for services. The “check is in the mail” – anyone?
Other businesses have found ways to absorb fees through slight price hikes or other methods. Plus, it is now possible to tap into MSP’s that offer very competitive rates and attractive terms. Take for example CardConnect Gold Coast. We offer merchant accounts with rates from 0.25%, free setup & hardware options, and no long-term contracts.
Now that you know merchant services through a merchant account can enhance your business, here’s a look at how it all happens so you can confidently make the move toward providing your customers with additional payment options.
- While it only takes a few seconds to approve or deny a credit card purchase, it takes a few parties to make a transaction happen. The payment processor (MSP), the credit card company (Visa, American Express, Mastercard etc.) and the card issuer (usually a bank or credit union).
- When a customer swipes, inserts or taps their card at a credit and debit card terminal, it will send transaction information to the payment processor (also called the acquiring bank or merchant account) and request authorization for payment.
- The payment processor will then, in turn, send the transaction to the Credit Card Association (Visa, Mastercard, American Express, etc.) who passes it on to the bank or organization that issued the card to your customer.
- The card issuer will follow up with an approval or denial message on your terminal based upon the status of the customer’s account.
As we mentioned, this usually takes just a few seconds and sets you up to receive funds from your sales (less the interchange fee which the issuing cardholder shares with the credit card network share) within 24 to 48 hours.
Ready to get started? At CardConnect Gold Coast, we provide credit card processing to merchants of various sizes and industries, and are always looking for every opportunity to help our clients obtain more value from each transaction with one of our merchant accounts. We offer competitive rates, free setup & hardware options along with a point-of-sale system that essentially helps you manage credit, debit & gift card processing, rewards programs and more. Let’s discuss the possibilities. Contact us today online or by phone at (800) 823-2131.