The 3 Myths About Merchant Accounts That Can Cost You
Whether you’re a small home based “Micro business” trading stuff on eBay or preparing for a big product launch or a new Main Street retailer opening your doors, you’ve definitely need to give some thought to what form of payments you will and should accept in your venture. PayPal only? Checks only? Cash only? No, the answer is that people want to give you your money in all kinds of different ways, and you should accept it in all those ways. Therefore, there are critical financial decisions to be made as you start out, ones that ultimately could affect sales and your bottom line and I believe that if you sell something, be it a product or service, you MUST accept credit cards. And that is why I recommend the company www.PowerPaySolution.com which is the same company I use for both my land flipping and my other businesses.
When it comes to accepting credit cards, the subject can divide small business owners into two groups: those who see accepting credit cards as an asset and those who think they can afford to stay a cash-only business. If you are launching an ecommerce website, or even if you flip cheap land like I do, there is just no way around it – you’ll need a merchant account and payment gateway. But if you are starting a new business you may be grappling with the idea of accepting payments and wondering if you really need to or, more importantly, if you can afford to. Let’s take a minute and dispel three myths about credit card processing and merchant accounts.
1. I don’t need to accept credit cards.
The first myth is the perception that customers will always have cash in hand and enough to foot the bill. But when was the last time you paid your grocery bill, ate at a restaurant or filled your gas tank using cash? For the majority of us, the convenience and cultural acceptance of using credit and debit cards has taken hold. So if your business doesn’t accept credit cards, you’re losing sales – and likely alienating customers who will never come back.
2. I can’t afford to accept credit cards.
This myth lingers in the minds of many savvy business owners. The truth is that the fees and costs associated with processing credit card processing are far less than you might expect. Why? Fierce competition for your business from merchant providers drives down prices and keeps fees low. If you haven’t experienced this, perhaps it’s time we gave you a FREE rate review.
3. I won’t be able to accept credit cards.
The third misconception has to do with you. Don’t assume your business type, credit history, location or start-up status prevents you from being approved for a merchant account. Many merchant providers – including www.PowerPaySolution.com will work with businesses that carry a high degree of risk.
Is your business located outside the continental United States? Or do you have international locations? Speak with your payment representative about international capabilities. Or better yet talk to us – www.PowerPaySolution.com