A merchant account allows your business to accept credit cards (and debit cards that sport a credit card logo). If you’re not accepting credit cards today, you might be missing out on increased sales and higher average order amounts.
Here are a few facts about merchant accounts and credit card spending:
Americans spent over $2.5 trillion with credit cards every single month of 2008 (according to the US Federal Reserve). It may go down a little in a recession, but credit and debit cards are and will continue to be a heavily used form of payment.- Even in these troubled times when many consumers are turning to cash, there are many, many debit cards that can be used like credit cards, so they can pull money directly from their bank account. With a merchant account, you can accept debit cards and even prepaid cards as long as they have a Visa ® or MasterCard ® logo on them.
- Credit cards and debit cards are convenient. They are easy to carry and quicker to use in the checkout lane or on an eCommerce web site.
- Consumers tend to spend more when using a credit card than when using cash. There is no imposed spending limit like there is with cash, so it’s easier to keep spending.
- Accepting credit cards help customers make faster buying decisions. Impulse buys are more likely with credit cards than with cash or checks.
- Because funds are deposited directly into your merchant account, accepting credit cards as a form of payment saves you both time and money.
Get started processing credit card, debit card, and eCheck payments–apply now for a free, no-obligation quote.
