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Merchant Accounts
   
1. Convenience - You probably already know that accepting alternative forms of payment like credit and debit cards helps make it more convenient for people to pay you. This will increase your sales and profits. Some studies say by 30 -100% or more (Visa International).

2. Increases Your Credibility - Did you also know that advertising your acceptance of credit and debit cards increases your credibility? It's true. The public knows that a Merchant Account status is not always easy to get and will look at you as more of a solid company - here to stay. "Hmmm ... doesn't accept credit cards? Is there some kind of credit problem I should know about this company?"

3. Increases Your Average Sales Order - Were you aware that your AVERAGE SALE AMOUNT GOES UP when you accept credit cards? Studies prove (and I am sure it's true of most of us) that when we are ready to make a purchase and we are paying with a credit card we are more inclined to purchase the "upgrade" product or service. Human nature seems to cause most of us to be inclined to purchase the "better model or service upgrade" when we can finance the purchase with a credit card.

4. Impulse Purchases Go Up - Did you also know that your willingness to accept credit cards also causes impulse purchases to go up? Customers are more likely to purchase when they can use a credit card versus paying with cash or a check. For some reason human nature - especially in the US - causes us to think paying on credit is easier.

5. Increases Cash Sales - I bet you didn't know that the mere presence of credit card logos at your business location increases CASH sales. A fascinating study was explained in the book Influence by Robert Cialdini. This scientific experiment documented that the mere presence of Master Card/ Visa logos will increase cash sales by as much as 29% in controlled studies - even though credit cards were not used! If your business accepts cash, this is an extra bonus of accepting credit cards and advertising that you do.

6. Cuts Back on Bad Checks and Collection Costs. - By accepting credit and debit cards through a reputable Merchant Account Provider, credit cards orders will be screened for fraudulent transactions. Some providers, like Cardservice International, will take extra steps on address verification, verifying the extra four digits on credit card, and blocking selected credit card numbers, internet protocols, names or addresses. These are extra safety measures you can take to find peace of mind that the orders you are receiving - particularly on the internet - are legitimate. When a customer is a "slow pay", a common collection technique is to call the customer and suggest they give you their credit card information over the phone right then to clear up the default. Without this option you would typically have to wait to see if the customer sends you a check like they said they would.

ABOUT THIS GUIDE
About the Author
A Word About Our Membership Community
Frank Merchant knows how to get the best price
The Internet Marketplace
   
UNDERSTANDING IT ALL
What are the advantages (and disadvantages) of accepting credit cards for your business?
6 Benefits of Accepting Credit Cards
Disadvantages of Accepting Credit and Debit Cards
Who are the players? How does the money get in your bank account?
Credit Card Transactions Step By Step
Should I go visit my banker for my merchant account?
How can I tell if I will get good customer service?
Be on the Lookout for Deceptive Sales Practices
How to Avoid Your Money Being Held By Your Non-Cash Transaction Processing Company
Banking Terms You Need To Know
Benefits of Debit as a Payment Option
What You Need To Know About Leasing a Credit Card Terminal
Fraud Protection 101
Cardholder Security: Avoid Monthly Fees, Fines, and Penalties What Is PCI Compliance (PCI DSS)?
   
THE PROCESSES
Four Key Components to Conduct eCommerce Successfully: What They Are, and How They Work
Web Site
Your Merchant Account
Secure Payment Gateway / Payment Transaction Software
Shopping Cart and Catalog
Should I use a third party processor like PayPal?
   
ANALYZING IT ALL
Quick Summary of Costs
Detailed Summary of Setup Fees, Recurring Fees, and Risk Estimate
Total Risk Estimate (TRE)
Total Risk Estimate Worksheet (Low-Medium-High)
   
THE DETAILS
Are you being stung with "Non-Qual" fees for keyed orders?
Have You Ever Felt Betrayed By Your Credit Card Processing Company?
Your Customers' Credit Card Numbers at Risk
Visa: Heartland, RBS WorldPay no longer PCI compliant
PayPal
Marketing 101: Gift and Loyalty Smart Card Technology Ensures Customer Loyalty
Check Warranty and Check Acceptance Policies
How Can I Prevent Credit Card Fraud?
Identity Theft
Merchant Account Comparison Worksheet
Glossary
 
Credit Card Terminal
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