By admin on August 13, 2012
Consumers are using their iPhones, Android phones and other Smartphone devices to search the Web than ever before. According to Forbes, there has been a tremendous upsurge in MasterCard mobile phone payments over the past few months. Approximately 5 percent of annual retail sales are done by mobile credit card processing.
By 2016, this number will increase to 19 percent, with more than $600 billion in sales, according to industry experts. What does this mean for small business owners? Business owners who don’t have access to merchant credit card processing will miss out in the potential financial growth of their business. If you don’t accept credit cards or have a merchant account, here are a few tips on how to find a good merchant service:
Should you give your bank a chance?
Let’s face it; the majority of the banks out there do not use the most innovative computer technology when it comes to small business merchant services. Plus, their processing fees are astronomical. It’s no wonder why many Main Street mom and pop stores still do not accept credit cards. With a merchant account, you’re actually saving money and increasing your income potential. It’s no secret that customers are more likely to buy from a business that accepts major credit cards. In addition to being able to accept payments from mobile shoppers, if you have a brick and mortar store, it’s essential that you have an up-to-date credit card machine or credit card terminal.
Is there a sales volume limit?
Make sure the merchant service you choose doesn’t have a limit (or a cap) on the amount of volume you receive every month. Some companies will actually place a limit on your sales volume. For example, let’s say that it’s the holidays and you’re doing extremely well in sales, then suddenly you’re no longer able to process credit card transactions. This can be devastating to any business.
Find a merchant account that will allow you flexibility from a month-to-month basis. As more companies offer more flexibility, these strict merchant account providers will have no other choice than to ease up on their policies.
Do they have customer service support?
Before choosing a merchant service, find out if the company has a customer service support number. Do they have limited hours or are they open 24 hours? This is very important to know in case you ever have a technical problem with your account.
The tips above will help you to be better equipped when it comes to processing credit card payments. Now you can finally join the bandwagon of business owners who are accepting mobile payments and traditional face-to-face credit card payments.
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Posted in Mobile Credit Card Processing