Importance of Getting a Merchant Account Provider for Business?

The usage of cash and checks is reduced in the past decade. More and more people are relying on cashless transactions. This means people are getting comfortable with card payment and cardless transactions. But this is not good news for Merchants. They have to adapt according to the changing economy. This transition takes time and understanding.

In such a case, sometimes a merchant needs an expert to guide them with the changes. Similarly, to handle the cashless transaction, a merchant needs a merchant account provider. A merchant account provider for business is very important. They provide all kinds of services that can be too much for a merchant to handle while running a profitable business. This is a guide from Merchant Stronghold to help the merchant to get the best merchant account provider and to understand the need for a merchant account.

There are benefits of getting a Merchant Account Provider for Business:

Better Money Management

No matter how small or large enterprise you have, money management is one of the very important aspects of a business. Without proper management of money, you won’t be able to see any profit. This is how a merchant account helps:

• You get a merchant account, which is connected with all the modes of transactions available.
• Now, if a customer makes the purchase using credit card, debit card, or other cashless modes, the money will be directed to your merchant account directly.
• Also, you can easily track the flow of money and make your business better.

Customer Satisfaction

There are many people who do not carry a large amount of cash anymore. Also, they prefer card mode of payment when it comes to expenditure. Coming back to the merchant, they need to equip their business with the tools to accept such payments. A merchant account provides such services.

• A merchant also provides the tools to accept various kinds of card payments.
• If you have an online platform to make business then you can also add payment buttons to the website for the customer.
• This provides flexibility to the customer, as they have the option to choose from multiple modes of payment.

No Fake Currency or Bad Check Hassle

In the case of cash or check transaction, the merchant is always worried whether the money offered is genuine or not. Sometimes, these little frauds can lead to a great loss for the merchant.

• By using the cashless transaction, the merchant can avoid cases of fake currency and bounced checks.
• A merchant account also offers payment modes for the recurring transaction of products and services.

How Do You Select the Right Merchant Account?

If you have decided that you need to get a merchant account, you will need to consider which is right for you. Typically, acquiring banks do not directly provide accounts. Instead, they work with merchant service providers to act as middlemen.

Think about how many transactions you expect to be processing each month in the coming year. Also, think about what the average value of the transaction may be. Similarly, you will need to plan how customers will pay you.

Documents required to get a Merchant Account:

Personal Documents: Driving License and Personal Bank Statements for the recent 3 months

Business Documents: Article of Incorporation, Business Bank Statements for the recent 3 months, Processing Statements for the recent 3 months, Bank Letter or Void check, EIN - IRS, and a few supporting documents based on the business type.