Merchant Account: Why Your Business Needs It

1. It minimizes frauds: The use of payment intermediaries like Paypal, Visa, etc to facilitate your e-commerce transactions helps to reduce frauds. One of the security measures put in place by the payment processor is the use of ‘CAPTCHA’ which helps to make sure that automated systems do not gain access into your account. So you can accept payment for your business safely on the internet without the fear of fraud.
2. Eliminates debts: Since payments are made through a payment processor that makes sure you are paid before rendering a service to your customers, the possibility of selling on credit and running at a loss, and the eventually liquidating is eliminated. This ensures you remain in business for as long as possible.
3. Provides payment options: Customers have a wider range of payment options provided for them. With wider options, you hardly lose a customer; and if all customers end up buying because there is an available payment option for them, your profit goes up.
4. Time saving: The use of merchant account is time-saving as customers do not need to go to the bank each time they want to make a purchase. They can pay for your services from the comfort of their room, by just logging in to your website and filling the payment option forms. They save the time they would have spent going to the bank to make payment. If customers can conveniently pay for services/products without having to go through stress, they would stick to you and keep buying from your site.
5. Minimizes carrying of cash: Customers also do not need to carry their cash from their home to your business place or bank in order to make payment for your goods or services. They only need the credit /debit card; they can just go to your website and provide their credit/debit card details. The tendency to lose their moneys to robbers is minimized.
6. Increase profitability: A lot of customers (both far and near) can buy from you without having to be close to your business place, or having to know you in person, so long as they can trust your payment processor. The card options make it possible for people from different geographical locations to buy from you at the same time. The more customers you have from different countries, the more profit you make. Without this option, it would be near impossible for a customer from to buy from you if you are in
7. Business transaction is easier: It is relatively easier to transact business with your customers as payment/receiving of payment is done by a processor. This gives you time to attend to other areas. With multiple processors, you attend to thousands of people without having to be fagged out; because your transactions are handled by someone else on your behalf. It even makes it possible for your customers to buy your product at any time of the day or on any day of the week.

» left by Jennifer Stewart

1 year 238 days ago.
151 fans.

I think having a merchant account is a great idea. Up until recently South African banking regulations didn't allow it, so you couldn't receive money through Paypal. Now one bank has made the facility available, and it's a godsend.

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» left by efoghorjos 1 year 238 days ago.
18 fans. Follow efoghorjos on twitter!

Yeah Jennifer, Africans have been deprived of most of their rights for reasons we cannot really explain. Nevertheless, I know that very soon most of the rights would be restored. It's not a crime to come from poverty-stricken region; most of the so called developed countries passed through this same stage we are in at the moment.

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