How Small Business Merchant Accounts Fuel Growth
Common wisdom says that the best problem to have in business is to be rapidly expanding
. The growing pains associated with expansion are always difficult to deal with, but a better prepared company will ultimately benefit from their growth. As businesses expand, so must the capability to receive payments.Adding additional payment options will help bring in a steady flow of new customers to satisfy the expanding company. Offering more convenient methods will increase repeat customers. Having a system that can integrate with accounting software and departments will keep a small business on top of their cash flow needs.
Let's examine the benefits of small business merchant accounts.
Expanding Payment Options
Start-up businesses usually come from humble beginnings, accepting payment in cash or check. As a business and its number of clients both grow, those two payment methods are not enough. Adding the ability to accept credit cards, debit cards, online transactions, and establishing payment portals will attract more customers.
Convenience is the number one factor when a customer wants to pay. They want to give their money for a product or service, so servicing them is a top priority. Service stations use key fobs linked to credit cards for instant payment at a gas pump. Retailers accept point of sale credit cards as well as online credit payments. Some retailers, from mail order catalogues to Amazon.com, do all of their business taking orders over the phone or Internet. Adding this additional support will facilitate any small business's growth.
Offering More Services
Besides just adding the ability to run a credit card number, small business merchant accounts add ancillary services for customers. The ability to process orders through a mobile phone or Internet portal gives salespersons the ability to conduct business on the road. Adding account management options for online orders lets customers track their own shipments, view an ordering history, and request additional receipts or packing slips. Repeat customers can store their billing and shipping information in a database to enable one-click ordering and establish recurring orders. Business-to-business transactions become automated in order to help maintain supply chains.
Better Recordkeeping
The most severe growing pain for small businesses usually manifests itself as bookkeeping errors. As the amount of money changing hands increases, the invoices and pending accounts grow, and tax issues become more complicated, keeping the books straight becomes a full time job. Integrating small business merchant accounts with the current accounting software can help manage the flow of money. Having orders automatically sorted and placed into the accounting suite can save hundreds of man-hours. Accounts payable will be available at a glance and invoices can automatically be generated and sent to customers.
In the end, as a company grows and becomes more sophisticated, so must their billing system. Integrating additional payment methods, offering more customer service options, and streamlining the recordkeeping process keeps growing businesses on track. Small business merchant accounts provide those services in a scalable technology solution that will grow and expand alongside its business plan.
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