Watching your business grow is an exciting time, but it also brings new challenges. How will you ensure you have enough inventory? How will you fulfill orders? Who will help run the busy store? There’s a lot to consider when scaling your business, but don’t forget the positive impact that merchant services can make on your efforts.
Merchant services is about more than just helping you accept payment from customers; with the right machines and programs, merchant services can help you scale your growing business.
Accept a variety of payment types
While cash is still used to make purchases, consumers have also adopted more modern ways of paying for goods and services, such as credit cards, gift cards, Apple Pay and Google Wallet, and more. As your number of customers increases, being able to accept a variety of payment types will be even more important. Don’t miss out on sales due to outdated machines. Upgrade your payment processing equipment based on your growing company’s needs to ensure you’re prepared to accept your customers’ payments. Remember to also consider which type of machine is best for you and your customers, such as retail, wireless, mobile, and Point of Sale machines.
Keep tabs on your business’ activity using helpful reports that give you clearer insight into sales trends, your finances, and more. For example, employee reports can show you each employee’s sales, refunds and more. Items reports tell you which items were sold and how many. Payment reports show you your paid transactions and important details. You can even keep track of your net revenue, refunds, discounts, and more. These reports share important information to help you adjust your strategy and tactics accordingly to continue to grow.
As you scale your business, it’s important to ensure you always have the right item types and quantities in stock to meet consumer demand. Whether you’re a retail merchant or restaurant, the right payment processing machine can help you keep track of and manage your inventory. You can enter various items into your inventory list along with details like price, UPC, SKU, and tax information, to name a few. You can also create categories, manage ordering and automated ordering, and more.
Manage customer relationships
Providing an excellent customer experience is vital to building a loyal customer base. Offer a more tailored customer experience and increase customer retention rates by using machines that allow you to collect and manage helpful customer data. This may include contact information, marketing preferences, order details, feedback, and more.
Reduce fraud and chargebacks
Giving customers the ability to pay with credit cards is great for their shopping experience as well as your business, but it does carry some risk. Credit card fraud can lead to chargebacks, taking a toll on your finances. Luckily, the security features built into modern payment processing machines can help prevent these issues.
Be sure to use a terminal that accepts EMV cards – also known as chip cards – which store their data on integrated circuits. This chip feature makes the card more secure than traditional swipe cards and helps prevent fraudulent transactions and chargebacks. You’ll be able to focus more of your time, energy and finances on growing your business rather than paying fees.
Increase customer spending
Your business can thrive even more by offering gift and loyalty cards. These cards help promote increased cash flow and consumer spending, as well as increased repeat business from your current customers. Gift cards, for example, are more secure and desirable than traditional gift certificates. They support credits, refunds, rebates and incentives, and your business benefits from prepaid services as well as unredeemed cards.
Similarly, loyalty cards are effective marketing promotional and customer retention tools. They incentivize consumers to spend more in order to earn rewards, and conveniently allow customers to access online data about their rewards and point balances.
Take advantage of programs
As you scale your business, you’ll likely need money for things like hiring additional employees, purchasing new technology, expanding your inventory, and maybe even opening a new or larger brick-and-mortar location. Using various merchant services programs can help you be sure you’ll have the finances necessary to continue growing your business.
- Dual Pricing Program: You can potentially save thousands of dollars each year with this program. Our dual pricing program is a no-risk program that allows you to eliminate your monthly interchange fees by passing them on to customers who pay using cards rather than cash. When customers pay with cash, they – as well as you – benefit by not having to pay fees.
- Small Business Loan: If you’re considering an expansion or further purchases for your business, this is a great program to consider. We offer cash advances against future sales and allow you to pay us back with a percentage of your credit card transactions. There are no payment books or due dates; you simply sign up for the cash advance program and, after approval, receive your funds.
- Support for high-risk merchants: If you’ve been given the label of high risk, this may be related to your business or industry being deemed as risky, you run an offshore business, your marketing is raising some flags, your credit score may be low, or a variety of other reasons. We will provide a free assessment of your business and create a plan that will allow you to take credit card payments. Merchants Bancard Network will help you get your business out of the “high risk” category and into the “successful” one.
If you’re scaling your business, know that you have a team of merchant services experts ready to help. Merchants Bancard Network is an established provider in the payment processing industry with more than 30 years of experience. We’ve earned the respect of our clients as we move forward with trends and technology without disrupting our superior service.
Want to learn more about the payment processing equipment and programs we offer and how they can help your growing business succeed? Visit our website!