The Advantages of a Merchant Account
When you need to securely accept debit, credit, or other electronic payments within your business, you will open a special type of corporate account called a merchant account. This is a bridge between the banks of your customers, whose cards they use to pay for goods from you and your business.
In terms of merchant accounts, we can say that this is not a traditional account where money is deposited and withdrawn. In simple terms, this is a relationship with an acquiring bank in which it lends money to you as a seller, money received from transactions without taking into account commissions. In this way, the best merchant account gives you the opportunity to reduce delays that could affect the duration of receiving payment. This is because issuing banks send payments to acquiring banks much later.
Advantages of a merchant account
We have already figured out what a merchant account is, but even registering an account may seem intimidating to you. But with PayDo, you don’t have to worry about it, because you will have support and the whole process will seem really simple to you, and the benefits you will receive are invaluable. Let’s have a look at merchant account review:
- Strange as it may seem, when you open an online European bank account , you will be aware of statistics that show that the average non-cash transaction is almost 10 times more than with cash. This is evidenced by the fact that almost everyone in this world has a credit or debit card. Customers are affected at some level by psychological confidence that it is easier to make a purchase with the help of a card. That is why you can observe the commission of large or impulsive purchases with the help of debit cards. Using this fact, you can easily increase your sales volumes.
- If you have ever paid for something with a card, you should remember that authorization takes a matter of seconds. When you make a transfer, payment is received within two business days. Although when paying by cheque it won’t always be there quickly, it can in some cases take up to 30 days. In addition, the time and expense of travelling to and from the location where you’ll be mailing the check, then you will have to wait for the check to be verified by the bank.
- Your customers are also likely to appreciate the benefits of PayDo, because they like the flexibility and speed of use. When your customers see that you provide them with multiple payment methods such as gift cards, certificates, cash, and debit cards, they clearly see how they are spending their salary. It is in your interest to give your clients as much freedom and flexibility as possible in paying for your services;
- Almost everyone now makes purchases online, so the ability of your business to provide online payment is a must. On your part, you also count on the ease of checking accounts. With PayDo you will be able to issue invoices, and receive payments from debit and credit cards. For your convenience, you can issue periodic invoices to your clients. You do not have to leave your business at home or at the bank – it will always be with you.
- Trading accounts have a high level of security, as it complies with the PCI DSS security standard. When you process or share any of your customer data, it is important that you comply with these requirements. Your business may be investigated and banned if you violate these rules.
Your business simply needs to have an account with a good service provider, which is PayDo, which offers a number of well-known benefits to keep your business up to date. Your customers will appreciate it if you are flexible in terms of their preferences.