Just imagine waking up, checking your email and discovering that you’ve made money while you were asleep. Someone went to your website, bought a product or service package, and paid with their credit card. And now, the money is in your account. This not only means that you made money, but you probably managed to make the sale with very little sales effort.
With a merchant account, you will also be able to take reservations over the phone, by fax, or through e-mail. All you need is your guest’s credit card information. Your account provider will set you up with what is called a virtual terminal to process the information.
Do not reveal your PINs/passwords to anyone. Ensure that they are difficult for anyone to guess. Store them at a place different from your credit card. If you were to lose your wallet which contains both your PINs/passwords and your card, you would have made it easier for the one who finds your wallet to max out your credit card or make cash advances.
The amount of attention social media has been garnering all this while has caused many online businesses to embrace it as part of their marketing strategy. Once you have your store set up, use social media like Facebook and Twitter to promote it. Your shopping cart software should come with these social media tools integrated for easier use. That way, you could announce sales and new product launches speedily to all your customers who signed up with you. And when your customers are alerted to these news, they will come check out your online store to find out more or to buy your products. Pretty easy to sell, right?
When looking at a merchant service provider, there are many other factors than price to take into account. You may be shopping around for a website and it is important that it will be easy for you to setup their Clover Station system with your shopping cart. Some merchant accounts may require that you manually run the credit card as if you were an actual retail store and this is not what you want either. Instead, you want someone who has plenty of features and will make it easy on both you and your customers to go through the ordering process.
Legitimize your business. Understand that customers are strangers until they’ve worked with you. They may like what you offer, but they cannot be sure that you will come through with what you’ve advertised. But when they see a logo that tells them companies like VISA, MasterCard, American Express or Discover are doing business with you, they begin to develop a sense of trust in your operation.
I am certainly not saying that offering PayPal as a form of payment is a bad thing. But I read elsewhere that only about 1 in 10 people who own a credit card have a PayPal account. Even less use their PayPal account regularly. Therefore, you might be cutting your potential business by 90% just so that you can avoid paying for merchant services. You certainly do not want to cut your own throat before you ever get started.
Debit cards are one of the most popular forms of payment today, so if you do not take debit cards you should. And if you do take debit cards, make sure you process them correctly so you can take full advantage of the savings.