Your small business needs lots of different kinds of accounts and services to work well. Whether it’s the delivery service for your product or the software you use to serve your customers, there are a wealth of tools and services you need to be successful. There are also a ton of different kinds of administrative accounts and services you need; one of the most important is a merchant services account. Why would you need one of those you ask? Well, a merchant account is your key to processing payments safely and securely, as well as making a whole host of other things about running your business a ton easier.
There are lots of reasons why you’d need a merchant or merchant services account. Here, we’ll go through some of the main ones and talk a bit about what you should look for when you’re shopping for one.
Looking for help on finding the right merchant account for you? Book a free consultation with Swipesum today!
A merchant account helps make your business a business. Without it you wouldn’t be able to accept payments, process transactions and generally work with the rest of the financial services marketplace. It makes your business function. Merchant account providers are companies that specialize in these kinds of accounts. They offer a variety of services, including payment processing, but also security features, mobile payment options, physical hardware for stores and customer support to help your business thrive.
It’s important to remember that a merchant account is separate and distinct from your business’ bank account. At the end of the day, that's where your money ends up, but in order to get there, it has to travel through your merchant account. Why? Well, merchant account providers specialize in working with the hundreds of different payment options that exist in our modern consumer environment. From credit to debit cards, online payments, crypto and everything in between, your business is going to want to provide as many of these payment options as possible. We’ll explain why down below, but suffice to say, your merchant services provider helps orchestrate all of these disparate pieces.
There are lots of great reasons your small business will need a merchant account.
Those are the big reasons but there are a few that are a bit deeper and ephemeral.
Size & Type
Your merchant services provider should be an expert in the size and type of business you operate. Not all merchant services providers are created equal - some specialize in small businesses and other in large. Still others are exports in specific marketspaces. Pick the right one for you.
Nothing’s free and merchant services are no different. Make sure you understand what you’re paying and why before you get started with any provider. If you’ve been with the same provider for a long time, be sure to keep your eyes open for other deals.
Your merchant account provider should be able to grow with your business and scale their operation effortlessly. Right now you might only be serving your little town, but if you’re successful you’ll be servicing the whole state. Be sure to get a company that can grow with you.
Look, this is a confusing topic. The number of types of accounts make understanding exactly what you need all that much more difficult. Swipesum has the tools to help you make a decision on a new provider for your business and help you work with an existing one.