In a world in which 18 billion payment cards are being used worldwide, having a business merchant account is a must for your Organisation. Why? Because merchant accounts allow you to process electronic payments (as opposed to just cash). With access to a business merchant account, your customers can pay online using their preferred payment method. Once the transaction has been authorised, the funds are then deposited into your merchant account first, then transferred to your business’ bank account. This gives you access to better security, more payment methods and streamlined cash flow. Not a bad thing to have.
Lowers Your Business’ Risk
Setting up more than one business merchant account protects you from being hacked or shut down. If you lose one account, you can always access the others. More accounts means more savings, backup, reserves, and better security. The major downside here is that merchant accounts come with fees, and each merchant provider bills a different way. (You probably already feel the headache coming on.)
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Simplify the Payment Experience
The basic strategy behind consolidating to a single business merchant account is streamlining efficiency. Businesses have the option of plugging their merchant account of choice into an electronic gateway with many debit or credit channels so customers can pay how the want. That way, your business contracts with a single third party while helping customers process payments with minimal hassle.