Millions of small businesses across North America closed their doors in mid March. Now it looks as if many Main Street stores, salons, restaurants, and service industries will be back in business soon.
For many small businesses, much of their income for the year stems from just two months, November and December. According to the National Retail Federation holiday retail sales are expected to grow between 3.6 and 4 percent for 2017, for a total of $678.75 billion to $682 billion, which is up from $655.8 billion last year. If your payment processing system is not up to par, you could be missing out on your piece of the expected sales increase.
When running your own business, there are a multitude of areas that require your constant attention, but picking the right merchant services company should not be one of them!
It is crucial for a business to accept different payment types to make it easy for customers. As a business owner, you probably have been approached by a merchant services company at one point in time, but you may not even know what merchant services is. In the simplest form, the term merchant services is used to describe payment processing, or services that enable a business to accept electronic payments.
If you already accept credit cards, are looking to switch merchant services providers, or want to begin the process of accepting credit cards, it's important to know exactly what you are getting out of a merchant services provider. There are a number of providers who want to help their clients and help them accept credit cards the best way possible.
Here are the top 8 misconceptions about merchant services and how those misconceptions are not always true - depending on who you work with.