The benefits of opening a merchant account
Contributed by BridgeWest
21 June, 2018
Online businesses need to provide fast and secure payment options to their clients. The merchant account is the type of bank account that allows businesses to accept credit and debit card payments online and can be set up with the same bank with which the company already has a business account or with a different provider. Below are the main benefits of opening a merchant account.
Accepting more payment methods
What's more, investors who open a merchant account for their company in Cyprus for example will be able to accept payments not only in euros but also in other currencies. This will ensure that international customers will be able to make the desired purchase, which leads us to the next important advantage: the customer's experience.
Increased customer satisfaction
A customer who is able to pay via a preferred method will not be discouraged to make an online purchase. This is true both for large businesses but also for small online boutiques. Investors in the Netherlands, for example, can easily open an online store that will address customers from surrounding countries and from the rest of Europe. Clients will be pleased and it is possible that they will choose to return for future purchases.
Customers will also be able to rest assured that the payment is safe. Banks that provide these types of services will also offer adequate cardholder data protection.
Possible sale growth
A client who has the flexibility to make payments is quite possibly a returning customer. By expanding the payment possibilities, investors who own an online store and open a merchant account for their business in Italy, for example, can increase their pool of clients and thus increase their revenue growth.
Superior money management abilities
Online payments make it easier for business owners to handle transactions and have a better-organized cashflow database. What's more, by using a merchant account the company can also avoid bad checks and even set up a recurring payment scheme for repeated services. Online businesses, whether in European countries like Switzerland or in other jurisdictions, can benefit from a streamlined money management system.
The merchant account allows businesses from all around the world to reach a larger number of customers, offer secure payment options and set up a better money management system. This is an option well worth considering for a number of businesses.
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