Statistics show that most people shop with credit cards. In fact, according to CreditCards.com in a 2014 survey, only 9 percent of American shoppers preferred using cash. This statistic is for regular brick and mortar shopping, so facilitating an online checkout process using credit card processing provider is no longer a choice, but a necessity. Here are three signs that your business is at a level when it’s time to invest in your own merchant account as opposed to a third-party provider.
1. The Offerings of a Merchant Level Account
The biggest difference between a merchant account versus an individual, small seller account is mostly in the volume of transactions processed, options for shoppers to check out, and the level of drilldown data that you’ll get. If you’re an SMB and your business is growing, then it’s wise to start taking these elements into consideration to provide your increasing customer base a smooth, hassle-free shopping experience.
2. Are You Ready to Go Global?
As your business grows, applying for a merchant account on a reliable site is essential to facilitate transactions at a professional level. Online shoppers can come from all over the world. Accepting cards is part of catapulting your business into the broader world marketplace. While you may not have had a previous need for a payment processer at a merchant account level, the more transactions you handle, the more essential the service becomes. These types of accounts also offer other types of services – such as data analysis and shopper behavior – that can help you increase profits even more.
Investing in a professional credit card processing provider that can handle high volume and provide a reliable shopping experience that’s compatible with various shopping cart systems is one part of growing any online business today. While trying to process individual transactions through a third party might be fine if you’re running a part-time business out of your home office, once you start to grow, it’s time to open a professional merchant account to reach the next level.