Consumers all over the world are finding it increasingly convenient to use credit cards for purchasing goods and paying for services. Businesses are now realizing that to remain competitive in today’s market, credit card processing is an absolute necessity. To implement credit card processing, a business owner must open a merchant account and purchase payment processing equipment. The merchant account will allow the business to accept the credit card payment while using the equipment to act as a portal through which to complete the transaction. This is all fairly inexpensive while affording the business owner huge benefits.
A merchant account is simply a bank account designed to allow the business to accept credit card payments from the consumer. Merchant accounts can be obtained through local banks, specialized merchant service providers, or independent sales organizations. Depending on which source is chosen, equipment may be supplied for purchase or lease at the time of opening the merchant account; otherwise, the business must acquire the equipment independently.
Verifone, the leading global provider of secure electronic payment solutions offers credit card processing equipment of outstanding quality and durability. Verifone takes advantage of the most modern connectivity options, and complies with the latest global security standards; all while offering exceptionally priced equipment and support. The consumer will not only the enjoy the convenience and speed of using a credit card, but can feel more comfortable with the security of processing the transaction through Verifone equipment. Most consumers will need only to swipe the card through the terminal, choose the credit method of payment, and then sign where provided on the screen. This eliminates the need for store personnel to handle the consumer’s personal account information. All information entered into the terminal is encrypted and sent to the merchant account that has been set up for payment. When a consumer feels secure, repeat sales are the likely outcome, increasing the bottom line for the business. Consumers are also reported to be more likely to make larger purchases and more apt to buy on impulse, when using a credit card.
Not only is purchasing the correct payment processing equipment through Verifone, extremely important, but obtaining a merchant account can have many advantages along with the ability to process credit cards. Merchant accounts cut down on company paperwork by tracking all credit card transactions and payments and sending the business the consolidated information each month. This allows the business owner to see exactly how much revenue is generated through credit card purchases and is very useful at tax time. It is also important to note that one or more merchant accounts may be needed; depending on which brand of credit card the business desires to be accepted.
Hospital administrators, large retail business owners, fast food chains and mom and pop stores all have already found Verifone to be a major asset. Businesses today do well to remember that credit card usage is nationwide and credit card processing solutions are in high demand. Accepting credit cards and using Verifone payment processing equipment in today’s high-tech world just makes sense.