Merchant services are often maligned, called “expensive” and even considered to be money drains by some. But, this couldn’t be further from the truth. With a little strategy and the right tools, merchant services can be what you use to boost your bottom line and get out of business debt. Here are some of the smartest ways to boost your profits and keep customers coming back...
- You can use Passthrough to get rid of merchant service fees and have your customers pay it for you. This means that your merchant services won’t cost you a dime, and customers will be able to handle it for you. Many low-income businesses find this to be a great way to get merchant services that improve profits without breaking the bank.
- The right merchant services can also make ironclad loyalty programs and gift card programs that boost profits. Multiple studies have shown that the right loyalty program can boost profits by as much as 10%. Gift cards do even better, with typical recipients spending more than what they’re gifted. They also increase customer loyalty and improve referral rates.
- Merchant services also may be able to be obtained at a discount if you shop around. Obviously, you do still have to pay a reasonable price for quality, but if you were quoted a price that’d break the bank, making a switch to a new company may prove to be profitable and money-saving in the long and short run.
- Studies have shown that accepting any credit or debit cards also leads to a massive improvement in profits. Accepting credit cards will allow your business to gain as much as a 22% edge over competitors who remain cash-only. This means that you are missing out on 1 out of every 5 sales or so, just by not buying your own share of merchant services. Considering that fees are so low, it mathematically makes sense to get into credit and debit acceptance, doesn’t it?
- A good merchant services group will also allow you to bolster your online presence and sales via an e-commerce platform. Stores alone can only do so much. With e-commerce, you can easily see your profits rise as much as 5% or more, depending on your industry. That much profit is not something you should ignore. It could easily mean the difference between debt and profit!
The truth is that having a good merchant services provider and strategy can make all the difference between being in debt and having a great turnout. If you need help, give us a call. We’re always here to make businesses do better.