With a steadily growing number of consumers having the preference for credit card payments than paying through cash and checks, applying for a merchant account is one of the smartest things you can do for your growing business. As reported by the U.S. Census Bureau, there are 181 million credit card holders and 1.4 billion credit cards already in circulation within the United States. These credit card holders already represent a huge potential market for enterprises that do not accept credit card payments to date.
Whether you’re operating a retail store or a thriving e-commerce site or if you occasionally participate in trade shows, setting up a merchant account in order to process payment through cards can offer your business a profitable advantage that is not limited to cash payments alone. Simply put, you can make your business more attractive to and more convenient for your customers, thereby making room for increased sales and better profits.
What exactly is a merchant account?
A merchant account is a bank account needed for your business to be able to accept credit card payments. A merchant account will have to be set up and activated first before your business can accept payments through credit cards. Whether you use an actual credit card terminal for retail transactions, a virtual terminal for e-commerce sites or even your iPhone, activating a merchant account is an important first step in making your business more accessible and competitive.
How can PayByWeb help you?
PayByWeb makes it easier and more convenient for you to set up your merchant account, whether you have a brick-and-mortar enterprise or a growing site on the web. Founded in 1992 first as a check draft printing and bank verification service provider, PayByWeb eventually ventured into credit card service processing, and now offers some of the most reliable and reasonably-priced merchant services to both start-ups and high-profile companies.
PayByWeb can help you get started on your merchant account application, from pre-application to the final activation process. Account set up can take as little as one business day for completed applications. PayByWeb works with different Merchant Service Providers, including PowerPay and various payment gateway providers for the setting up of an Internet merchant account.
The latest statistics from the U.S. Census Bureau show that the frequency of credit card usage for the average credit card holder is at 119 times per year. In this competitive market, a business that processes card payments makes a lot of sense – and far better profits.
Allow us, at PayByWeb, to have you jumpstart on the process.
Sources (for statistics verification purposes):