Visa, Mastercard, and American Express are ubiquitous around the world. As a result, most merchants feel as though they have to accept these forms of payment to survive. But, business owners don’t have to be held hostage by these credit giants, their high costs, and their arbitrary limitations. Other options exist.
Here are three reasons an alternative to credit cards makes smart business sense:
Consumer Options
Customers don’t always want to make purchases with credit cards or cash. For these types of transactions, payment processors fit nicely into the mix. Also, providing this option to clients can make paying a business easier. A service provider, for example, can send a monthly invoice and receive payment the same day. Other payment services can take up to three to five days to appear in an account.
Cost Reduction
By handling all transactions in-house, payment processing companies like eDebit Direct can work to lower the cost of doing business. Without a go-between to add fees to the process, these companies can charge less, so companies can keep more of their profits.
Financial Security
Nothing ruins a merchant’s day more than disputed credit card charges. Just because a sale went through, doesn’t mean it is guaranteed money in the bank. Credit card companies can reverse charges, leaving merchants holding the bag. Verifying bank funds with a payment processor is not only fast, but it also guarantees a customer has enough money to cover their purchase. And, once the customer pays, it can’t be reversed. Business owners can set themselves free from the singularity of credit card companies. Payment processing is fast, easy, and well worth it.