Can you really do business without a merchant account?

Can You Really Do Business Without a Merchant Account? by Michael Rupkalvis

It is probably long past time to realize that trying to do business without a merchant account can be like shooting yourself in the foot. Not only do customers expect to be able to pay with a credit or debit card, but you also have to wonder how much business you are loosing by failing to offer customers what has become a ubiquitous payment option. The question then becomes: "How much business will I lose by failing to offer the option of credit card payment?" This depends largely on the type of business you operate. You may be concerned about the fees that would be charged for credit card transactions cutting into your profit margin, but you also have to consider the effect that credit card sales would have on your sales volume.

In today's economic climate, you really can not afford to be turning down sales due to lack of a payment option. It is not simply a matter of customers choosing to do business with you or not; without the option of using a credit card, a customer may choose not to spend as much. The amount of money a customer spends may be dependant on the amount of cash is at hand. There may be an ATM just around the corner, but why would you send a customer out of your store to get cash? Not only could it be considered poor customer service, but it also decreases the likelihood for an impulse purchase. It may be that yours is one of the very few businesses that can not benefit by having a credit card merchant account. But, all things considered, is this really the case? Take a look at your natural competitors to see how they benefit from the ability to accept credit cards. If you have not already done so it is worth investigating.

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