If you are planning on starting a new business or if you have already registered your business, you have to offer a credit card processing option for your customers. In today’s world, it’s absolutely necessary.
If you look at statistics, you will understand why offering a credit card processing option is vital for the success of your business. Variety is key no matter what service you offer, even if it’s a home-based industry business.
Having a merchant account will only improve your profits and grow your clientele exponentially.
You can even open your merchant account today.
Let’s look at some facts
As mentioned, statistics speak for themselves.
According to the 2020 US Census Report in which Federal data was analysed by AnythingResearch Analysis, it showed that the issuing of credit cards has jumped in the billions from 2017 to 2018 to 2019, reaching a great high in 2020. — What this means for businesses is that people are applying for credit cards, and what they do with credit cards is obvious: they use them to make purchases, particularly online purchases.
This means that business owners need to support this consumer desire by offering credit card processing facilities.
In the same study, they forecast the growing market to increase, again in the billions by a record high in 2023 and again in 2025. This can only mean good things for new business merchant accounts.
Now, from the consumer’s point of view, recent surveys and studies have shown that out of 83% of small businesses that have credit card options for payment saw a greatly increased revenue, exhibiting 52% of that made an added $10, 000 in the month. Eighteen percent of these businesses saw a massive $20, 000 increase in one month!
In the same research group, it suggested that people tend to spend more using a credit card than they would if they had cash. It makes it easier to purchase and, very interestingly, improves customer service by offering a variety of methods in which to purchase goods or services.
Establish your Business
Once you know how you want to start, franchise or independent, register your business with the appropriate authority. You will then need to provide your personal credit history and other information to the payment processor in order to apply for a merchant account.
A merchant account is essential when establishing your business because a merchant account can help you offer credit card payment solutions for your online or retail business. iPayTotal has the solution you need, and it’s always tailor-made, bespoke to your requirements.
Partner with a Bank
Contact local banks to present your business plan. Banks are an important part of credit card processing, so you will need to work with a bank or banks to start your business. You need to present the bank with your business plan. Focus on working with only one bank at a time.
However, it depends on your business; and many banks may not offer you a credit card processing facility for a number of reasons. They may view your business as high-risk or simply because it is a start-up.
This shouldn’t deter you from doing what you want to do.
At iPayTotal, we have great relationships with offshore acquiring banks, and we specialise in all types of businesses, especially high-risk merchant accounts. We gladly on-board start-ups and provide all the necessary requirements for credit card processing, especially secure payment gateways and anti-fraud protection installation.
Contact Equipment Leasing Companies
You will need to purchase equipment to process credit card transactions. Find out if the bank requires specific types of equipment and software.
Alternatively, you can partner with a processing company such as iPayTotal, and we will put you in the right direction, managing everything, from start to finish—or from start to the start of your business.
Hire a Sales and Marketing Team
This team will be responsible for calling on business owners and soliciting their business. Most are paid on commission or on a salary base plus a commission and work as independent contractors.
The sales team can generate business by calling on potential clients and working with them to develop a relationship.
A marketing team is also essential for the promotion of your business via an online presence as well as print, digital and even broadcast advertising. Contact local business owners to let them know about your business.
These are the basic steps in starting a business and offering credit card processing solutions for your customers.
The best thing to do, depending on your business type, is to register with iPayTotal so that you have the right, experienced people on your side to help propel your business to the next level by offering all you need and more to have a successful start and an excellent growth, year upon year.
Call iPayTotal today on +44 800 776 5988 or email email@example.com