These days, more and more people rely on credit and debit cards for their purchases. Cash seems to be passé, as cards fill wallets instead of money. In fact, an estimated $2.5 trillion worth of transactions are processed by credit cards. Businesses have had to keep up with demand, as they move toward a more cashless system. Wireless merchant accounts are the perfect solution for those businesses.
Thanks to modern technology, wireless merchant accounts are available for industries and companies that go door to door, or are mobile. This is ideal for trade shows, meetings, networking events and anywhere potential customers may be. Everyone from electricians, plumbers to craft vendors will benefit from a wireless merchant account.
Wireless merchant accounts act just like regular bank accounts that receive payments from various credit card transactions for goods and services. Like other merchant accounts, there are fees associated; however, payment processing merchant accounts are not as expensive as you may think: in fact, it has become a very affordable option for both small and medium sized businesses. When you think about how many customers you may be missing out on by not having one, the cost actually becomes nominal.
Most companies charge a fee per transaction, as well as a percentage of the total. They may also charge a set up fee, and a monthly fee. It’s important to compare rates and companies, as each will have a different wireless payment processing plan. Generally, the per transaction fee can range from.10 cents to.25 cents. Monthly rates can be anywhere from $20 – $25. Percentages can range from 1% – 2%. Be sure to ask questions of the prospective company and get all details and charges in writing. Read the fine print, as this is where most of the rate charges and explanations are marijuana merchant account.
When you are comparing rates and fees, try to think of your future business needs as well as your present needs. You may only do ten transactions per month right now, but in the next six months, you may project fifteen or twenty transactions. This will affect which merchant account plan and company you decide on. For example, some companies have extra fees for anything over ten transactions per month. As them about their different plans that are available to you as your business grows.
The mobile handheld device has a card reader just as the non-mobile devices do; they are just as quick to process payments, both debit cards and credit cards. Customers will appreciate the convenience and they can be assured that their financial information is just as secure as with other types of processing devices. The card’s black strip is read by a computer chip, and then electronically sent to the customer’s bank for approval. Authorization is obtained, and a receipt can be printed.
Obtaining a wireless merchant account takes some planning and consideration, but is well worth it, both your business and your customers. The days of carrying cash and carbon copy visa receipts are long gone, as technology has evolved.