One of the fundamentals of business is getting paid for your products and services.
To take credit cards, checks, and electronic checks, you’ll need a merchant account. You may also need card-swiping equipment.
To take payments online, you’ll need an online payment gateway that connects to your merchant account.
If your business is generating less than $3000 per month, it is perfectly fine to use Square or Paypal accounts for payment. But if you start doing more revenue, it will pay to switch to a provider who can not only provide you better rates, but who can also customize a payment solution that will be ideal for your business and its revenue growth.
As of 2012, I am an agent for MerchantGuy.com. Troy Wilson founded MerchantGuy eight years ago. It now services more than 1000 businesses nationwide. I met Troy at an entrepreneur function and was impressed with the value his business adds beyond the usual pitch of “lower rates.”
Troy showed me how to uncover hidden revenue opportunities for clients, in addition to lower rates, and better tools.
For example, an HVAC business simply wanted lower rates. However, Troy showed them how a recurring payment program would build customers loyalty and revenues simultaneously. The HVAC business owners offered $79 furnace or A/C tune-ups. But Troy recommended that the business offer a three times yearly visit to keep the systems in tune for just $10 per month. So, instead of “possibly” selling the customer a $79 tune-up, he was able to “definitely” collect $120 annually, while keeping his business name, first and foremost, in the mind of the consumer for when systems need replacement or repair.
Many merchants have complicated and duplicative payment technology that ends up being expensive and actually undermines their growth efforts.
Consider this: A merchant may start out with a brick and mortar storefront. They get a payment system in place. Later they add another location and a Web site that takes payments. They could end up with three different systems!
Worse, that business might be losing out on collecting consumer data.
Yes, you should care about what your rates are. I can help educate you on how it works.
But you should also be concerned about tracking your payments, collecting customer data, arming your employees with payment tools that give them greater flexibility, and finding more revenue! Hint: you won’t get all that from Square or PayPal. You only get that from people who appreciate that they succeed when you do.
For a free, no obligation meeting to discuss your payments situation, just call me. Troy and I will be happy to meet with you. Eric, 816.797.9946.