Businesses are capitalizing on a variety of innovative trends in merchant services to build their enterprises, increase sales and have greater profits. Most retail stores and online merchants require the use of credit card processing to thrive in their businesses and build their customer base. Convenient credit card processing methods help to promote business efficiency and improve performance and productivity. Also, companies are taking advantage of options to customize their accounts to fit their business needs.
Mobile Credit Card Processing
Mobile credit card processing allows companies to accept credit card payments on the spot from any location by using a mobile device such as a tablet or a smartphone. This is beneficial for small and large companies and independent contractors who travel to their clients’ locations to perform services and accept payments. A card reader can be attached to the mobile device, allowing you to process payments and direct the funds into your business bank account. You can simply swipe your client’s card or enter the credit card details from any location in the world.
According to Entrepreneur, mobile systems are transforming the payment environment. Barclays Capital reported that sales performed through mobile devices in the U.S. accumulated up to $5.3 billion in 2011. This represented an 83 percent increase between 2010 and 2011 with regards to companies that transacted business using mobile card readers. This convenient method not only increases sales, but businesses can save time and money and process payments quickly rather than billing clients for services rendered. If you can access the Internet from your smartphone or tablet, you can accept credit cards online. There is no need to determine whether a client has the available funds to pay for your services or spending unnecessary time keeping track of billable hours. The mobile credit card reader will withdraw the required amount for your services immediately from the client’s account.
Cash Advances for Businesses
When overhead costs increase during low sales periods, many small businesses struggle to pay their expenses and keep their businesses afloat. However, due to increased government regulations on banks, many banks are denying loans to small businesses. They are requiring applicants to have higher credit scores and larger assets to get approved for loans. According to a study conducted by Pepperdine University Graziadio School of Business and Management, 48 percent of privately held businesses who responded to the summer 2011 survey revealed that bank loans are a major source of funding to help keep their business operations running smoothly.
Because of the declining rate of bank loan approvals, businesses are finding alternative ways to secure loans. Credit card processing companies are offering merchant account cash advances to businesses, providing lump sum payments at quick turnaround times, competitive interest rates and flexible repayment options. According to Motor E Magazine, merchant account cash advance loans are now accessible to companies without credit checks. Therefore, businesses that do not need meet the credit score threshold required for bank loans have options to secure capital from alternative lenders.