Making Payments Easy: How Merchant Facilities Are Changing the Game, But Getting Them Wrong Can Destroy Your Business
Are you thinking of moving your eBay, Vinted or Amazon sales away to your own website? With seller fees being so high and profit margins never tighter due to a cost-of-living crisis and increased competition, often from abroad, running your own website looks to be a far better option, especially if you already have a decent customer base, and your loyal customers will be happy to buy from you direct, and you'll benefit financially by cutting out the middleman!
Setting up your own website can be daunting. It's not as simple as adding the products to the website, and they'll magically sell, and you'll get the money; you need to set up a merchant facility!
Have you ever wondered how businesses like your favourite online shops or local cafes accept payments from customers? Well, there's a nifty tool called a merchant facility that's making it all possible. Let's break it down into simple terms and see how it's revolutionising the way your potential customers are and want to pay for the items they buy.
What's a Merchant Facility Anyway?
Think of a merchant facility as a magic portal that helps businesses accept payments from you, the customer. Whether you're swiping your card, tapping your phone, or typing in your details online, the merchant facility is the behind-the-scenes hero that makes it all happen.
Why It's Awesome for Businesses
Imagine you're running a small bakery or starting an online store selling handmade crafts. You want to make it easy for your customers to buy your delicious cupcakes or unique creations, right? That's where a merchant facility comes in handy.
With a merchant facility, you can accept payments in all sorts of ways – credit cards, debit cards, online transfers, you name it! This means more people can buy from you, and you don't have to worry about missing out on sales just because someone doesn't have cash handy.
Plus, these facilities are super quick and secure. You don't have to wait around for cheques to clear or worry about someone stealing your customers' payment info. Everything is encrypted and protected, so you can focus on baking those yummy treats or crafting your next masterpiece.
Levelling the Playing Field for Small Businesses
You know how big companies always seem to have fancy payment systems with all the bells and whistles? Well, merchant facilities are changing that game. Even if you're just starting out with your clothes store or crafting business, you can have access to the same tools and technology as the big guys.
Merchant facilities offer affordable options for startups and small businesses, so you can set up shop without breaking the bank. And if you ever run into any problems or have questions, there's always someone there to help you out. It's like having your own personal payment support team!
Going Global
Here's where things get really cool. Merchant facilities aren't just for local businesses – they can help you reach customers all around the world. With features like multi-currency support, you can sell your goodies to people in different countries without any hassle. It's like turning your little clothes store into a world-famous department store overnight!
Is setting up a merchant facility easy?
Yes and no! With online payment and eCommerce growing ever-popular, having a merchant facility is essential to many modern businesses. Like banking, incorporating a merchant facility into your business is becoming increasingly difficult, and so it's important to get advice from a respected company. Luckily these days, that's made easier when you can get free consultations from companies such as Octopus.
This sort of consultation can give you lots of invaluable advice on what a merchant facility can offer you and what all the jargon means, such as:
Benefits for Startups:
Swift Setup and Custom Solutions: One of the primary hurdles for startups is getting their payment infrastructure up and running quickly and tailored to their unique needs. With merchant facility introduction services like ours, startups can benefit from a rapid setup of custom solutions. This means they can hit the ground running without the hassle of navigating complex payment processes.
Enhanced Security Measures: Security is paramount in the digital realm, especially when dealing with sensitive financial information. Merchant facilities offer SSL encryption for payment pages, safeguarding customer data against unauthorised access or fraud. This not only protects the business but also fosters trust and confidence among customers, crucial for startups building their reputation.
24/7 Professional Support: For startups with limited resources and manpower, having access to round-the-clock professional support can be a game-changer. Our merchant facility provides a dedicated support centre to address any payment-related queries or issues promptly, ensuring smooth operations and customer satisfaction at all times.
Risk Management and Fraud Prevention: Startups often lack the resources to implement robust risk management strategies independently. Merchant facilities offer built-in risk management and fraud scrubbing tools, minimising the risk of fraudulent transactions and chargebacks. This proactive approach not only protects the business's bottom line but also preserves its reputation in the long run.
Multi-Currency and Multi-Payment Options: In today's global marketplace, startups need to cater to customers worldwide and offer flexible payment options. Merchant facilities support multi-currency accounts and various payment methods, allowing startups to expand their reach and seamlessly accommodate diverse customer preferences.
Can't I just use PayPal?
You could yes! I actually work in e-commerce and have done so for twenty years (I'm not just a blogger!). there was a time when PayPal was the 'in thing' and it was easy to set up payment processing facilities, however things change. The e-commerce site I work for recently switched to PayPal to handle all its transactions as it offered attractive processing fees. However, all that glitters isn't gold. The number of failed transactions increased dramatically, either through technical issues on the PayPal side or because customers didn't like the idea of paying via PayPal!
A large number of customers stated that they felt that PayPal was less professional for a seller to use for all its transactions. The customers got confused as to whether they needed to have a Paypal account to use the payment-taking system; with many business customers not having a company PayPal account and just want to pay via credit card in the usual way they buy online, and even though PayPal doesn't actually need you to have a PayPal account to pay, that confusion and lack of clarity cost us sales and decreased customer satisfaction, which isn't something we had expected/thought about!
Sure, have a PayPal option for the people who like using their PayPal accounts to pay, but also have a separate merchant facility for taking debit and credit card payments. We re-introduced this, and our failed transactions decreased significantly, and we saw an uplift in sales growth, which just shows that these days, customers like to use a bonafide and professional-looking payment processing service, and as a startup, that's incredibly important, as you have just one chance to get that sale, and if your payment processing facility isn't up to scratch, then you've lost that customer, most likely forever, so my top tip on setting up online, is not to skimp on how you process your sales, its really important and can be the make or break of your business!