Benefits of a free merchant account include less to zero setup fee, hassle free application, open to all types of business, accepts any type of credit cards, welcomes international customers, allows business to open for 24 hours, increases sales, low to zero monthly fees, and it has secure and reliable services.
Many businesses nowadays are into accepting credit or debit cards especially when it undoubtedly has huge benefits to the business and to the customers and it also has become one of the most common forms of payment.
People have found out that setting up a merchant account through your local account providers is a bit costly and with little chances of approval , especially to new and small businesses. That is why more and more credit card processing companies today are offering what they call ‘free merchant account’ that all business owners can practically acquire. It doesn’t mean, though, that it is ‘free’ literally. But, it has a number of great benefits and they are the following:
Less or zero set up fee
Setting up a merchant account may cost a bit and it would be hard for new, small and thriving businesses to have one. It may be the right solution for them because setting up for one is very affordable and some providers may even give you that for free.
Hassle free application
In setting up a merchant account, applicants usually worry about lots of requirements. But, in a free merchant account, the merchant need not worry about them. It usually has hassle free applications with an average of 98% approval rate. So, any business will most likely have bigger chances of having one.
Open to all types of business
A free merchant account is open to any kind of business. It could be small or large, low risk or high risk.
It may be impossible for some providers to give you such account due to the nature and classification of your business. But with this type of account, rules are more relaxed and more flexible to any business.
Accepts any type of major credit cards
Your business can process any type of credit cards when you have this account. Thus, your business will become more flexible in terms of your customer’s payment options.
Welcomes international customers
A free merchant account is accessible even through the Internet. Your business can gain even international customers. And, if they are interested in your products or services, they can avail them whenever or wherever they are.
Allows business to open for 24 hours
This account permits you to do business round the clock. Because with it there is less supervision and less paper works.
Due to the fact that having a free merchant account allows your business to accept credit cards as payments, more and more customers undoubtedly will be more attracted to your business because of the convenience that you give them when paying. The more customers you have, the more sales and profit you will gain.
Low to zero monthly fees
These type of providers offer very low rates including monthly fees. This is to lure more merchants to sign up with them. At the same time, great news to those who want to have a merchant account.
Secure and reliable services
These accounts are legitimate and transactions made by them are well secured.