Just like with many other accounts, if you plan to take credit or debit cards payments in your automotive business, then you’ll need a merchant account.
Don’t fret when they classify you as high risk because several other daily services fall in the in same arena. Relax boss; there’s a way out for you.
What value will a merchant account add to my business?
A merchant account adds excellent value to your business. To begin with, it makes sure your store stays in operation all day and all week long. How does it feel like to work round the clock without breaking a drop of sweat?
It also allows your customers a wide range of payments options. Clients love to pay using different options so you get a competitive advantage if you can offer alternatives. A merchant account will allow customers to buy from your auto shop using your virtual terminal and a safe, encrypted gateway.
What’s a gateway, what’s a virtual terminal?
Safety is a priority for merchant account holders. An automotive merchant account protects you from fraud, and the gateway is what keeps all transactions from hidden from tricksters. Plus, your finances will be deposited to your account as soon as they are complete.
A Virtual Terminal is a button your merchant account provider puts on your website to help guide your customers throughout the payment process. Therefore, the Gateway is the path all the info follows in-house and is usually encrypted to prevent hackers from stealing the confidential client data.
How do I know whom to partner with?
Merchant account providers aren’t the same; they differ significantly in rates and type of service. That’s why you should make sure the one you choose for your automotive business. Whether you service entails renting or selling cars, or spare parts, you must be sure to understand every detail of the contract.
You need to know how much you’ll be charged per transaction; whether the structure is payment-per-transaction fee or based on a monthly fee. Only choose what’s right for your micro-business.
So you need not panic at the thought of seeking a merchant account for your auto business. There are multiple options. All you have to do is carefully access your business before selecting one that will meet all your needs.