Guest Post: by Mark Taylor
As a merchant that is able to offer a service that charges $300 or even more, wouldn’t it will be good that you are offering a program in which almost 90 percent of the customers are eligible and easily quality for? This will certainly add more wealth into your profit collection as you will do more sales per week or month. If you are in USA then it is good news as such program is available all over the USA.
Here are the methods to buy:
These days there are four different methods that can be used to pay the amount which customers have bought from you. These include pay by cash, use their debit or credit card, pay by check or use the financing program.
Pay by Cash
If you compare the repayment methods then can easily find that the repay by cash is the best method. People even say that Cash is King and it’s the best option for most merchants. But if you see then can easily realize that most of the people do not carry big amount of cash especially more than $500 with them whereas most of the merchants like to get cash.
Pay by using Debit or Credit Card
Today people are using electronic money as a replacement of carry cash with them and it can easily been done by using Debit Card or Credit Card. People frequently use credit cards for their purchases payments. As long as a customer has a connection with good merchant service provider organization, the company can accept the credit and debit cards. As per your merchant services company and your personal or business credit profile, they charge somewhere in between 1.9 to 3.5 percent. These figures can go up or down sometimes. Companies mostly say this cost as Cost to do Business. Especially if you have a virtual company then you must need to be able to accept debit and credit card transactions.
Although Single Check is also a way to pay the amount but this form is now getting very less used and somehow feels like an ancient way in our new age transactions. Now people don’t carry checks like they did in past. This is because merchants also don’t want to take the risk of check not clearing issue. There is a solution for businesses to accept checks. There is a service available that can be used and is known as Check Guarantee Company. They work similar to merchant services by running the check through their processing machine and find out if they check author is on the bad check writing watch list or if the check have been reported as stolen from its owner. Once the check guarantees company verifies and clear that the check is good, converts in into an electronic fund transfer item that makes it payable immediately. It gives few benefits to the merchants. First is the check do not have any hold and the money will be deposited within 48 hours into the account and the check is guaranteed as good and there are no return checks or return check fees.
The most common reason that financing program is not prevalent today is that many merchants do not offer one. If they do then they will lose most of the clients as a big amount of clients will fail to qualify for the service. These days’ banks are really strict on giving funds to the customers. They are reducing credit lines on their good customers and canceling accounts of their marginal ones. Even though you are able to offer a financial service to customers, 50% of them will not have a good credit history to qualify for that. But now you have the power to offer customers a complete payment solution. Now you can offer the No Credit Check Finance Program where thay can finance up to $5000 for 90 days and the cash amount is also guaranteed to you by your merchant service company. This simply means that even if having a bad credit, your customer can now qualify to finance their buying from you.
Mark Taylor is a professional financial consultant, having over 7 years of experience in business and finance industry.Get Started Now