An Overview: Shopify Merchant Card Processor Account
Today’s consumer prefers non-cash transactions over cash payments for goods more than ever before. More than a third of Americans—a startling 70 % of the total population—carry three or more credit cards, and there are more than 1 billion credit cards in use in the United States alone.
Businesses must explore merchant services as they become more dependent on credit cards and other cashless online payment methods. Several businesses have, therefore, opted for Shopify migration from another eCommerce platform, and are more inclined towards learning How Does Shopify Payments Work.
However, Shopify migration isn’t that easy. There goes a lot into it when we talk about the learning curve. The Shopify integration brings Shopify optimization, Shopify plugin development, Shopify customization, and more but the easiest parts are learning about Shopify Pay Installments, Shopify Transaction fees, and Shopify Pay code.
Having said that, a Shopify merchant account is an asset, that makes your business’s financial management easy. The equipment and services required to accept and process credit or debit card payments from consumers are all included in Shopify merchant card processor account services.
To ease your understanding here is a quick low down on what is a merchant account, how can you open a Shopify merchant card processor account, and the types of Shopify merchant account, before we dive into the benefits of having a Shopify merchant card processor account for your business.
- What Is A Merchant Account?
An organization’s bank account that enables the processing of credit and debit payments from clients is known as a merchant account.
You can open a Shopify merchant card processor account by working with a payment processor or a merchant account provider.
A merchant account, in contrast to a standard bank account, serves as a go-between for your company and the banks who issue credit or debit cards for your clients to use, with a merchant acquiring bank that loans you the money to ensure there is no delay in settlement.
- Types Of Merchant Accounts
There are different types of merchant accounts to meet the various requirements of businesses. You can pick the option that is ideal for your sort of business.
- Retail
- Mobile
- eCommerce
- Retail
A retail merchant account can be used by brick-and-mortar retailers. These businesses benefit from affordable setup and transaction costs.
- Mobile
If your business is mobile, you’ll need a mobile merchant account. This account would be perfect for someone operating a flower shop or a bookshop out of a truck, for instance. You could set the mobile credit card processing equipment up to accept payments using credit cards while you’re on the go.
- eCommerce
You can open an eCommerce merchant account if you offer goods or services online. Ecommerce merchant accounts differ from brick-and-mortar store merchant accounts. Several categories exist:
- Offshore: A foreign merchant account, distinct from your own country
- Local: A merchant account accessible in your country of residence
- Direct: To open a merchant account, do this by speaking with a merchant bank directly.
Executive Summary
You will be exploring the edges of using the Shopify merchant card processor account that will help you gain beneficial insights, which are management ease, security of transactions, and flow of finances, and also to improvise the customer experiences and
Top 5 Benefits Of A Shopify Merchant Card Processor Account
Creating a Shopify merchant card processor account can seem daunting. But joining forces with the right merchant account provider can make the process less tedious and bring valuable benefits.
- Simple financial management
- Highly secured and payment processing
- Improved customer experiences
- Increased store sales
- Enhanced flow of cash
Benefit # 1 – Simple Financial Management
Online retailers benefit from better money management thanks to merchant accounts. You don’t need to physically keep track of, count, or handle money because the majority of transactions take place online using debit and credit payments.
Benefit # 2 – Highly Secured And Payment Processing
The possibility of fraud and theft is decreased thanks to the integration of online card processing abilities with your company’s operations via payment gateways. Allowing your consumers to pay as they wish will increase conversions while ensuring secure checkouts.
Read Also Shopify Transaction Fees
Benefit # 3 – Improved Customer Experiences
When your consumers are free to purchase, make payments and use the methods of their choice, their shopping experiences will be hassle-free. This results in superior customer service, which might encourage repeat business from the customers.
Benefit # 4 – Increased Store Sales
An American Consumer Credit Counseling study found that almost 80% of consumers prefer card purchases to cash. Your business can enhance sales by processing such payments given that many clients are prone to someone using credit cards for bigger transactions.
Benefit # 5 – Enhanced Flow Of Cash
Payment authorizations occur more quickly when a merchant account is established. In contrast to individually charging your consumers and waiting up to a month or more to get the payment, the money arrives in your account around 1 or 2 working days.
Besides all the benefits it isn’t easy choosing a Shopify development company. It requires careful thinking and planning on your part. However, Folio3 is one of the leading Shopify Development Partners that offers to hire a Shopify Developer to help you with all kinds of Shopify web design company services.
Therefore, when searching the market for the ideal service, avoid simply choosing the one with the lowest prices. Pick a Shopify merchant card processor account provider that can assist you in scaling up your operations, growing your company, and offering a clear pricing structure.
