CBD distributors today have a variety of options when it comes to accepting payments and managing their finances.
Business owners used to be required to have a merchant account to process credit and debit cards, but third party vendors and payment apps have popped up, allowing card processing without one. And the range of services available for finances and record-keeping is just as wide.
Is having multiple apps and services the most efficient or affordable way to process payments and keep financial records straight, however?
Keep reading to learn seven benefits CBD distributors receive when they sign up for and use a merchant account to process payments and maintain financial records.
1. They Work in Both Physical Stores and Online
Your merchant account is transferrable between an online store and your physical location. If you have a physical storefront and also sell online, it helps to have all your financial transactions and records in one place, rather than trying to manage each individually.
2. You Can Accept a Variety of Payment
Finding a good merchant account won't just help with credit and debit cards. You can use them to process electronic checks (ACH) and electronic funds transfers (EFT). The software will also track physical transactions like cash and check.
3. You'll Increase Your Sales
Research shows that people spend more when they use cards. Businesses that offer the option to pay via card automatically increase their sales.
Part of this is attributed to eliminated friction during the checkout process - consumers want an easy experience with no hassle. Cards are easy to store and provide a one-click checkout for future purchases, meaning customers are more likely to return and spend more in the future as well.
4. You Can Avoid Chargebacks and Bad Checks
Bounced checks and chargebacks cost businesses money. A merchant account allows you to accept electronic payments and avoid the costs and hassle of dealing with bad transactions.
5. You Can Manage Your Money Better
A merchant account streamlines transactions and how they are recorded. You can also reduce your workload with options like setting up recurring payments for services that are repeated regularly and reducing the amount of cash you have to count and deposit.
6. They Offer Better Customer Service
Third-party apps have notoriously poor customer service, meaning if you have an issue with a payment, you could be spending hours on the phone with robots trying to find a resolution. Merchant accounts offer dedicated customer service for their clients, meaning any issues with the software or payments can be corrected quickly, leaving you free to deal with more important issues of the business.
7. You Can Integrate Your Bookkeeping
A merchant account allows you to keep track of payments easily. Instead of having to manually input payments received, you can save time because they'll be automatically added as they're received.
Why CBD Distributors Need a Merchant Account
CBD distributors have a lot on their plate, and more important tasks to complete daily than worry about how they'll be accepting payments and managing their books.
Simplify your daily to-do list by contacting CBD Merchant Account and signing up for a merchant account for your business today!