How Merchant Services Sales Jobs Can Give You a Leg Up on the Competition
Posted by nazmulseo on July 4th, 2020
They say you can't stand in the way of progress. Once the public embraces a new idea, there is no going back. The French call it a fait accompli, which literally means an accomplished fact. Resisting change is as American as apple pie. It is also often an exercise in futility.
Credit cards have been around for over sixty years. Diners Club and American Express offered them to preferred customers way back in 1950. They were called plastic money and they could only be used at select locations. Their popularity steadily increased, but it was not until the debit card was introduced in the late 1980s that electronic payments started truly gaining ground on cash and checks.
Plastic surpassed paper as the most popular payment method in the U.S. in 2003. Six in every ten retail transactions are now completed with a credit or debit card. The figure is even more one-sided online, where nine in every ten transactions are electronic.
What is a Merchant Service Account?
Every business that accepts credit/debit cards must have a valid merchant service account with. Issued by banks and financial institutions, Merchant Services Sales Jobs are the gatekeepers and custodians of the electronic payment industry. It is their job to approve or decline each transaction. They also see to it that the merchant receives payment from the customer's credit/debit card company. Once the payment is received, they deduct their fees and transfer the remaining balance to the merchant.
Why are they important?
For online sellers or e-businesses, merchant service accounts are a must. There is no other reliable way to receive payments from customers. But traditional brick-and-mortar companies can conceivably remain cash only. Delis, diners, car washes and convenience stores customarily request cash.
Patrons of these establishments seldom put up a fuss. They understand that these businesses focus on low prices and high volume sales. As a result, accepting electronic payments would cut into their already slim profit margins. Most customers can forgive them this minor inconvenience.
However, when customers are paying retail prices for expensive items, they expect to be taken care of. Whether we are taking about TVs or designer dresses doesn't really matter. People shop at retail stores because they want to find exactly what they need. They want to try it on, try it out, and ask questions.
Americans are arguably the world's best shoppers. The U.S. is one the few nations with a holiday (Black Friday) that is based entirely on consumerism. Many folks complain about shopping for the holidays. They talk about the long lines and the crowded stores. But the truth is that most Americans love shopping. They love it so much that they are willing to spend more for a pleasant and enjoyable shopping experience.
Most people know that online shopping is cheaper and more convenient than shopping in the stores. Even so, only eight percent of retail purchases are placed on the Internet. The only thing that has changed is their preferred payment method.Also See: Services Sales, Sales Jobs, Merchant Services, Merchant Service, Merchant, Shopping, Payment
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