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Banking Tip of The Month: Merchant Services

Banking Tip of The Month: Merchant Services

If you own a small business, sell handicrafts online, or take on freelance work from time to time, then you have utilized merchant services. Merchant services can include any financial service a business or business owner uses to handle transactions and facilitate future work. It’sIt’s essential to understand functions like these to help grow an enterprise.

Finding the Right Tools

Many businesses use similar merchant services to limit customer confusion and streamline the purchasing process.

Efficient Hardware

For brick-and-mortar businesses, as well as any business transactions that happen in person outside of a formal workspace, it’s essential to have the right machinery. A business needs a point-of-sale (POS) system to run many of the most common transaction processing software engines. 

These machines have the appropriate functions to handle various payment methods, including cash, debit card, and credit card payments. They can range in size from standard desktop-size pieces of equipment to small tablets that take up no more room than the average smartphone. Most POS systems have internet access capabilities that allow owners and managers to access real-time sales updates.

Payment Processing

Once the proper machines have been acquired, a business needs the appropriate software to handle the many types of transactions they may accept. Transactions like cash and credit card sales are common, but extra steps may be involved if an establishment accepts checks, EBT, or other less frequently utilized forms of payment. 

Selling products online can add another step to the payment processing plan. To complete transactions on the Internet, a business needs a proper payment gateway. This software works with a company’s website to safely and securely accept customer payments.

Loyalty Programs

More and more businesses utilize loyalty programs to help lure customers back to their store or website. A merchant service provider can help set up a program that connects right to a business’s payment processors so that loyalty members can easily take advantage of their earnings.

Finding the Right Bank

As an entrepreneur, merchant services can make or break the dream that you have brought to life. Choose the right bank to provide individualized merchant services that meet the needs of your business.

DFB and Fiserv — A Win for Business Owners

Dream First Bank proudly partners with Fiserv to give our merchant customers the tools they need to keep building. As the country’s biggest credit card processing company, our business owners have access to a wide range of valuable resources. At the same time, we never push your questions onto a distant third party. Our in-house merchant compliance team is here to help you every step of the way. 

Switching your merchant services provider might save you thousands of dollars each year. At Dream First Bank, we eliminate many processing and statement fees that other providers use to make an extra buck. Simply put, we believe that that money should stay with the business owners. We also offer our member merchants ongoing educational resources so that they can continue to make savvy financial moves.

The financial experts at Dream First Bank are ready to help you save money and improve your business’ transactional efficiency. When you’re ready to experience the difference and start banking with a community bank, get in touch with us.

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