The times, during which if you wanted to purchase something, you had to have cash on you, are long gone. The cheques still exist, although not many people use them anymore. Why? Because of the technology. There is no need to move money from one place to another physically anymore. The systems that are in place allow us to purchase products and services from our beds in absolutely no time. It is faster, more convenient and safer. Shops and restaurants that don’t accept physical money are not a futuristic vision – those already exist in countries like Sweden and Canada. In the United States, transactions made with cash still account for 31% of all transactions, but year after year, this number is decreasing.
It is no surprise then, that for any kind of business to flourish it has to allow its clients to transfer their money without encountering any issues. In this day and age, most people don’t go physically to stores to make their purchases – it requires too much time and effort. It means that if the system is not functioning exactly as it should, the company can expect to lose a great deal of money.
If the company wants to accept credit card payments online from its clients, its best bet is to rely on the services of a payment processing company. As long as everything works, most businesses aren’t really interested in the specific mechanics of how cash flows from the accounts of their clients to theirs. This is why they decide to partner up with companies which specialize in this subject. They provide a merchant account that allows the transactions to proceed, as well as all the required software and hardware. They also deal with any technical and customer support. To learn more about this subject, check out the infographic.