Times are challenging right now for businesses of all types, but if you have an essential business, you may be experiencing more traffic than normal. Since many other types of businesses are closed, consumers depend on you to help them meet their everyday needs with essential products and services. To help you meet current demand, you may want to consider merchant account solutions.
How To Tell if You Have an Essential Business
Merchant account solutions are available to all types of business, but for the time being, they may be most useful for essential businesses that are currently operating. If you don’t have an essential business and attempt to open your business earlier than allowed, you could face legal issues in your state or city. To find out whether or not your business is considered essential, check the official regulations in your state and/or city.
According to some sources, essential businesses include:
- Supermarkets and grocery stores
- Convenience and discount stores
- Big-box stores
- Hardware stores
- Daycare centers
- Garbage collection
- Gas stations and automobile repair shops
- Post offices and shipping businesses
- Farmers’ markets and food banks
- Veterinary clinics and pet stores
- Healthcare operations
- Agriculture and food processing
- Educational institutions that facilitate distance learning
- Businesses that provide shelter and other necessities to economically disadvantaged people
- Transportation businesses
- Warehousing, distribution and storage
If you belong to any of these business categories, you can most likely continue operations as normal without any legal repercussions.
What Are Merchant Account Solutions?
Merchant accounts are services that can accept credit cards and other payment forms online. They make it easier for customers to purchase from you, which can help you attract business and achieve customer loyalty. A merchant account is a specific type of bank account that allows businesses to conduct credit card transactions. Without this service, your payment options may be too limited for your customers and you might lose business.
Whether you’re looking for the best POS for nonprofits or you need a POS system to support your for-profit business, it’s important to do your research so you find the most appropriate system for your needs.
Types of Merchant Accounts
There are many types of merchant accounts available. You’ll need to learn more about the options available to you before you select an automotive POS or any other type of POS. Some systems are better suited for retail and restaurant settings, while others work best for gas stations.
It’s important to figure out what functions and features you need your POS system to have before you go out and purchase one. Some systems allow mobile payments, EVM chip cards, touchless payments and other features that your customers may appreciate. If you’re not sure what you need, you can talk with the POS system provider to get their advice about the type of system that would work best for your business.
Consider Investing in a Merchant Account Product
If your essential business doesn’t currently have a merchant account or POS system, it may be time to make a change. You could improve your business and speed up transactions by purchasing a system that’s a good fit for your business.