Picking a New Merchant Account for Your Expanding Accounting Firm

Published On July 23, 2019 | By Carol Gilmore | Featured

In the 21st century there have been numerous industries altered by the rise of the Internet. From retail being affected by ecommerce to the complete change in the way the electronics field is run, recent decades have totally altered the economy. One industry that has been greatly affected is the accounting industry. With the rise of online tax filling services has come a major change throughout the industry. Although traditional accounting services are not what they once were, accounting firms all over the nation have still seen immense growth. If you operate an accounting firm, you already know the potential for expansion within your company, and understanding how to capitalize on it is imperative for running a successful enterprise.

Understanding Your Business’ Merchant Account

As your company expands, it is natural for you to outgrow the numerous service providers you have been utilizing in the past. Quality service providers are geared towards the size of the companies they work with, and if you have been using a provider for smaller businesses it is time to upgrade to a company that can truly aid you with your business. One service provider you need to update once your business has grown is your merchant account. Your accounting firm’s merchant account needs to be suited for the size of your company and learning about the various features that larger service providers can deliver to you is crucial in order to improve your company.

Searching for a New Merchant Account

When you are searching for a new merchant account, there are numerous services you should be looking for that will aid a growing business. First and most importantly is security. If you are using an unscrupulous merchant services provider, you are sure to have issues with your business. Your merchant account has to be safe and have a reputation for ethical business practices, especially since you are handling large sums of your clients’ money. Along with security, another facet you should be searching for is interchange-plus pricing. This will enable your company to decrease costs for the management of credit transactions. Another excellent feature you should look for in a merchant account is all-in-one-payment processing – this will help you to combine your online payments and your in-house payments in one convenient location. Other features you will definitely want to look for in a merchant account include activity records (which create a digital recording of your transactions) and batch and deposit reports (which digitize batches across numerous points and departments). Learning about these various facets is essential when looking to replace your merchant account as your accounting firm expands.

Final Thoughts

Running an accounting firm is no simple task and comes with a myriad of challenges, especially in the 21st century. As you grow and expand your firm it will become evident how much truly needs to be changed. Choosing a new merchant account for your accounting firm will be one of the best decisions you have made when growing your burgeoning business, and as long as you search for a top-tier provider, you will be sure to have success within your company.

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