Credit Unions are always looking for opportunities to provide more value to their business members ad one area that can often be overlooked is merchant services – the ability for businesses to accept credit and debit card payments from their customers. If your business members are frequently depositing large amounts of cash or sending numerous wire transfers, it may be time to consider offering them a merchant account.
Cash Deposits Indicate a Healthy Business
Businesses that are frequently depositing large amounts of cash are often doing well. This can be a good sign that they may be interested in expanding their payment options beyond just cash. By offering them a merchant account, you can help them grow their business even further by accepting credit and debit cards.
Wire Transfers Show a Need for Payment Flexibility
Businesses that frequently send wire transfers or Interac transfers may be dealing with customers or clients who prefer to pay electronically. By offering them a merchant account, you can provide them with the flexibility to accept payments in the way that their customers prefer.
Offering merchant services can be a great opportunity to cross-sell other products or services that your credit union offers. By providing a comprehensive suite of financial services, you can help your business members meet all of their financial needs in one place.
When discussing payment options with your business members, it’s important to highlight the benefits of accepting credit and debit cards, such as increased sales and improved cash flow. You should also explain the benefits of choosing a merchant account through your credit union, such as competitive pricing and customized solutions.