Virtual merchant, a possible solution for businesses in the pandemic
The year 2020 is marked with the contagious Covid-19 pandemic. At the time of this writing, the second wave of the pandemic has started to affect some countries while others have not even gotten over the first wave yet. This is a tough time for businesses, and yet e-commerce is growing like never before, it seems like not all hope is lost and there is still a way for businesses to survive through this storm, namely by becoming virtual merchants.
Virtual merchants, what are they and why now?
Like every phrase in the business world, “virtual merchant” may be a phrase that you never counter, yet these kinds of merchants can be found everywhere in this digital age.
In general, Virtual merchants are the group of features that allow your websites to sell products or services and charge your customers via debit or credit card. They can be online stores, e-commerce businesses, daily deal sites or even patreon websites. By this definition, suddenly, virtual merchants are not something so distant but the things we encounter everyday or even several times a day.
Virtual merchants or online stores have been growing ever since the birth of the internet, however, 2020 is the year that we realise the crucial role of them when people cannot freely go out of the house to buy necessities. The Covid-19 pandemic has affected every economy like never before and this impact would be likely to stay even after the pandemic has been controlled with both MarketWatch and Statista websites also predicting the rise of ecommerce and online sales in the near future.
Virtual merchant, why should you seriously consider being one now?
In addition to the great growing potential of the market, a virtual platform can provide many distinct advantages compared to a physical location. First of all, you do not need to hire additional staff to work in the store even when there are not many customers visiting, actually you would not need to rent a shop at all. This would decrease the cost of operation due to reduction in rent and utilities of running a shop.
An online shop would provide you a passive income, with just one time setup and they will be ready to attract customers from around the globe. Moreover, customers will have access to your store anytime a day even when you are sleeping. Even if the conversion rate of online shopping is not as high as the physical store, it would attract a whole lot more traffic than a normal one can.
Last but not least, you would have the luxury of managing your business anywhere you want as long as you have internet access to your store. With this 24/7 access, you can easily track your store performance and make necessary adjustments anytimes. And with everyone practising social distancing measures to counter the pandemic, an online website might be the only possible way for customers to reach your store.
How to operate a virtual merchant?
Virtual merchant is not only a website listing all your goods and services but a place where customers can purchase immediately, hassle-free. The purpose of this kind of merchant is to create a seamless experience, increase the conversion rate while allowing your website to reach more potential customers without the worry about any geographical barrier.
To start as a virtual merchant, you first need a merchant account or payment gateway to process credit and debit card transactions, this is crucial for everyday activities of your business. To integrate this function to your online shops, you can either open a website on your own and install the payment software for great customization or open a store on the virtual merchant portal for extra security and support in site management. But which one should you choose between payment gateway and merchant account?
Why choose a merchant account instead of a payment gateway?
Payment gateway refers to the means to collect your customers payment but those funds would go to another general merchant account, which you would have no control of, before sending back to the owners, which is faster and less paper for you to fill at the start but it has a tendency to favour the customers and would freeze your funds anytime there is a dispute or any risks involved with the transactions. In some cases, you can’t call any hotline for a quick unfreeze fund but to follow the lengthy instructions to solve it. This would be best for a small shop and not aiming to reach a massive number of people.
Meanwhile a Merchant Account would allow you to have full control over your payment method with many more benefits but it also comes with a higher cost and more paperwork. These benefits would be safer, easier to manage, 24/7 technical support, better exchange rate for international customers. You can also negotiate the term and condition according to your sale volume and the geography of the customers for great customisation. This option would be best for shops who want to grow bigger or already big stores, who want to reach as many customers as it can.
At DNBC, we offer merchant account tailored especially for online store and ecommerce businesses with less paper to fill and at a reasonable cost. We are committed to provide efficient and time saving services to our customers with the highest standard of protection and one of the most favourable rates you would find. You would also have a dedicated relationship manager for your account and ensure you always have someone to talk to when the time of hardship comes because we know there are so many worries for a business owner and technical problems shouldn’t be one of them.
In addition to that, we would also solve the dispute on a case-by-case basis and would never freeze your account without warning for any reasons so please rest assured that your online business will always operate smoothly even without you checking it. If you provide products or services overseas, we got you covered, our merchant account accepts multi-currencies and would save you time and money on exchange rate for every transaction that you or your customers made.
Moreover, the merchant account you created is not a standalone type of account but it is linked with a corporate current account and your business will receive full benefits of a corporate account along with seamless payment and transaction both online and instore.
How to apply for a merchant account?
If you want to start an online shop or want to implement a merchant account to your own website with our DNBC merchant account. You will need to open a corporate account with us just by sending in the corporate application form and we will dedicate a relationship manager to walk you through the applying process with ease. After you got your corporate account, please follow these 4 simple steps and enjoy our services.
DNBC Financial Group
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