A lot of businesses today have multiple merchant accounts in order to be strategic about their financial operations and decisions. Indeed, you can open multiple merchant accounts with different banks or processors — the process, however, depends on the enrollment process of your desired merchant account provider.
Opening multiple merchant accounts allows you to become more accessible to your different customers. You can transact with customers either locally or internationally. You can also accept more card and transaction types.
Multiple accounts also let you save money on surcharge fees, and you can also spread out your transactions. If your business is considered high risk, this can be extremely helpful in minimizing your risks and reducing your fees.
You will also be able to balance out your chargeback fees among your different merchant accounts. Having another merchant account gives you a backup in case one of your other accounts suddenly gets terminated or closes. This will prevent you from losing out on potential customers or making significant sales.
If you are already thinking about scaling and growing your business, then opening multiple accounts is a great way to start. This puts you on the fast track to more business opportunities and grants you access to international markets.
Overall, multiple merchant accounts can save you money and allow you to make wise financial decisions. If you have been hesitant about making the move, now is the time to do so.
Want a recap on the basics of a merchant account, before you decide on opening more? Have a look at some of our previous posts. Contact Processing Card today!
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
