Yes, there are benefits to having an actual credit card merchant account compared to using third-party payment processors like Stripe, Square, or PayPal. Here are some advantages of having an actual credit card merchant account:
- Lower processing fees: Merchant accounts often offer competitive processing rates, especially for businesses with high transaction volumes. You may be able to save money on processing fees by having a direct merchant account.
- More control over funds: With a merchant account, you have direct access to your funds and can usually access them faster compared to third-party payment processors, which may have longer payout times.
- Customized payment solutions: Merchant account providers can offer customized solutions tailored to your business needs, such as integration with specific software or tools, advanced fraud protection, and more.
- Better customer support: Merchant account providers typically offer dedicated customer support to help you with any issues or questions you may have, providing a higher level of service compared to some third-party processors.
- Reduced risk of account holds or freezes: Third-party payment processors like Stripe, Square, or PayPal may freeze or hold funds under certain circumstances, such as sudden increases in sales volume or suspected fraud. Having your own merchant account can reduce the risk of experiencing such holds.
However, it's important to consider the specific needs and size of your business when deciding between a third-party payment processor and a traditional merchant account. In some cases, the simplicity and ease of use of third-party processors may outweigh the benefits of having a merchant account.