Clothes with food and shelter make the elementary needs of everyone’s life. Our ancestors hundreds of years ago used to cover themselves up with whatever was available to them like barks, leaves, grass etc. Man being the most blessed creation of the almighty God eventually developed from the stages of nomad to where he stands today, a technology driven being. During industrial revolution the pioneer sectors that laid the foundation of a modern world centered the cotton industry. Cotton was the first popular and widely used fabric used for making clothes. Clothing and dressing up has now become a huge industry in itself. There are tons of people involved in the great industry that is so much determined to make people look good and be comfortable with what they are carrying.
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At the time when man and clothing industry were getting transformed to reach the current stage, the system of exchange also saw changes at relatively slower but steady pace. From the days when things were exchanged in return of goods and services, it will not be an exaggeration to say that the payment scenario has turned upside down. After the barter system, the money was introduced; every country has its own currency. But when you turn back the pages of history of payment industry you will find that dealing in cash was not that safe as the contemporary counterpart. Yes, we are talking about the plastic money. It is much more secure and convenient to pay for the products and services you have bought with the help of credit and debit cards.
Whether you are an online merchant selling clothing, footwear, jewelry or handbags etc., you will need a merchant account to allow your customers to make easy and secure payments with the debit or credit cards.
Though, acquiring a merchant account for your online apparels business may not be as simple as it may look from the outside. Normally an online apparels business is considered a low risk business by the acquiring banks (banks that provide merchant accounts) but there are certain features of your business which raise the risk factor. So, in this case there are acquiring banks that may consider your case (in spite of your business being high risk) but they tend to charge very large amounts of processing fees and other charges, which can make acquiring and maintaining a merchant account very expensive.
EMBELLISHING THE CLOTHING BUSINESS
Clothing stores offer myriad of choices in apparels. There are various categories based on the numerous factors that distinguish one piece of cloth from other. An individual may need to purchase either of shirt, trousers, socks, cap, and jacket or even all of them. Shirt in itself is further divided into casual, formal, semi-formal segments. For saving time and efforts in making payments by the customers it is highly significant that the merchants provide them the secure and convenient payment processing services. For this they have to setup the merchant account for clothing stores. In order to accept credit and debit card payments, a business is supposed to have a merchant account.
Online cloth merchants need to understand the indispensability of the merchant account. The boutiques with the help of cloud based point of sale systems accentuate strengths. The online retail shopkeepers have the opportunity to look up the customer purchase histories and make a track of the best seller items. The impact of switching from the traditional to the modern payment process will be huge and lasting. It is need of the hour to please your customers with the exclusive clothing you offer at best rates with fast and secure payment processing services.
iPaytotal merchant account processes online credit card transactions in real time for you, and it can also process cards in more than 150 currencies.