Credit cards aren’t a luxury anymore; they’re a necessity. Credit card payment has quickly become the most used form of payment. If your business doesn’t accept credit cards, then you’re missing out on sales.
Whatever the reason you have for not accepting credit card payments, the fact is that the pros far outweigh the cons. Read on to find out how, as we look at 8 reasons a merchant should accept credit card payments.
Benefits of Accepting Credit Payments
1. Improve Your Cash Flow
Credit card payments offer quicker processing time compared to checks or ACH. Generally, you can expect the money to be in your account in 24-48 hours. Therefore, you can access money faster. Ultimately, this increases your cash flow.
2. Strengthen Your Brand
Accepting credit card payments adds legitimacy to your business. This is because it provides trust, especially with a merchant account. A merchant account means a bank goes through the underwriting process for your business.
This establishes credibility. In fact, the more types of credit cards you accept, the stronger the credibility. This equates to a strong brand.
If you want to sell online, you need to accept credit card payments. The majority of online buyers like to use credit cards for payment. By having an online store and accepting credit card payments, you are tapping into a growing trend.
4. Challenge Your Competitors
Honestly, if you don’t accept credit card payments, you’re losing sales to your competitors. You’re sending potential customers to your competitors by not accepting credit cards. Unfortunately, the market share for cash-paying customers is shrinking.
You place yourself on the same playing field as your competitors by accepting credit cards. Therefore, you can attract more customers.
Credit card processing offers a stream-lined process. It cuts out the billing and invoicing process. When you swipe a credit card, you get immediate approval or denial. You won’t have to chase down payments or risk getting a bad check. Also, you can access online reporting and support tools that add further convenience to the process.
Credit card processing creates a transaction history that includes an authorization number. This provides the documentation you need to protect your business and comes in handy when dealing with payment disputes. Furthermore, it reduces the risk of fraud.
7. It’s Inexpensive
Most businesses that don’t accept credit cards do so based on the assumption that it’s expensive. Yes, there’s a cost, but it’s not as costly as you think. Credit card processing is a competitive industry. This helps drive down the processing costs.
Also, many processors offer a merchant services package that can provide even further savings. Moreover, you’ll easily cover the cost of credit card processing with the increase in sales that accepting credit cards causes.
8. Improved Customer Experience
Most customers like paying with credit cards. It’s easier and safer. They don’t have to carry a lot of cash. Instead, they just pull out their card and swipe. Even better, some just pull out their card and tap.
Also, customers like to take advantage of the benefits of credit card rewards programs. To use these benefits, they will shop where credit cards are accepted. This means a loss of sales for you if you don’t accept credit cards.
More for You and Your Customer
Overall, a better customer experience means a happier customer. A happier customer becomes a return customer. Plus, credit card customers tend to spend more.
In the end, accepting credit card payments means increased sales and cash flow for your business.
It’s a win-win situation. Your customers are happy, and so are you.
Interested in how merchant services can expand your business? Learn more about our merchant services package and contact us here.