How to make accepting credit cards work for you and your business
The world has gone digital. No argument. Everywhere you look more and more people are shopping online or on their phones, and if you’re not accepting credit card and debit card payments you will undoubtedly cost your business customers time and money.
Why should you accept credit cards? The benefits of accepting electronic payments are numerous and proven.
Credit cards broaden your customer base
Customers want to choose the method of payment that’s most convenient and beneficial for them. They typically don’t want to carry around large amounts of cash whenever they shop. They also like being able to complete transactions quickly and easily without having to run to the ATM or write a check, both of which are limited to their available funds. Shoppers enjoy the speed and convenience of credit card payments, and they like the rewards such as getting mileage, gift awards and points that many cards offer. Customers who are allowed to use credit cards at a business may be more engaged in shopping, which can positively affect your business. If you don’t accept credit cards, you run the risk of losing hundreds of potential customers who are not willing to pay in cash, or don’t have other means to make their payments.
Most businesses today accept credit card payments including most of the businesses with whom you compete. Do you want to lose customers to your competitors for failing to make the payment experience frictionless and painless? With online sales growing exponentially, it’s virtually impossible to do business online without accepting credit cards. Taking your business from a cash-only operation to one that accepts credit and debit cards increases your potential customer base across the country and across the globe.
These customers will also return more often when the checkout experience is simple and user-friendly; studies have found a strong correlation between payment options and customer loyalty. Customers who pay with credit cards are also more likely to spend more when they’re paying with plastic.
Increase business efficiencies
Credit card transactions are processed electronically and settled quickly, with proceeds typically deposited into your bank account within a day or two. This means no more waiting for checks to clear, no more billing and waiting to collect from your customers and no more bounced checks. There is simply no faster or simpler way to improve your cash flow.
Keeping large sums of cash on hand is also a security risk for small business owners. The less cash you have on your premises, the less attractive you’ll be to criminals and corrupt employees.
If you have an online business, accepting credit card payments will save you a lot of time. Payments through credit cards can quickly be authorized, unlike money orders and checks, which take days and weeks to clear.
Get ready to grow
Despite the fact that credit card acceptance does come with some fees, credit card processing is a highly-competitive industry today, so you’re likely to find a merchant services package that suits your budget. Credit card processing rates are so low even the smallest Mom-and-Pop outfit can easily afford to accept credit cards. In fact, many merchants discover that the increase in sales generated by accepting credit cards more than covers the costs involved, making their merchant account an excellent return on investment.
Once you find the right processing partner, getting set up to accept credit cards is quick and easy. A&B POS can process your merchant account application immediately and have you ready to process credit card sales within 24 to 48 hours.
As a single-source provider, A&B POS can also make it simple to address all aspects of your merchant services, from POS terminals, to shopping carts, to loyalty programs and everything in between. For more information contact a A&B POS representative.
Today there is really no reason not to accept cards, and plenty of reasons why it is good for business.