Merchant Services: Is Your Business Fulfilling Its Earning Potential?
Lets face it: in todays economic climate and worldwide marketplace
, businesses are under more pressure than ever before to learn new ways to effectively compete. Unless a business is willing to evolve with the times and with consumers changing needs its a good bet that business will not be operating for long.
One of the best ways to ensure your business is earning all it can and is continuing to attract new customers while pleasing its current customer base is by accepting credit cards as a form of payment for its goods and services.
Credit cards offer both businesses and consumers a wide variety of benefits and advantages, and companies that dont bother to explore these benefits are missing out on significant profits and are likely losing customers, as well.
If your business is not living up to its earning potential, the time has never been better to open a merchant account that will allow you to accept credit cards as a form of payment. More than ever before, customers are turning to credit card use for all types of purchases, from small purchases made every day to big, special-occasion purchases.
Why do customers love credit cards so much? Here are just a few of the reasons why these little pieces of hard plastic have become especially popular in recent years:
Flexibility!
Credit cards put the power of the purchase directly into the customers hands. While cash requires immediate, up-front payment of the total amount of any purchase, credit cards allow the consumer to make their purchases and pay for them in a way that is most convenient for them, and that suits their budget.
Flexible spending ability is the reason credit cards became popular in the first place more than a half century ago, and its a primary reason why the cards are still so popular among consumers of any income bracket. And, consumers know that as they pay off the card, the available balance for accommodating additional purchases will increase, offering an added degree of flexibility.
Convenience!
Credit cards are easier to carry than cash and, unlike cash, they are less limiting. Cash buyers are limited by the amount of cash in their pockets or wallets, meaning they must carefully preplan every shopping trip and purchase prior to making it.
If a cash buyer sees an item theyd like to have during a shopping trip, unless they have some extra cash on hand, that purchase has to be eliminated. Credit card users know they are not bound by prescribed spending plans, and can make an impulse purchase when they want to. And, credit cards are especially convenient for travelers, eliminating the need for travelers checks and currency exchange.
Finally, credit cards allow for much faster order processing when ordering items online, by phone, or by mail. Instead if waiting for a check to clear or risking losing cash while in transit credit card purchases are immediately processed and orders can be sent out immediately. Consumers especially love credit cards for online ordering, where the cards are used by more than 90 percent of online shoppers.
Security!
Lose your cash and youve lost it for good. Same thing if its stolen. But if credit cards suffer either fate, they can be easily replaced with a single telephone call.
Protection!
Credit cards offer extended warranties and protection plans for many items like costly electronics when those items are purchased using the cards, offering customers an added level of protection. Bought separately, extended warranties can be costly. This added perk can mean big savings to consumers who use the cards for eligible purchases.
Sweet Rewards!
In addition to extended warranties on many goods and products, many credit cards today offer valuable rewards to those who use their cards. Rewards programs assign points to each purchase made with the card, meaning that the more a consumer uses his or her card, the more points he or she can accrue.
These points can be redeemed for valuable items, including airline flights and hotel stays, cash, and merchandise like jewelry and electronics. Rewards programs are a relatively recent phenomenon to the credit card industry, and one which has been greeted with eagerness by those who use the cards regularly. As a result, more and more people who once used cards only on rare or infrequent occasions now use their cards regularly to earn the rewards the card programs offer.
For all of these reasons and more, customers have begun using credit cards in increasing numbers in recent years, and businesses that cater to these customers see their profits go up in a brief period of time. Taking all these things into account, its easy to see why your business should accept credit cards to fulfill its own earning potential.
by: Giselle Buford
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