Why is it important for your wholesale business to accept credit card payments?

Why is it important for your wholesale business to accept credit card payments

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There is a little ambiguity when we search for the person who actually invented credit cards, or came up with the idea (apparently it was John Biggins from New York who is said to be the mind behind first Bank credit card). Businesses are dealing on credit for a long time, but E-Commerce industry should be thankful to the person who first came up with the idea of credit cards. It is only because of the convenience, provided by credit cards, in making online payments, that eCommerce industry and global wholesale industry has flourished with an amazing speed. Credit cards are prevalent in all developed countries, and some people carry up to a dozen credit cards in their wallets. A credit card allows the bearer to make immediate payments even if they don't have the amount in their bank account.

Coming to the point of why is it important for your wholesale business to accept credit card payments, online shopping is a little different than offline shopping. A big majority of the purchasing decisions are made at spur of the moment, it's very rare that an online shopper will leave and come back again to buy the product. Therefore, you need to have a system in place, to facilitate the procedure of making a purchase, for these buyers.

Similarly, distributors need to entertain international customers. Otherwise you will be missing a huge segment of the market. There's hardly any website that targets only the local customers (except when the website is about a local business like car rent or attorney's service). Even though, there are various ways for receiving international payments but no method comes close to credit card payment, which is fast, convenient and reliable for both buyers and sellers of wholesale supplies.

There are different means for accepting credit card payments. First one is to get a merchant account but it is an expensive option. Another option (which is recommended for small wholesale businesses) is to accept payments through a third party merchant account (e.g. PayPal). If you have any idea about eCommerce or online business, you'll be aware that what kind of a difference "PayPal" can make to online wholesale business sales. Wholesale businesses who do not accept payments through "PayPal" find it hard to compete with the businesses that do. Online customers often insist on making payments via PayPal. In addition to that, accepting credit card payments will add credibility to your wholesale business. Therefore, start accepting credit card payments if you want to grow your business.

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