subject: Ten Substantial Ways Your Business Could Stand to Benefit by Accepting Credit Cards [print this page] Ten Substantial Ways Your Business Could Stand to Benefit by Accepting Credit Cards
The worldwide marketplace today as we know it is becoming increasingly integrated with credit card transactions. This is usually the easiest way to keep accounts, the easiest way to buy, the easiest way to make emergency purchases.
What about you?
Have you invested in a merchant account yet for your business?
If not, let's take a look at the benefits of accepting credit cards, while dispelling some myths along the way...
Now, it's understandable that you might be concerned about paying too much for a merchant account or even being able to afford one.
Fear not. If you do your research well, you'll find that there are a few, excellent providers out there who offer a great service for a price that works for you. They profit from the sales you process, and you'll profit by being able to process more sales. This is a win-win situation.
Moving on - here are the top ten reasons why it just makes sense (and boosts your profits) to accept credit cards as a small business:
1. It's Often More Convenient for Your Customers it is very easy for people to quote, swipe, show, enter a credit card to pay than any other method available. This is also reflected in the fact that an averaged US citizen will have a minimum of three credit cards issued by the time they are 20 years of age!
2. You'll Often Look More Credible a business that receives credit cards, in the eyes of the public, will mean that you have credibility since you're being monitored by the provider of the merchant account hence, you are OKAY.
3. Potential Increase in Sales since people prefer this mode of payment, they will be more likely to buy without considering the purchase decision as much as if it were being paid in cash.
4. Capture Impulsive Buyers there are a lot of people out there who are "trigger happy" they see something they click on the payment, feed the credit card and buy the product/service on the spot. If you do not have the facility you can loose big time here.
5. Cash Sales May Go Up As Well the viral effect of having more people buying from you will often generate more business overall - including with cash sales, based solely on the popularity of your business.
6. Keeps Excellent Accounts all merchant account providers will provide you with a monthly statement, which will show you your transactions for that month. This is an excellent way to keep accounts, and as well, it conveniently simplifies your accounting process overall (saving you hours of grueling paperwork).
7. You Won't Look "Out-of-Date" Anymore today businesses which do not accept credit cards are like people who like to travel horseback or live without electricity. Internet and credit cards are so much part of our lives, that anyone who is not adept at either is considered ancient and obsolete.
8. You Go Global without credit cards, you will be able to do business only in your country. International customers would find it too troublesome to pay in foreign exchange. An international credit card a standard feature today would eliminate this bottle neck and open the doors for a global presence
9. Rewards Programs May Further Incentivize Your Sales the credit card providers often provide rewards for their client base - some of which happen to be your customer base as well. Thus, their purchases may have an added motivation behind them.
10. Credit Payments Don't Bounce you'll potentially eliminate many of your collections & non-payment issues with either bad checks or customers who simply don't pay on time - or at all. Credit cards are more convenient for the customer in this instance as well, and can clear up most billing issues fairly quickly in many cases.
If you're the fence about accepting credit cards, I'd encourage you to survey your customers and see what they think. This will give you a clear idea as to how relevant it may be for your business.
Either way, you may be surprised at how efficient, convenient and potentially profitable it may be for you...
