subject: Accept credit cards and make the business prospective of your online business venture brighter [print this page] Accept credit cards and make the business prospective of your online business venture brighter
Internet is a leveling ground for business ventures irrespective of their industry vertices and scale of operation. It liberates your business venture from geographical boundaries and makes the whole world your target audience. Success of your online business ventures depend heavily upon how you make the online money transaction. If you accept credit cards to receive payments for your product/service it will multiply your business prospective significantly. Using credit cards for online purchase has become the latest vital aspect of consumer behavior. And, if you do not accept credit cards, you are loosing a significant number of potential customers.
Apart from the above mentioned benefit, you get several benefits when you accept credit cards for receiving payments. First of them, credit card acceptance is capable of creating a sense of trust in the mind of the customer. When he/she sees the logos of different credit cards accepted by you, it increases your business venture's legitimacy in his/her mind. This feeling of legitimacy has the capability to convert a visitor to a customer. Second important factor in this direction is the nature of transactions in web based business ventures. Several studies have found that more than 90% of it is done through credit card. If you do not provide this facility to the customer, surviving in this cut-throat competitive web space will be highly difficult.
Demand for any product or service is the combination of willingness to buy and ability to pay. If the visitor or potential customer likes your product/service and does not have the required money credit card solves the problem. Hence, you need to accept accredit cards to grab a significant amount of impulsive buyers who have the willingness to buy but lack the ability to pay without taking help of credit cards. Convenience is another aspect that allures online shoppers to use credit cards. Using credit cards often offer the card holder reward points and reward miles. If you do not accept credit card, there is a bright chance of loosing a potential customer to any of your competitors who accepts payment through credit cards.
If you belong to small or medium scale business ventures, it does not mean that your business will stay at that position for ever. With the increase in business, the size of orders becomes bulkier. Checks and other forms of cash receipt might not be that effective in such cases. Along with, several studies have found that clients paying through credit cards place more orders compared to clients paying through other payment formats. Hence, with the increase need and growth of your online business venture, you have to accept credit cards payments to enhance your business prospective.
Merchant accounts are not that expensive as many of the online business venture owners think. Processing rates are now at their lowest price. Hence, integrating credit card acceptance facility in your website will not cost you heavily. However, once integrated and you accept credit cards for receiving payment, the business, revenue and profit become manifold.
