Here’s Why It Makes Sense For Your Small Business To Accept Credit Cards.
May 31, 2016 by Staff
Filed under Money/Business, Tech/Internet, Weekly Columns
(Akiit.com) These days, most people have at least one credit card. They are convenient ways for us to buy a range of products and services. What’s more, it means we don’t need access to available cash straight away. We can “borrow” the money and pay it back in one or more installments in the future.
Credit cards are also useful payment methods because they offer buyers protections. That makes them ideal for online and mail-order purchases. As a small business, you might have assumed that you don’t need to accept card payments. After all, cash is king, right?
The truth is, it makes sense now more than ever to start accepting card payments. Let me share with you some of the reasons why:
You increase consumer confidence in your business
As humans, we are all naturally suspicious. It’s a trait that becomes even more apparent when buying goods and services. When people deal with new businesses, they aren’t sure how legitimate their enterprises are.
One way to boost consumer confidence is to accept credit card payments at your business. Believe it or not, people are more likely to trust your brand. Why? Because they know the card industry is heavily regulated. That means they aren’t going to let anyone accept card payments. Card payment acceptance is often used by consumers as a measure of legitimacy.
You increase your sales potential
Unless you’re insane, any business will take up the opportunity to sell more things! Giving people a choice to pay for items using a card will increase your sales potential.
That’s because you are giving your customers different ways to buy. They don’t feel compelled to use a specific payment method that’s dictated to them. They can use one they feel comfortable with.
You make your business more competitive
As a company owner, you will no doubt be looking for ways to compete on an even footing. One classic way is by making your products and services easier to sell. You can give your customers the choice of buying with cash, card or check.
You can sell online to a wider audience
Many small firms assume that they only need to offer something like PayPal as a payment method. The truth is, more of us prefer to use cards instead of third-party digital wallet providers. Why? One reason is there’s one less username and password to remember.
Another is consumer confidence in digital wallets. Some people just don’t trust their money with a “middle man”! They would rather the transaction get kept between them and the seller.
Accepting credit cards means you can sell online to a wider audience. It’s not unusual for sales to double or more once a website announces it accepts card payments!
Credit card payments get completed fast
There was once a time where you might have to wait for a couple of weeks to receive the funds from a card payment. These days, transactions go into your bank account in just a couple of days or so.
As you can imagine, it improves your cash flow to significant levels. The result? Your business is more stable and viable, plus it can grow faster.
Isn’t it about time you started accepting cards at your business?
Staff Writer; Greg Love