Whether you’re just starting out or have been in business for years, you may be toying with the idea of accepting credit cards. Sure, getting started may seem daunting. You have to apply for a merchant account, purchase a card reader, possibly add on some additional software and, on top of all that, hope you have customers who want to pay by card.
If you’re on the fence, we can say with confidence you’d be doing your business a disservice by not giving your customers the option to pay with a credit card. Coming from a Merchant Service Provider, this may sound like a push to get your business, so we asked business owners their thoughts on accepting credit cards. Hear from your peers and see for yourself how accepting credit cards can benefit your business in five ways:
Attract New Customers
Payment convenience will matter most for attracting less regular or new customers. If someone really likes your coffee shop, they will scramble for cash the day your credit card machine isn't working. Less loyal customers will walk on by. Unfortunately, if your goal is to grow, it's those less regular or new customers you want to attract, since it's likely you're already selling as much as you can to your loyal ones.
As a business you want to make sure you make the payment barrier as low as possible, so you can convert potential customers into loyal product consumers.
Increase Sales, Increase Efficiency
Many businesses realize that offering credit card payment options are just a part of doing business today. ... Most of our clients find that they save a lot of time they were otherwise spending managing manual payments … . They realize that they were actually spending money (through inefficiency) on manual payments and are reaping the benefits of going online in the long term.
Credit card payments are easy and hassle free for everyone involved, and our clients have seen a 75% decrease in their non-payment rate when they move to accepting credit cards online … our software provides payment plan options, so clients that have higher-valued products can ensure they are getting paid over several installments, automatically, without spending time following up with their clients, chasing down unpaid balances, etc.
Credit cards also come with a level of [secure funds] that can be priceless for a growing business.
Credit Cards Mean Deeper Pockets
Accepting credit cards absolutely increased my cash flow, revenue and profits. One of the main reasons is that people tend to spend more using credit cards. Once we started accepting credit cards I saw a huge increase in impulse purchases. We opened up our business to even more consumers who don't carry cash. The increase of converting customers was well worth the credit transactions fees. Providing a credit card payment [option] is no longer a courtesy and more of an expectation. There is no reason any business in this modern age should not be accepting credit card payments.
Accepting Credit Cards Validates Your Business
Not only will accepting credit cards increase the potential sales of a business, but it will also give validity to the company. Only accepting cash can make a business seem stuck in the past, out-of-date and possibly even illegitimate.
Payments Come in Quicker
My clients prefer to pay electronically and love the convenience my firm offers with online payments that can be made right from their phone. I do not have to wait for their payments to clear before doing the work I was hired for. Credit card payments clear our account almost immediately and allow my firm and me to start working for our clients [right away]. Everyone wins!
Are you more comfortable with the idea of accepting credit cards now? What benefit stood out to you the most? We’d love to hear from you!