In the age of plastic and electronic payments, business that accept cash only are behind the curve. Signing up with a credit processing service to accept credit card payments is one of the best things that you can do for your business. Here are four advantages of accepting credit cards for a small business.
Increased Sales
Everyone knows that credit cards are likely to lead to more frequent impulse purchases. If you are a small business owner, you also know how much you can benefit from these impulse purchases. Studies have shown that people are willing to spend more when using credit cards than when using cash. By accepting credit cards, you are opening your doors to a wider pool of customers who may not be able to pay for your product in cash, but would be willing to purchase it on credit.
In addition to increasing the size of your transactions, accepting credit cards can also greatly increase your total number of sales. With credit processing, you are no longer limited to customers in your geographic location. Building an online store that accepts credit card payments will allow you to reach customers all over the world. You can even create a mobile app that customers can make purchases from so that they always have access to your products.
Customer Convenience and Trust
Accepting credit cards will help to establish your business as a legitimate company in the eyes of customers. Featuring a list of the cards that you accept next to your register will give your business an enhanced sense of professionalism, instead of the "mom n' pop shop" feel that it may have if you only accept cash. Customers will trust you much more quickly with their money if you can accept credit cards, while they may be unwilling to do business with a brand they're unfamiliar with that only accepts cash.
Many customers see credit cards as the most convenient and efficient way to make purchases, so much so that they do not carry cash at all. You're much more likely to get the sale if a customer can make a credit card payment directly at your store, instead of having to find the nearest ATM to withdraw money.
Competitive Edge
Customers that cannot make the purchase they want immediately are not likely to come back, and will instead find the item they want at a competitor's store. If you have a quality product and the ability to accept credit card payments, there is no reason that you can't compete with even the biggest names in your area.
The biggest advantage that credit processing brings to your small business is the reduced amount of time it takes to complete a transaction. Over time, customers will come to realize that they can complete a purchase in half the time than they can at another local business that only takes cash, and they will come to your store more often for that reason.
Fewer Losses
Bounced check are one of the most inconvenient things that small business owners have to face. Because credit card payments are deposited into your bank account immediately, you can reduce the receivables and write-offs that you have to deal with. These secure transactions are one of the best ways that credit cards protect business owners as well as their customers.
As these advantages show, accepting credit card payments is one of the most important things you can do to help your small business succeed. Be sure to compare credit processing providers like One Payment before you choose one, and try to find the provider with the lowest startup fees and transaction fees to maximize the profit of your business.
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