Some business owners are hesitant to accept credit card payments because of the processing fees. However, the benefits provided by accepting credit card payments outweigh the associated costs for most businesses. Additionally, there are cash discount credit card processing services that can help you save money on the processing costs.
1. Makes Customers Happy
Customers expect to be able to pay with credit cards. Many people no longer carry cash or checks. If your business does not accept credit card payments, you not only run the risk of missing out on sales, but customers may view your business in a negative light. Additionally, credit card payments are faster to process, which cuts down on queue times at registers.
2. Provides a Sense of Legitimacy
Chain stores have name recognition to rely on to get customers to trust them. Smaller businesses need to build trust. Businesses that don’t accept credit cards may seem like amateur operations. Customers may be wary of spending their money, particularly since they will not have the protection a credit card affords if they are unhappy with their purchase. Some small businesses try to persuade customers by explaining that accepting credit cards costs them money, but few customers are empathetic. It may be better to offset the costs by using a cash discount credit card processing service instead.
3. Saves You Time and Improves Cash Flow
Credit card payments can be authorized in a few seconds. Payments by money order or check may take days or even weeks to clear. Accepting credit cards allows you to expand your options beyond cash, without having to wait around to actually get your money.
4. Can Increase Sales
Not every business that accepts credit cards will see an increase in sales, but not accepting credit cards runs the risk of customers who don’t carry cash or don’t want to spend the cash they have walking out on a purchase they intended to make. This is particularly true of online businesses that may have a difficult time making any sales if they only accept checks and money orders. The combination of increased opportunities for sales and the use of cash discount credit card processing can offset the costs of processing the payments.
While the upfront costs of processing credit card payments can be off-putting to some business owners, for most businesses the benefits outweigh the costs. Consider these four benefits when making your payment processing decisions.
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