As a consumer, chances are quite good that you make at least some of your purchases using a credit card simply because of the ease and convenience. Now put on your entrepreneur hat and ask yourself why you don’t accept plastic at your own small business. If you still need convincing, following are seven reasons to accept credit cards:
1. Everyone Else Is Doing It – Today, it’s hard to find businesses that don’t accept credit cards as a payment option. Because of this, many people don’t carry significant amounts of cash anymore. If they enter your shop and pick out some products only to find that you don’t have a card reader and accept plastic, it’s quite likely that your customer will leave without making the purchase. Can you really afford that?
2. Collecting Payments Is Easier and Faster – No one likes it when they are owed money; for a small business, these types of debts can become a heavy financial burden. When the time comes that you run into a customer who owes you money, having the ability to accept credit cards gives them a quick and easy way to pay, thus increasing your chances of recovering the money you deserve.
3. You Can Keep Track of Payments – When customers make purchases using plastic, an electronic record is automatically kept. With just a few clicks, you can easily retrieve it in an hour, a day or next tax season. Bookkeeping just got a whole lot easier.
4. Online Shopping Is Made Possible – An estimated 90 percent of online purchases are made using credit cards. If you have any plans to start or expand your internet presence, accepting cards is a virtual necessity.
5. You Get Payment Immediately – One of the most frustrating parts of owning a small business is invoices. It can often take months before you receive the money you are owed, often creating major cash flow problems. Once you accept plastic, your customers can submit their payments without going through the hassle of writing and mailing a check. In the end, you will get what you are owed more quickly, and your customers won’t need to go through a multi-step process to make it happen.
6. Customers Spend More and Buy Impulsively – Cash is finite and is limited to what someone has in their wallet right then. By contrast, many customers have very high credit limits on their cards. That makes impulse buying and spending more on luxury items much easier. For your small business, it’s a win-win when customers are given more opportunities to spend money on your products.
7. Accepting Credit Is Cheaper and Easier Than You Think – Today’s card readers and software are not just easy to use; they are very competitively priced. That’s because the market is extremely competitive, and that fact works in your favor. Take a little time to look at your options, and you’re sure to find a payment processing company with equipment that matches your needs and your price range. You might even qualify for free equipment.
Those are just a few of the most compelling reasons for you to jump on the bandwagon and accept credit cards. Your customers will be glad you did, and your staff will appreciate the modern upgrades to your checkout process. Don’t wait another day to reap the benefits of accepting customers’ credit cards.