Benefits of Accepting Credit Cards
Once your business reaches a certain size, accepting credit cards almost becomes a must.
It benefits both your customers and your business for a variety of reasons, some of which may not be immediately obvious. Here are some of the reasons why your business would want to accept credit cards.
More Sales Opportunities
Accepting credit cards gives your customers more options to pay for purchases and also increases the likelihood that they will make a larger purchase. It’s been shown that customers are more comfortable making larger purchases using their credit card, likely due to broad cardholder protections and a credit card’s physical detachment from cash. Accepting credit cards also allows your business to set up an online store where customers from around the world can shop 24/7, giving your business significantly more opportunities to make sales.
Speed Up Your Transactions
Even compared to taking a cash payment and doling out change and receipts, credit card transactions are very fast, and they’re only getting faster as new payment tools and technologies emerge. Authorizing a credit card takes only a few seconds, giving you more time to manage the rest of your business and help more customers. If your business accepts tap and NFC (Near Field Communication) payments, then the entire transaction can be reduced to a few seconds. This means faster checkouts and shorter lines for your customers, and more sales in less time for your business.
Trade Green for Going Green
As people seek out environmentally friendly practices for all aspects of their lives, accepting credit cards is one way businesses can reduce their environmental footprint. Going paperless helps businesses reduce their reliance on cash and paper for things like receipts, inventory lists, booking sheets, invoices, and spreadsheets. Since credit card transactions are essentially just data, it’s possible to easily feed that data through an ever-growing number of business software applications and tools that allow you to send paperless receipts and invoices through e-mail, do all your accounting from the cloud, and manage your inventory and customer data all from your computer or phone.
Improve Your Cash Flow
Accepting credit cards affords you the ability to receive your deposits as quickly as a few hours or a few business days. Sure, “cash in hand” is cash in hand, but compared to checks which can take up to 30 days to clear, and invoices which can take up to 90 days to be paid, accepting credit cards gets money into your business’s bank account faster.
Expand your market while staying competitive
Visa and Mastercard are international brands. By accepting these card types, you have access to customers in over 170 countries who are able to pay for your products or services with just a few clicks. Accepting credit cards also helps you keep up with your competition by meeting customer expectations for payment options – if you don’t offer the payment type that they’re expecting, then there’s a greater chance they will go to another business that does. People are carrying less cash than ever before, and it’s unlikely your business can afford to ignore this trend.