Business credit card processing has become an enormously powerful tool. Most small businesses have begun to accept credit cards for customer transactions, and if you haven’t decided to add credit cards to your list of payment options, here are five reasons to change your mind.
1) Credit cards encourage spending
A study by MIT shows customers spend more when they pay with credit cards. The physical limitlessness of a card encourages impulse buying. Credit cards make shoppers feel like they are in control. Additionally, If shoppers see something but don’t have the cash for it, they can put it on their credit card.
2) Customers will appreciate the convenience of credit cards.
Buying with a credit card is easy. Customers don’t have to worry about writing out a check or carrying enough cash. If they think of your business as a convenient place to buy something, then they will go there more frequently. You will thus turn more of a profit and earn more customer loyalty.
3) It’s not as expensive as you think
National Funding offers free installation of the necessary equipment and a competitive rate of 1.75 percent. You won’t have to pay an upfront cost, and you can keep 98.25 percent of revenue from your credit card transactions. Comparable rates can range from 1.5 – 3 percent, according to Bankrate.com. Lower priced rates may have other fees associated with them. You might find that you increase your revenue because customers are going to you because they want to pay with their card instead of with cash.
4) Credit cards are fast and safe
Generally, credit card payments are handled within 24 hours. You won’t have to cash a check at the bank. It will make your life easier. Additionally, the cash will go directly into your bank account. You don’t have to carry money with you or lock it up. You won’t have to worry about bad checks, either. And don’t be alarmed by recent news about Target: the credit card industry has created standards that ensure your credit card transactions are safe.
5) Credit cards will make you seem more legitimate, and they are becoming the most common way to make payments
According to 2013 research by the Federal Reserve. Debit and credit cards accounted for about 80 billion total transactions, while checks accounted for about 20 billion. The opportunity to pay with a credit card is quickly becoming something that customers expect. If they see that you offer credit card payments, clients will take you more seriously. One of the major benefits of offering credit is legitimacy, according to the Houston Chronicle. Customers see that you are running a modern company that knows about current market trends and will treat you with respect.