Did you know that e-commerce is steadily becoming the most prevalent means of doing business? This is a phenomenon that has been of great importance in the day-to-day lives of consumers as well as businesses. One reason for the success of ecommerce is the convenience it provides. In the fast-moving world that we live in, ease in doing routine tasks, such as paying for some shopping, should be as effortless as possible. Convenience is a highlight of credit card payments. They are widely being adopted as payment for virtually all kinds of goods and services across the globe. In the digital age, running a business that does not accept credit card transactions is shooting oneself in the foot. An in-depth look at the transaction methods of the digital age may cause you to consider how accepting credit cards payments will benefit your overall business performance.
Benefits to your Business
Just some of the ways in which credit card payments are a big plus for your business include
1. It boosts sales: Studies show that accepting credit cards can increase sales by up to 500% or more. Accepting credit card payments opens up your business to the people who do not have the means to pay other than credit cards or simply are in the habit of making their payments by card. Statistically speaking, people using a credit card are more likely to make a purchase and more likely to spend more when they do, as compared to customers spending cash.
2. It improves the cash flow of the business: Credit card payments are deposited right into your bank account, processed and settled quickly and efficiently. This eliminates all bottlenecks or uneasy situations that arise due to bounced checks, billing, and collecting invoices from customers.
3. It makes economic sense: In the competitive market environment that businesses operate, the cost of implementing a means of accepting credit card payments, in terms of both the upfront and service fees, is likely to be compensated by the long-term benefits many, many times over.
4. It is safe: Credit card payments undergo numerous checks to ensure each transaction is valid and authorized. The cashless transactions also minimize the risk of theft and fraud. By contrast, holding large amounts of cash on your business premises is practically an invitation for criminals to rob you.
5. It legitimizes your business: Accepting credit cards goes a long way in legitimizing your business. Consumers recognize credit card brands as well-established, trusted businesses. The trust easily seeps to businesses that transact through the cards, and this is a bonus for you. Cash-only payments do not echo the same trust as credit card payments.
Benefits to your Customer
Paying by credit or debit card greatly eases the buying process for a customer. The convenience may encourage impulse buying, which is a very good thing for your business. When it comes to doing a transaction, whether it is online or not, many customers would not consider even contemplating all the hassle that money orders and settling and processing checks might take. Additionally, the rewards that come with accumulated points from credit card transactions are all the more enticing for consumers. Combine this with the sense of security and accountability that comes with this form of payment, it is almost a no-brainer for a customer.
For more information on ways that your business will benefit by accepting credit card payments, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.