Larger Customer Pool:
There is competition for every consumer dollar so, as a small business owner, you will benefit by making it easy for your customers to spend money. 80% of consumer spending in the U.S. is cashless. If you don’t take plastic, then consumers may pass you by, and instead visit one of your competitors who accepts credit cards. When you do accept credit cards, you are making it convenient for the majority of consumers to spend money with you. Studies show that your customers tend to spend significantly more on average when they use a credit card instead of cash. In fact, the simple step of accepting credit cards can increase your sales up to 500% or more.
Not only does accepting credit cards have the potential to drastically increase face-to-face over-the-counter sales, but accepting credit cards also opens up many new opportunities to reach customers. Once you accept credit cards, you can also open an ecommerce site or sell your products eBay, all while maintaining your stationary store. Your pool of customers is now the entire world because you are willing to accept credit cards as payment.
Simplifies Business Management
Accepting credit cards as payment can also be beneficial to your small business because it simplifies accounts receivable and customer data management. Each time you accept a credit card, be it face-to-face using a card reader, or online, or over the phone using a our virtual terminal, the sale and customer data are stored. Daily, weekly, monthly, quarterly, annual, and multi-year records are all easily accessible, which enables you to quickly see what is working well for your business and what isn’t working as well. Once you have swiped the credit card or entered the card information, you will know within seconds if the payment is good–before you turn over or ship out any products. There will be no more bounced checks to interrupt your cash flow. Accepting credit cards saves a lot of paperwork and aggravation. That is time that can be used more productively.
Get Paid From Anywhere Anytime
As a small business you want to keep your customer data secure. That’s why it’s important to select a merchant account provider that helps you remain PCI compliant, and one which provides high levels of encryption. It’s also a good idea to use a merchant account provider that does not charge application or cancellation fees. And make sure they provide the necessary hardware and software free as well as the training. Finally, it’s crucial that you’ll have access to technical support at no charge 24 hours a day, 7 days a week, 365 days a year.
For more information on why accepting credit card payments is beneficial to your small business, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.