If you operate an arts and crafts center and you are looking to grow your business, there are numerous things you can try. You can rethink your marketing, improve customer relations, and invest in diversifying your services and products. Although all these are great solutions to grow your business, a crucial area that has a direct impact on your revenue streams is the payment options you offer. Revamp your payment system with credit card processing and you can realize enormous benefits. For businesses that have already adopted card payments here is what they enjoy
Advantages of credit card processing
- Increased sales revenue.
The world is moving toward a cashless trade system and if you are left behind you may lose clients. According to countless surveys, a majority of shoppers prefer paying by card than with cash. It’s a growing trend in both large and small businesses. If the demand for card payments is high, then it is prudent to offer it in order to increase sales.
- Positive cash flow.
As an arts and craft center, you surely prefer to operate on positive cash flow. Improved cash flow means you can cover recurrent expenses and deal with contingent costs. Your operations shouldn’t have to stop because you lack the cash that you are owed. Credit card payments are quick and ensure money makes it straight to your bank account. The payment is reliable since the approval of a transaction is followed by the transfer of funds.
- Legitimizes your business.
Adopting reliable systems of payment go a long way in legitimizing businesses. Cardholders look out for businesses that accept their cards. If your arts and crafts center takes card payments, you are more trustworthy to a client than a business that doesn’t. Cardholders know card payments are safe and secure, and if you have the credit card companies’ seal of approval, you are seen as a more legitimate business.
- No risk of bad checks
Most businesses dread bad or bounced checks. Settling such transactions can involve tracking down the customer and asking for repayment or even seeking legal action. The entire process is time-consuming and frustrating. However, card payments operate on a very strict system that leaves no room for such errors.
How credit card processing works
Once the merchant has billed for a product or service the client provides their credit card information. The payment information and credit card information are forwarded to the processor. The processor communicates with the issuing bank for approval which relies on meticulous verification. The issuing bank confirms the validity of the card number and the sufficiency of funds.
Approval is forwarded to the payment processor and back to the credit card reader. Transactions that are approved can be batched for settlement within hours. All the checks ensure all transactions are valid, safe and secure.
Adopting credit card payments for your art and craft center is simple and inexpensive (contrary to popular belief). The credit card processing industry has become competitive and processors are offering merchant service packages for a reasonable business budget. Whether yours is a small or large business, you can enjoy the benefits of credit card payments.
For more information on how arts and crafts centers grow with credit card processing, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.