Studies conducted in 2017 by the American Banking Association report that there were 364 million open credit card account holders in the US. Interestingly, a Gallup poll conducted in 2016 had revealed that most Americans foresee the death of cash in their lifetimes. Six out of ten Americans predict that the country will move to a cashless society where purchases of goods and services are made only via credit/debit cards or electronic payments.
How Does This Square With Your Business Needs And Requirements?
Whether you’re a large retailer or service provider, independent contractor or a small business owner, you’ve already noticed the dominance of card payments across every sector.
Perhaps you’re just setting up your business, or you’re planning to migrate to a more streamlined, modern payment acceptance method. Your business model and the transaction volume every month can determine the type of payment options you’d like to offer to customers. For instance B2B businesses don’t generally get significant benefits from accepting credit card payments. These models may comprise high dollar value and/or infrequent transactions.
Once you’ve made the decision to accept plastic, ensure that you partner with the right card processing company. This can help you grow, develop, upscale and sustain your business and your brand, streamline your cash flow and also enhance your customer reach, experience and loyalty.
Get the Card Payment Acceptance Advantage
Why lag behind your competitors? With the majority of American consumers preferring to use cards over cash, offering card payment facilities can have a significant impact on your business. Let’s look at some of the pluses:
Sense of trust: Partnering with a well-known card processing company automatically legitimizes your business. It gives customers an immediate level of trust that they already have in the cards that they use.
Better sales: You can widen the customer base and reach out to more people. If your customer likes something at your store or a service you provide and they’d like to purchase immediately, not accepting card payments could lose you the sale. Tourists, travelers and big-ticket buyers are the segment that most use cards and you can net them with the right payment options.
Impulse buyers: Studies show that customers who carry credit/debit cards tend to make more spur of the moment purchases simply because they can.
Avoid delayed payments and bad checks: Streamline your cash flow and eliminate “money on the street” pile-ups. Funds are transferred immediately to your bank account when a customer uses a card. You don’t need to wait for checks to clear or chase after bad checks.
Find the right card processing company that’s in sync with your business model. Ensure that you get affordable rates, swift and simple set-up and favorable terms without the risks of getting locked into long-term contracts.
For more information on credit card processing for business, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.