You may have your reasons for not accepting credit cards from your customers. Maybe you’re worried that your bad credit blocks you off from opening a merchant account. You may even have applied to several merchant processors and been turned down, thanks to some black marks in your financial history.
First off, those matters are easily solved by finding the right payment processors. There are legitimate processors that are willing to work with you, even if you have a low credit score, have been bankrupt in the past, or are running a ‘high risk’ business. Just vet them to be sure they’re a safe bet. Outside of that, let’s review some reasons why you should let your customers pay by card.
You can earn customers’ loyalty
Allow customers to tie their credit cards to your store’s loyalty program. That way you can turn them into regulars. You can also form partnerships to cross-sell benefits through your loyalty program.
You can make customers lives easier
And safer. It’s dangerous to walk around with wads of cash. It can make people self-conscious, and any extra precautions they may try to take can – ironically – paint a target on their backs. By accepting cards in your store, you can make customers more relaxed. And they’re likely to spend more, because their cards give them more purchasing power than their purses or wallets. They can carry literally unlimited amounts of money in that little piece of plastic.
You can do business online
These days, even Facebook has shop options, so if you don’t want to build an eCommerce store, you can trade on social media. Credit cards are the only practical way to accept payments online though. (Customers can mail checks or call-in details, but for strictly online transactions, credit card options are de rigueur). And accepting credit cards is not as hard as it seems. Just open a merchant account with your payment processor of choice, and they’ll take care of the rest.
Accepting credit cards allows autmation
Accepting credit cards also gives you easy metrics and analytics you can use to improve your business and increase sales. Credit cards are helpful for seasonal dates and promotions, because they enable last-minute purchases and impulse buys, making both you and your customers happy. So … give the people want they want – accept their preferred mode of payment.
For more information on the benefits of accepting credit cards, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.