Owning a small business can be a very satisfying venture. Sometimes it gets comfortable because your scale is lower. You can maintain profitability while staying within your limits, and this can dissuade you from expansion. Any ventures that would broaden your scope can seem like unwarranted expenses, especially because you’re not sure how soon they’ll pay off. Also, because you have fewer resources and less staff, you can have a hard time justifying those additional business steps.
Because of the size of your business, for example, it’s easier to stick to cash than delve into cards. After all, cards may require you to hire an accountant and buy equipment. It doesn’t seem like it’s worth the hassle. That said, accepting credit cards and debit cards isn’t as grueling as you’d think. You don’t need a finance pro – just a merchant account from a good payment processing company. Plus, the benefits of accepting cards are endless. Let’s look at the top five reasons to swipe.
- It increases sales
Studies have shown that accepting credit cards can increase your sales volume by up to 500%. Some of this may come is in the form of impulse purchases when the customer doesn’t have enough cash. Also, it’s been proven that paying by card reduces the ‘pain of paying’ as compared with using cash, which, statistically speaking, causes customers to spend more per purchase on average.
- It makes customers happy
These days, many consumers don’t carry much cash. They’re used to swiping cards, so if you don’t let them, it’s an inconvenience. You could even start a card-based loyalty program to gain regulars.
- It’s more efficient
When someone pays in cash, they have to count out their money. Then you have to count it too, put it in the till, and issue change. The customer then re-counts their change to confirm it. Even if it only takes less than a minute per customer. Those minutes add up throughout the day, and irritate people standing in line waiting to pay you. Some of those people may get frustrated and leave without completing their purchase. With a credit card, your customer can just insert their credit card, press a button, and leave. Your lines will be shorter and you seem more professional.
- It’s easier to track
Businesses of all sizes struggle with reconciliation and cash flow. To accept credit and debit cards, you require a payment processor. They do all the accounting for you, depositing cash in your bank and keeping records of all your transactions that you can access at any time. Plus, some of them combine credit cards, debit cards, and ACH payments on a single platform, compiling your income and keeping all your books in order.
- It broadens your market
By accepting credit cards, you can run an online store, attracting web shoppers and overseas customers to your small business.
For more reasons a small business should accept credit and debit card payments, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.