Cash or card? That’s the question that hits most clients as they purchase goods or services. Credit card transactions have become so common that businesses have had to adopt cashless payments. It’s not surprising that many customers are opting for this mode of payment. It is simple, safe and saves you the hustle of carrying bundles of cash around. Currently, there is a growing trend of small businesses adopting credit card payments.
Benefits of credit card processing
The growing demand and the low cost of integrating card payment systems explain the shift towards cashless transactions. Nonetheless, businesses are enjoying the following benefits of accepting cards
- Increased sales
Meeting the growing demand for card payments has opened small businesses to a myriad of clients. The numbers already show many shoppers prefer card payments to cash transactions. Moreover, credit card companies can attest to the increased numbers of cardholders. By offering an option for card payments, businesses are welcoming new clients with high purchasing power. It’s often not long before they realize increased sales and improved market reach.
- Improves cash flow
Checks, billing and invoice collection reduce cash flow within a business. With no petty cash or cash at hand, covering recurrent costs or small contingencies becomes hard. However, credit card transactions improve the business’ cash flow. The transactions are electronically processed and settled quickly. Money is deposited in the business bank account within days with no bottlenecks to delay cash flow.
- Legitimize the business
Credit card uses are drawn to cashless transactions due to the safety and reliability of the system. If you accept card payments you portray a trustworthy enterprise and nothing is more important in business than your image. Provision of alternative payment options in terms of credit card payments improves client satisfaction and improves your market place. By accepting card payments you increase the perceived legitimacy level of your business while building trust with your clients.
- Keep up with competitors
As the world moves towards a cashless market, you could be left behind as the only business that doesn’t take card payments. To survive in the market, you must keep up with your competitors. Accepting credit card payments levels the playing field with other competitors and sets you up for success. However, if you are stuck on cash-only transactions it could be only a matter of time before competitors outperform you if they haven’t already.
- Reduce the risk of bad checks
Bounced checks are a nightmare to any business. Resolving them involves pursuing customers to repay. Credit card payments eliminate all the risk of bad checks. The process facilitates instantaneous completion of a transaction without delays.
The ultimate payment alternative
Card payments are the future of commerce. Incorporating card payments to a small business is inexpensive. The industry is highly competitive and numerous processors have great offers on merchant packages. The rates are affordable and any business can afford to accept card payments no matter the size.
For more information on why small businesses take advantage of credit card processing, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.