Are you struggling to decide whether to remain cash-only or start accepting credit card payments? By accepting credit card payments, whether online or in-store, your business stands to gain unimaginable rewards.
Why businesses choose not to accept credit card payments
One of the greatest fears of accepting card payments is the financial responsibility and security risk. Businesses need to put additional measures in place to ensure their customers’ credit card information is handled and stored safely, and feel that it is simply easier and less risky to stick to cash payments.
Another major obstacle holding businesses back from accepting card payments is the cost. Small businesses, especially, are wary of having to pay the payment processing fees and rates that come with accepting card payments.
While these concerns are legitimate, they are often over-exaggerated. Here’s why choosing to accept credit card payments can be a huge benefit to your business.
Better tracking and analytics
When you think about it, the bigger security risk is holding onto large sums of cash. Cash, being tangible, can be misplaced or stolen–sometimes violently. Online payment processors make it much easier to keep track of money by providing digital records of every financial activity. Every transaction is automatically saved to your accounting software, updating your records and making short order of your accounting tasks.
In addition, digital software can analyze all your transactions and generation useful data such as financial reports, customer spending habits, financial trends and more at the click of a button.
Money in any form poses a security risk. With online payment processing, there are standards to follow (the PCI DSS) to ensure your accounting and customer data remains secure. Methods like two-factor identification and additional IT security teams can reinforce your company’s security. Cash is not granted this level of security – it can be stolen from your premises or in a cash-in-transit heist.
As well as the convenience of digital tracking and analytics, online payment processors allow you to perform all your financial tasks online. Without it, a business needs to go to the bank regularly to deposit money and checks and pay bills. Online payment processors save vast amounts of time and effort.
Increase your profit
Many businesses fear that signing up with a payment processor will lose them money. By finding the right merchant account provider, even small businesses are able to find merchant services with affordable rates and fees. Additionally, the cost of processing fees is likely to pay for itself many, many times over by the increase in sales that can be achieved by offering credit card payment options to customers.
For more information about accepting credit card payments or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.