Few businesses can compete today if they don’t accept cashless transactions like credit and debit card payments. Recent surveys confirm that only a minuscule 11% of Americans prefer to pay with cash for purchases and services. Consumers are setting the pace for change, and businesses large and small that do not hear what their customers want will lag badly behind.
Small business owners might feel that implementing a card payment system is difficult or time consuming or costly, but not so! If you are a small business owner who is holding back, read on.
What do I do and how does it work?
The process of implementing credit card processing for small businesses is easy. The first step to accepting credit or debit card payments for goods or services sold is to engage the services of a merchant account services provider. There are many merchant account service providers in the market, but ensure that you choose one that is reputable and has your business’s interests at heart. A reputable service provider will provide you with all the software, equipment and accessories necessary to accept credit card payments at no additional cost. Once you have signed up, you will normally be able to accept card payments almost immediately, no matter what type of business you operate.
There are numerous ways that you can accept credit card payments. These include online, linked to your website and processed through a secure payment gateway, point-of-sale by payment terminal where the card is swiped and mobile processing via your mobile phone or tablet. A merchant account services provider will be able to advise you on what the best option will be for your business.
What are the benefits?
Apart from giving your customers the payment convenience they want, and the likely increase in sales that you will see within days of starting to accept credit card payments, there are many other benefits too. These benefits include:
- No cash outlay to implement a credit card processing system for your business with many providers
- Full training on how to use the card processing equipment and processing system
- Card processing equipment that suits your type of business
- Up to date security systems to protect your customers’ sensitive financial data
- Technical support to help you if you encounter processing or other snags
- Monthly transaction reports keeping track of your cash flow
- Eliminates the risk that comes with holding large amounts of cash
- Eliminates the risk of accepting bad checks
- Credit card processing systems operate 24/7/365, enabling you to keep hours that suit you
- A reputable merchant account service provider will keep you updated on changes in the card processing industry, security and compliance
- Your business profile and perceived integrity will be elevated when you offer customers secure payment options
These are of course just some of the additional benefits of implementing a credit card processing system. If your business expands, you can expand your credit card processing system, typically at no additional cost. You can also integrate you card processing system with your accounting system, and some merchant account service providers also offer electronic check clearing services.
So you can see that you have everything to gain and nothing to lose! For more information about why you need credit card processing for your small business or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.