Why Your Business Must Accept Credit Cards to Remain Competitive
The days of cash-only businesses are fully behind us. These days, even neighborhood or “Mom and Pop” shops are struggling to get by without accepting credit cards or other electronic payment. If your small business hasn’t made the transition to electronic payment options, there are plenty of reasons why you should consider making the change today.
Credit Cards Are Convenient… For You and Your Customer
By far, the most important benefit that credit cards provide for modern businesses is convenience. These days, the majority of your potential customers and clients may have plastic instead of paper in their wallets. When it comes time to pay for your products or services, they’re already expecting an electronic processing terminal on the counter. Asking them for just cash is inconvenient for them and for you.
It takes more time to count physical money in the drawer than it does to tally up the transactions received by a computer. You’ll spend less time counting your profits and more time swiping cards and making money with an electronic payment processing system.
Electronic Payment Processing Provides Useful Data
Furthermore, having an electronic payment terminal can provide you with very useful data you can use to grow your business. Keeping track of when payments are made, how much money certain people spend, and how much inventory you go through is a lot easier with the receipts left behind from credit card payments.
Even better, you can synchronize a lot of this data with organizational software like QuickBooks. Or you can make further use of a payment system by setting up a loyalty program. You’ll be able to more reliably track customer activity and reward your most frequent customers or clients with discounts or special offers.
Electronic Payment Boosts Cash Flow
Simply put, collecting electronic payments puts that money into your actual coffers a lot more quickly than collecting cash payments. Even when you consider the 2 to 3 days required for a transaction to be fully processed and deposited into your business bank account, this is still much more efficient than the days or weeks it takes for invoices to be sent, recorded and verified and checks to be received and deposited at the bank.
All this reduces how much time your business’ sales are outstanding. The money gets in your account and can be used or recorded that much more quickly. This then translates to more time you can spend on other aspects of your business and provides greater peace of mind.
Credit Cards Are Less Risky
Finally, credit cards are a lot less risky in several ways. For starters, it’s a lot more difficult to lose (actually it’s practically impossible) payments swiped from a credit card. Cash can be stolen or actually lost. Plenty of small businesses have cash or checks floating around in vehicles or pockets, which can be terrible for your profit margin.
Additionally, having electronic payment available makes it less likely that someone will try to not pay for one of your products or services rendered.
Summary
Ultimately, making the full transition to credit cards and electronic payment options is a smart and healthy move for any business regardless of industry. Finding the right payment option or product takes time, but at Charge.com, you will find everything you need.