If your new business is ready to go cashless, ensure that you are well-informed and then partner with the right credit card processing company. It’s been 70 years since the first credit cards made their debut and though they’ve gained huge popularity and made technological advances, some small business owners may still hesitate to take the plunge. One reason for that is because many entrepreneurs are focused on product development, marketing, logistics, and getting their financials in place. With all that on their plate, working on payment options for customers can get short shrift.
How small businesses can benefit
Your small business, whether it’s a brick-and-mortar, brick-and-clicks or a pure e-commerce site, can leverage the fact that customers love to pay with plastic. They’re no longer a status symbol or for making a splash. According to the US Census Bureau, at least 70.2% of American households possess at least one credit card. This means that 183 million Americans use credit cards. Usage differs widely across age groups, gender and geography. For example, women own 50.4% of credit cards, and people living in California own 15.1% of all the credit cards in the United States. These figures can certainly impact your small business in more ways than one.
Accepting card and mobile payments helps your business to:
- Reach more customers
- Improve customer service through data analytics
- Save time/effort in making trips to the bank, waiting for checks
- Tap into mobile populations like tourists, people attending conventions, and so on
- Enable smoother, swifter and easier transactions
- Provide a more modern, competitive image
- Appeal to a wide spectrum of customers
- Boost revenues due to big ticket and impulse buys
Customers also feel that your business is trustworthy and legitimate when they spot the familiar credit card logo on your website or instore.
Find the right credit card processing company
There are several credit card processing solutions available to small business owners. Select the one that best matches the nature of your business and clients, your own needs, preferences, volume of sales, and budget.
- Analyze your business model and decide how much you plan to accept as card payments
- Choose your credit card payment acceptance mode: from your brick and mortar store, multiple locations, mobile phone payments, on the go, or card-not-present
- Read your contract carefully and understand all the terms before you sign up with the card processor
- Examine freebies and discounts carefully
- Ensure 24x7x365 customer support
- Understand the fees and costs thoroughly before signing up
- Make sure the company supports new technologies that customers use
For more information on why your business should accept credit cards and mobile payments, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.