Your business can gain great advantages by accepting credit cards from your customers. There are a significant amount of benefits that credit cards offer, whether it’s electronically or manually. Here are just a few of them.
Sales: What business doesn’t want to increase profit? With credit card acceptance you can guarantee your business will be booming with more sales. One of the main reasons that these sales increase is due to a larger audience and customer base that results by switching from cash only to credit/debit card acceptance. Many customers avoid businesses that are cash only because most rely on their cards these days, and may have to search for an ATM in order to purchase here. Making paying more accessible leads to a larger market, which results in more sales.
Competitors: No matter what industry your business is in there will always be competition or another company trying to do better. By accepting credit cards it helps even out your competition or even gain your business an advantage. The truth is, if you aren’t accepting credit card payments, you are behind. This leaves room for competitors to best you. Because credit cards have become such a popular form of payment for businesses, it is in your best interest to get on board in order to stay afloat in a highly competitive time.
Speed: Card payment processing eliminates time and complications. These transactions are usually done electronically, causing the payment to be withdrawn directly from the customer’s bank account quickly. Your business does not need to wait around for billing, checks to be cleared, or waiting on customers. This process becomes less complicated with this acceptance and saves a great deal of time.
Convenience: With credit/debit cards it creates a sense of ease and authority for consumers. Many don’t carry around cash as often, and cash can be far more limiting. We tend to carry around smaller amounts because of the risk of theft, which can limit how much we actually spend. When using a card, it is far more convenient. As long as you know the money is in your account, you don’t have to worry. It also eliminates error due to miscounting change. Forget about your customers having to run to the bank or ATM, now they can just buy on the spot wherever, whenever. Studies have shown that consumers spend more when using their credit cards as opposed to cash, because they aren’t as limited, and impulse buying behavior occurs more frequently.
Brand: When your company accepts credit cards it changes the way consumers see your business. Customers are able to feel a sense of trust from your business. Customers know that you take security precautions to make sure their information is safe and are willing to trust your business. Trust is a key component for consumers. You’ll also be viewed as more modern and up to date. Many businesses that don’t accept card payments are viewed as laggards.
At Payhub Payments we have all the essential equipment to get your company up and running in no time for credit card acceptance. Visit our website to see the many terminals and devices we offer for payment processing.