There’s nothing worse, as a business owner, than having to say, “Sorry, cash only!” and turn customers away. Each time that happens, this results in a loss for your bottom line. Some business owners may prefer this method because they think that accepting credit cards and debit cards is too expensive, but this couldn’t be further from the truth.
By accepting credit and debit cards in your shop, restaurant, or other retail establishment, you have the chance to increase your earnings and keep more customers coming back. Few things alienate customers more when you are unable to take plastic, so using a credit card payment processing company is a good way to avoid this situation.
What are the benefits of using credit card payment processing for your business? Think “CARD” — here are a few of the advantages you may see when you make the switch:
- Convenience: Taking credit card payments gives customers the chance to use their cards rather than having to go find an ATM. However, this practice is also convenient for business owners. No longer will you have to worry about taking a bounced check or depositing cash because the money will be transferred automatically to your business’s account.
- Alternatives: Accepting credit cards doesn’t just mean sticking to a traditional POS system. Today’s mobile payment processing terminals allow businesses to accept customers’ cards anywhere in the establishment. Restaurant staff can process payments right at diners’ tables, and busy retail shops can open additional checkout lines during peak hours. All you need is a smartphone or tablet and a small card swiping device, plus the right app, and you’re ready to take payments.
- Revenue: Because you’re not turning these customers away, you have the chance to take more transactions — which means more money! In Canada alone, there are over 76 million Visa and MasterCard cards in circulation — which means potentially millions of customers. The average Visa credit card owner, for instance, spends approximately $1,775 per year, and that’s not even including debit card owners… and that money could be going to your business rather than your competitors.
- Dedication: By using credit card payment processing services, you’ll see dedication from two sources — your customers and your merchant services team. Your customers will see your business as established and legitimate due to the capital you’ve invested in your POS and payment systems. Additionally, your merchant services company can help ensure that all of your transactions are completed in a timely manner and that your business stays safe from fraudulent payments.
How does your business accept payments from customers? Tell us in the comments. More like this blog.