Virtually every business these days accepts credit cards for payment, and your business should be no exception. While many small businesses choose not to do this due to the transaction costs associated, the benefits far outweigh the drawbacks. Here are 10 reasons why you should make the switch as soon as possible.
1. Improved Cash Flow
With credit cards, your business receives the money faster, because you don’t have to wait for customers to respond to invoices or for checks to clear the bank. Credit card transactions typically process within 48 hours, giving you greater control over your business’ income.
2. Reduced Costs
While you do have to pay credit card processing fees, your costs will drastically be reduced in other areas. Since you no longer need to mail out invoices, you can save money on paper, printing and postage.
3. Increased Sales
When customers pay with credit cards, it does not have the same psychological impact as counting out cash. Customers are much more likely to make larger purchases, resulting in more sales for your business.
4. Improved Productivity
It is much quicker to swipe a credit card than to count out cash or deposit checks at the bank. This frees up your time for the more pressing aspects of running your business.
5. More Sales Opportunities
When you are able to accept credit card payments, you can open your business up for online sales. This makes it easier and more convenient for your customers to buy your products, making it even more likely that they will make a purchase.
6. Better Customer Service
Many customers no longer carry cash or checks with them, thanks to the prevalence of businesses accepting credit card payments. Your customers will expect this service and may choose to take their patronage elsewhere if your business does not provide it.
7. Increased Authenticity
The ability to accept credit cards demonstrates to your customers that you are a reliable and trustworthy business. Consumers associate your business with the financial institutions issuing the credit cards that you accept.
8. Expanded Customer Base
Credit cards are in use all over the world, and accepting them gives you access to this global customer base. When you accept credit card payments, potential customers from around the globe have the ability to purchase your products and services.
9. Leveled Playing Field
Accepting credit cards puts your small business at the same level as larger organizations. It eliminates the disadvantage caused by only accepting cash or checks, which can drive your customers straight to your competitors.
10. Easy Implementation
With modern technology, it is easy to set up your business to accept credit card payments. Typically it only requires the addition of the processing software in your POS system and the hardware to scan the cards.
In today’s modern age, there is really no reason to avoid accepting credit card payments. As we continue to move into the future, the shift away from paper and coin currency is very likely to continue, rendering cash and check only businesses pretty much obsolete. You’ve worked hard for your small business, so don’t let it waste away into the past.