Has your business yet to add on accepting credit cards for its customers? If so, you could be missing out on countless sales and limiting your clientele. Considering the average American holds 3.84 credit cards, according to Experian, there are many reasons why you should consider adding them to your list of payment processing options.
For the consumer, there are many perks in using credit cards. From rewards for everyday transactions to racking up points or miles, it often just makes sense to use them. As long as you’re good at staying on top of your finances (and don’t get sucked under with debt), it doesn’t cost any more to make a purchase with your credit card vs. a debit or credit card.
As a business owner, there are just as many perks to accepting credit cards, if not more so. And the pros definitely outweigh the cons. Here are just a few of the top reasons why you should add credit cards to the list of payment processing options at checkout.
- Attract a larger customer base. Especially in our digital world today, not accepting credit cards significantly limits your customer base. Just 26% of transactions are paid using cash, and typically for purchases of $10 or less. With so many customers using their cards, adding this as an option ensures you don’t lose business. Accepting credit cards also allows you to expand your product and service offerings online. Ultimately, you can increase your customer base both in-person and virtually.
- Customer convenience. Providing credit cards is a convenience for both your business and customers. Your customers can walk into your store and know they have enough money in their wallet to grab what they need, without having to count their cash. Likewise, your business can set up a system for accepting cards that also simplifies bookkeeping tasks and inventory processes.
- Boost sales amounts. An individual’s cash budget will look very different from their available credit. The average cash transaction, for example, is $22. Meanwhile, the average non-cash transaction is $112. You don’t want to lose that $84 difference in sales to a store down the street simply because you haven’t added credit cards to your list of options.
- Speed up and improve cash flow. For many businesses, there is a gap between when a customer purchases their product/service and when their business receives payment – a cash flow gap. When you accept credit cards, the transaction is processed and settled quickly. No need to wait to receive a check and have it clear, only to find out the check bounced.
If adding credit card processing sounds like the right fit for your business, keep in mind not all processors are created equal. There is a lot of competition for merchant accounts and payment processing, so make sure you do some research and find the right provider for your business type and industry. You want to partner with an industry-leading company with affordable fees – and one that puts your customers’ needs first and foremost.
To get started, consider browsing the many reviews and industry updates at Best Payment Providers. Find everything you need to set up credit card processing and discover the provider that has the reputation your business deserves.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of Best Payment Providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.
- November 29, 2023
- September 28, 2023
November 17, 2021