This is probably not the first time you’ve considered the idea of accepting credit and debit card payments as a small business owner. Today, card payments are more popular than ever; carrying cash is quickly becoming a thing of the past and customers expect to be able to pay with plastic wherever they go.
But, on the flip side of things, accepting credit and debit cards is an extra business cost. So, it’s important to weigh up whether it’s one that’s worth paying. To help you do just that, we’ve listed some of the main pros of accepting card payments that most agree outweigh the cons:
1. Boost Your Sales.
Yes – you may be avoiding accepting card payments to keep costs low, but when you look at the bigger picture, only accepting cash payments could be stopping your business from turning over a higher profit. Today, business competition is fiercer than ever in a range of industries, and chances are, your customers can purchase the same or similar products and/or services elsewhere without the added inconvenience of having to go to the nearest ATM.
2. Bring Your Company Up to Date.
Today businesses have their pick of the best merchant services when it comes to accepting card payments. And, doing so won’t just make your customers happier due to the added convenience at the check-out, they will also have more respect for and trust in your company. Since credit and debit cards have become the new cash, they are expected as standard everywhere a transaction can be made. Failing to do so could mean that your customers are wary of you.
3. Keep Up with the Competition.
Look around at your competitors – are they all accepting credit and debit card payments? If they are, then you are putting yourself at serious risk by failing to keep up with them in this respect. On the other hand, if your main competitors are not yet accepting card payments from their customers, then doing so will put you one step ahead of the game and give you an edge in the industry.
4. Improve Customer Relations.
Imagine this – you’re at the grocery store and you’ve filled your basket to the brim. But, when you get your credit card out to pay at the check-out point, the teller informs you that they only accept cash. You don’t have any cash on you, and the nearest ATM is right at the other end of the store. Chances are, you won’t be going back there again until they can make the experience a little more convenient for you. So, don’t put your customers in this position – the option to pay by card is a requirement that needs to be met.
5. Save Money.
It’s true – accepting card payments might be an added business expense, but it’s a very inexpensive one that can even lead to savings in the long run. For example, accepting credit and debit cards reduces the risk of your business receiving a bad check.
With so many great benefits for your business, accepting credit cards is worth the investment.