When opening a business, it’s important to set it up for success. Using a good credit card processing company can make a huge difference. It’s not good enough to just accept cash or check anymore. So many consumers carry credit and debit cards, and many don’t carry much cash at all. Not accepting credit and debit cards could cut your profit in half or more.
Many businesses that lose the ability to accept credit and debit cards on a temporary basis, struggle to make the profit they are used to. However, if you choose a good company to help you process your credit card payments, you won’t need to worry about anything. They will give you the support you need even if there is a temporary issue.
With consumers switching to a cashless wallet, you need to prepare your business for success with the ability to accept credit cards. If you don’t, you could miss out on many benefits.
The Top Benefits of Accepting Credit Cards
1. Larger Transactions
If a consumer comes into your store, restaurant or any other type of business you run and you don’t accept credit cards, they are limited to the cash they are carrying. However, if you have a credit card processing account and can accept both credit and debit cards, they can spend a much larger amount with your business. This can add up in a hurry and on average consumers spend nearly double when they use a card compared to cash.
2. Ability to Sell Online
Another door that will open when you can take credit cards is the ability to sell your products and services online. This allows you to sell to more than just the local consumers and you can also offer a convenience for your customers others may not offer. More and more consumers are using the internet to make buying decisions and if you offer the ability to purchase from your website, you can certainly increase your profits.
3. Financing Options
If the time comes that you need to expand your business and you need some capital to help with the expenses involved, the ability to accept credit cards can open up opportunities you cannot access any other way. Some lenders will give you a credit line against your average monthly credit card receipts. This will allow you to use it almost like a credit card yourself and you can use the money for anything your business needs.
4. Transactions over the Phone
If your company employs outside sales agents, processing credit cards will allow those agents to call your office when a customer wants to pay with a credit card. You can even choose one of the newest advancements in payment processing and give each agent a mobile payment tool. They just swipe the card and the transaction is complete.
What It’s Costing You If You Can’t Process Credit Card Transactions
Without the ability to accept credit cards, you are missing out on money that your business could bring in. Some consumers simply won’t shop with you because they gain rewards when they use specific credit cards and they don’t want to use cash because of this reason. Imagine if you could nearly double every transaction that comes through your door. Would the extra sales and profits help you build your business faster and easier?