In today’s business world, it is no longer an option to be a “cash only” business. Unfortunately, that’s outdated and no longer relevant to today’s economy. Most people do not carry around cash or checkbooks anymore which makes it that much more important to keep up with the trends. If your company doesn’t accept credit cards, you could severely hurt the growth opportunities that credit cards allow for.
Merchant status allows for:
1) Convenience and credibility: Accepting credit cards allows for significant convenience for both customers and those that run a business. It’s a very simple and easy process to run credit cards and it is the preferred method of payment for the majority of customers. Most customers view businesses that don’t accept credit cards in a different light than those that do. Accepting credit cards can give your business credibility in your customer’s eyes. Also, due to the flexibility and convenience, customers tend to feel that the business has better customer service than those that don’t.
2) Amplify your number of sales: If you don’t accept credit cards, you could be losing sales. Not only will the number of sales increase with a business that offers credit card processing services, but research shows that the amount of each sale increases as well. One of the reasons for this is that when customers pay with credit cards, they tend to spend impulsively which can benefit your business.
3) Less stress: As a business owner, it can be stressful accepting personal checks and waiting for them to clear. Many people write faulty checks and that means that you won’t always get paid for your products and services. Accepting credit cards allows for a huge decrease in financial risk. Credit cards eliminate the worry and stress over getting paid because transactions go through right away.
4) Increase your cash flow: Due to the fact that credit card transactions are processed quickly and efficiently, you no longer have to be waiting around to get paid. Your finances and payments will flow better with credit cards. Credit cards help to eliminate the hassle that comes with alternative forms of payment.
5) New customers: One benefit you may not have thought of before is that accepting credit cards allows businesses to attract new customers. You will no longer miss out on a sale because a potential customer doesn’t have cash on them.
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Guest post is provided by Charge.com Payment Solutions, Inc. This great website can revolutionize the way you handle credit card processing online. Go to their website for more information.
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