As a small business owner, you might be on the fence about accepting credit cards. After all, it costs money to do so, right? And maybe you don’t do enough business to justify signing up with a credit card processing company.
On the other hand…maybe that’s why you don’t do enough business: because you don’t accept credit cards! It’s a chicken and egg situation, but let’s look at reasons why you should consider accepting credit cards.
1. It Opens Up Payment Options
These days, people rarely carry cash. If you don’t accept credit and debit cards, you’re missing out on a huge chunk of business. How many times a day do you have to apologize and tell potential customers you can’t accept cards, then watch them walk out of your store? Each one of those instances is another sale lost.
2. Accepting Cards Gives You Caché
If you’re shopping online and you see a website that only accepts Paypal or other service, rather than letting customers pay directly with a credit card, what’s your impression? Do you feel like the company is entirely professional, or does it feel a little “small time”? What about when you walk into a “cash only” store? Simply accepting credit cards on your site and in your store can instantly give you points in the professional department, and build trust with your customers.
3. You Can Make Larger Sales
Even if a customer has cash, it’s usually a small amount. People tend to spend more when they use plastic, so you’ll increase your average sale without doing a single thing other than swiping a card.
4. They’re Everywhere You Want to Be
There are more than a billion credit and debit cards in circulation in the US alone. Not accepting them puts you at a serious disadvantage to your competitors, who are more than willing to accept cards.
5. Fees Are Less Than You Think
You likely have a high number in your head for what it costs to process a credit card transaction. But over the years, these merchant processing fees have gone down, thanks to heavy competition. Shop around for the best rate and know what you’re being charged for.
6. You Have More Options
Credit card processing has gotten a facelift over the past few years. You aren’t tied down to using a card processing machine; you can now accept payments through your smartphone or tablet, with less hardware expense and more mobility for on-the-go businesses.
7. You’ll Grow Your Business
Going back to that chicken-and-egg situation; if sales aren’t where you’d like them to be, simply accepting credit cards can help that. You’ll see more sales, bigger sales, and a growth in revenue. That small fee you pay for processing payments will be well worth the injection of cash into your business.
8. Reduce the Risk of Pilferage
While there is a fee associated with accepting credit cards, realize that accepting cash also has its costs. Three out of four of your employees may dip their hands in your till this year, according to the U.S. Chamber of Commerce. Suddenly those credit card fees don’t seem so bad when you can’t even be sure of how much cash you’re losing. Employees can’t receivables from a credit card transaction. Bottom line is: you reduce your risk of pilferage with credit card transactions.
Remember, too, that with cash, you run the risk of accepting counterfeit bills. Most people can’t tell the difference, and since counterfeit money costs banks (and businesses like yours) about 20 times the value of the counterfeit bill, it’s naturally an issue you want to avoid!
As you can see, you really can’t afford not to accept credit cards! Even the smallest business can benefit from accepting debit and credit cards online and in person. Got more questions about credit card processing? Our ACH Payments experts are ready with answers.