If you are a business owner still thinking about offering a credit and debit card payment option to your customers and clients, here are six reasons for you to consider. They can all help your bottom line by bringing more money to your business.
1 – Fostering the Image of Your Business
Small business owners who display the familiar logos of payment networks such as MasterCard, American Express and Visa seldom realize how attractive they are to customers and clients. The reason for this is simple: when consumers see those logos, they see brands they can trust. When they see that you do business with these trusted brands, they will think of your business as one that is legitimate and trustworthy.
2 – Enabling Online Business
Even if your business is exclusively a brick-and-mortar operation at this time, you should not discount the possibility of doing e-commerce in the future. By getting a merchant card system in your business now, you are essentially preparing for more productive days ahead since you will be prepared to accept payments.
3 – Checkbooks Are Disappearing
For some reason, the United States has been a stalwart of the paper check era. This is not the case in Europe and Latin America, where checks have been mostly phased out in favor of electronic payments as well as credit and debit card transactions. American consumers are warming up to a life without checks, and this is good news for business owners who are always at risk of getting bad checks. With a merchant processing system, card transactions are approved or declined on the spot, thereby reducing the risk of bad checks.
4 – Happy Customers = More Money
Americans are abandoning checks and turning to credit and debit cards because of convenience. Many consumers dislike the idea of carrying cash; what they like is being able to pay securely with a card that they can track spending with and perhaps score points or frequent flier miles. If you want happy customers, give them the option to pay with their cards.
5 – Card Shoppers Are Bigger Spenders
With more banks combining credit and debit features into a single card, retail analysts are noticing greater patterns of spending. Consumers who run to the ATM or cash checks do not spend as much as those who have a payment card at their disposal. With the American economy improving, credit lines are becoming more generous, and thus many shoppers are spending more on their purchases.
6 – Electronic Payments Are Cheap
The merchant processing industry is very competitive these days, and this makes it very attractive for business owners. Rates, fees and high-tech terminals that process card and electronic payments do not require a major investment, particularly when considering the boost in sales.