As a small business owner, you know what it feels like to be a small fish swimming among sharks. Sure, you feed on the excitement and the thrill of proving yourself, but the fact remains that you’re often competing with businesses who have many more resources at their disposal. Keeping costs down is a must, but don’t be tempted to skip accepting credit cards! Even in the age of Apple Pay and PayPal, here’s why your business must absolutely 100% accept credit cards.
It’s What Customers Want
No matter what product or service you sell, you’re in the business of customer service – period. If your customers aren’t happy, ain’t nobody happy! In 2017, the Boston Federal Reserve released data stating that over 75% of consumers have at least one credit card and that the average consumer has between two and three. This is a huge market you can’t afford to pass up! Cash is quickly becoming an outdated and inconvenient way to pay, and some consumers will skip over a business entirely if they don’t offer their preferred payment method. Offering credit cards as a payment option sends a message to consumers that you’re serious about earning their business. Plus, you won’t give them a reason to run off to a larger competitor who does offer this service.
The convenience factor for customers is easy to see, but did you know that credit card transactions are actually more convenient for the business owner as well? A credit card transaction can usually be accomplished in less time than a cash one, meaning you can serve more customers per day. Plus, when the business day is done, your transactions are automatically gathered up into one batch and electronically sent to your credit card processor. Your money appears in your account within days – no more slowly counting out change drawers or dashing off to the bank before closing!
Recent advances in credit card technology have made it safer than ever to accept this method of payment. Talk to your payment processor and make sure they offer a secure, PCI-compliant electronic payment gateway (360 Payments does!) and that they’re prepared with the knowledge and resources you’ll need to navigate this rapidly changing space (we do that too!). From EMV technology-enabled terminals to state-of-the-art data protection software, credit cards are a secure payment option for consumers and businesses alike.
It’ll Save You Time and Money
You’ll likely see an increase in sales when you start accepting credit cards because shoppers who pay with plastic tend to spend more. It’s easier for credit card shoppers to make an impulse buy or grab a pricier item off the shelf since they aren’t limited by the cash in their wallets. Plus, you’ll save time as bank runs and check processing become a thing of the past. With the mobile and wireless options offered by today’s payment processors, you can collect payment information on the spot even if you travel to your customers. This eliminates time-consuming billing and invoicing systems.
Partner with the Right Payment Processor
Accepting credit cards is a no-brainer for any small business, but it’s not without risks. You’ll need a processing partner you can trust, and we’d love to earn yours. Get in touch with us today and let us explain how we make credit card processing simple, safe, and convenient for you and your customers.
PS – Here’s a video that describes more about us.
PPS – We just hired a new COO! See why he chose 360 Payments here.