In modern digital world, it is hard to believe that the majority of American small business owners still do not accept credit cards. Just think about it, when was the last time you wrote out a check for a nice dinner? Or paid to your local grocery store with a cash?
Accepting credit cards has some strong points.
Customers like being able to complete transactions fast and hassle-free without having to write a check or run to the nearest ATM to withdraw money they need to make a purchase.
Keep Up with the Competition
No matter how big your company or what type of business you run, sooner or later it will need accept credit card. Giving customers the choice to pay with credit cards helps you keep them from buying at one of your competitors’ stores.
Higher Sales Amounts
The recent research showed that credit card acceptance can increase your sales as the customers tend to spend more when they’re paying with credit cards, especially in regards to impulse purchases. When customers don’t have to worry about carrying extra cash in hand, they also calm about being able to afford items of their choice.
Credit cards acceptance can boost your business through the Internet as you can start accepting credit card payments from anyone, anywhere in the world at any time.
Improves Cash Flow
Credit card payments hit the business’ bank account within a couple days of the purchase date, which improves the cash flow of the business. The business no longer has to invoice customers and wait for payments or wait for payment checks to clear the bank. Companies get cash faster and easier by accepting credit card payments from clients.
While you still weigh the advantages and disadvantages of accepting credit cards before deciding does it suit your business, it is safe to say that the pros of accepting credit cards far outweighs the cones that come along with it.