If you run a business, whether it’s online or not, and you aren’t accepting credit card payments, you could be missing out on a lot of sales from customers who prefer paying with credit. While there are service fees involved with accepting credit cards, the benefits will definitely outweigh any costs that you incur.
Check out some of the top benefits of accepting credit cards at your business in order to learn more.
People Spend More with Credit Cards
Most people don’t carry around a lot of cash, as they prefer making big purchases with their credit cards instead. This allows them to make the payments slowly over time if they wish, and they can also spend a lot more without having to worry about getting the cash or writing out a check. So if you want to encourage more sales—especially higher sales—implementing the use of credit cards at your register is definitely the way to go.
Save Time on Online Transactions
Whether you operate your business online as part of a brick and mortar operation or you are an exclusively online company, allowing people to pay with their credit cards could save you a lot of time because the payments will be authorized right away, unlike checks or money orders that could take days or even weeks to clear.
Sell Internationally Online
Another great advantage to accepting credit card payments through your online store is the fact that you can easily reach and sell to a global audience, thanks to the fact that credit cards will automatically convert currencies for you. All you would have to worry about is shipping the items that you sell.
Legitimize Your Company
Simply displaying credit card logos on your website or at your register in your store can get a customer’s attention and help them develop a greater sense of trust in you and your company. After all, if the credit card providers trust you enough, then they can too. And this trust is what could lead to more sales because people are willing to buy more from businesses that they respect and trust.
Your Competitors Accept Credit Cards
It’s really likely that most, if not all, of your competitors are already accepting credit cards, so you should too if you want to remain competitive and not lose customers. Again, most consumers prefer using credit when they shop, whether they shop for small items or big ticket items. Credit gives them more flexibility, and with so many credit cards now offering a variety of reward programs, from cash back to airline miles, people want to be able to get something back for their spending, and they can’t get that with cash.
As you can see, there are many reasons to start accepting credit card payments at your business if you haven’t already done so. And don’t worry if you’re considered a high risk account because there are many high risk merchant account providers available to help you get what you need to accept credit card payments.