Accepting credit cards is a necessity for most businesses today. The reasons we accept plastic from our customers can make all of the things that go on behind credit card processing; tolerable! Here are the top reasons why accepting credit cards from your clients just makes good business sense!
Make the Payment Process Easy
When you can make accepting a payment easier for your clients, you increase the possibility of building a repeat and referral based business. When your customers find the payment process easy, meaning they can use whatever means they choose, it enhances their experience. Imagine you have a client in your business and they have made their selections. When they get to the checkout, they find that you do not accept credit cards. Unfortunately, they have only a small amount of cash and are forced to put items back. Making all forms of payment accessible can definitely make the payment process much easier.
Increase the Amount Your Clients Spend
Clients who can put their purchase on a credit card are more likely to buy more. Otherwise, like the customer we highlighted in the last paragraph, they may have to make their purchasing decisions based on the amount of cash they have in their wallet. Accepting credit cards puts multiple and larger quantity purchases within reach of your valuable clients.
Increase the Frequency Your Clients Make Purchases
The same thought process behind spending more will also have your clients purchasing from you more frequently. In fact, if you have the type of business that can make use of recurring billing, the ability to accept credit cards can literally make or break your business. The more frequently clients may need your products and services, the more important it is that you give them the ability to use plastic.
Simplify the Accounting Process
Having your payments deposited to your operating checking account makes cash flow a bit easier for your business. Credit card payments are much more trackable and not as vulnerable to employee mistakes or indiscretions. Credit card machines and applications can track payments, inventory and give business owners some of the tools to help them grow their business.
Expand Your Market
Using credit cards to expand your business to new and varied markets is definitely one of the best ways to use plastic. Moving from a traditional 'brick & mortar' business to using the internet and the ability to go mobile can dramatically impact your company's bottom line. Expanding your market and increasing your ability to create revenue is just one more way credit card acceptance makes good business sense.
Your business, your customers and your bottom line can be positively impacted by accepting credit cards as a form of payment!