Small-business benefits of accepting credit cards
January 06, 2015

By 2017, more than 75 percent of payments are expected to be made using a credit or debit card according to Javelin Strategy & Research's report cited by Business News Daily. Not accepting electronic payments could hinder your overall sales and take a toll on customer satisfaction.

Advantages of implementing payment processing
There are a number of benefits when you accept credit card payments at your small business. The Houston Chronicle reported specific advantages, including:

  • Improvements to overall customer satisfaction
  • Convenient payment options and faster transactions
  • The ability to receive your money faster
  • Sales increases

Your business may grow faster due to the aforementioned benefits. Customer satisfaction dictates whether an individual returns to a specific place of business. Providing convenient payment options that are quick and easy is one way to provide your customers with a positive shopping experience. In addition, faster transactions mean you can serve a higher number of individuals and heighten the number of your sales.

Additionally, accepting multiple forms of payment also encourages customers to impulse buy and purchase more of your products.

Payment processing allows you to receive your money far more quickly than if you exclusively accept checks and cash.

If you live in an area that sees a number of tourists, accepting credit and debit cards is especially important. Oftentimes, travelers carry a specific amount of money or no cash at all. Provide them with an opportunity to purchase products electronically and tap into this potential market.

What to expect
If your small business is prepared to begin implementing an electronic payment system, know what to expect as well as the the options available.

Making this transition will cost additional expenses. Business News Daily reported monthly statement, minimum and transaction fees are some of the costs associated with accepting credit and debit card payments. However, if you are increasing your volume of sales with the implementation of payment processing, the extra cost may certainly be outweighed by profit. Know the preferences of your current or potential customer as well as your business's ability to fund credit and debit card acceptance.

Mobile payments are an additional option when you begin accepting plastic. Mobile point-of-sale options provide an opportunity to allow customers to purchase items anytime and anywhere, which can cut down on time spent waiting in line and add convenience to each transaction.

An additional perk is that payment processing companies often do not charge additionally for this advantage.

Compare the options that are available to your small business and select one that works best for you and your situation.

Nexus: G-WEBCD5