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If your small business isn’t offering customers the option to pay by credit card, you’re missing out! Customers love the convenience of credit cards and will often purchase impulse buys this way.
Not to mention, offering credit card merchant services makes the checkout process as easy and as convenient as possible for customers. Small business owners who are looking to increase revenue and the average price of each transaction need to make sure they accept credit cards.
Utilizing credit card merchant services is a way for your small business to appeal to as many customers as possible, which can only lead to more profit for you. You can even go one step further and accept mobile payments to reach an even broader audience.
Learn more about the benefits of credit cards and how your small business can invest in equipment even while on a budget below!
- Shoppers spend 12-18% more when using credit cards instead of cash.
- Order size increases of up to 40% are possible after merchants accept credit cards for the first time.
- 20% of 2012 holiday sales were made through mobile devices and mobile payments are projected to rise from $47.2 billion in 2011 to $998.5 billion in 2016.
- To negotiate the interchange rate, reach out to the credit card companies directly. For other service fees including terminal rental and transaction processing, speak with your bank.
- Shop around. Before you decide on one provider, compare the services and price plans of at least three credit card processing providers. What’s right for one location may not be great for another.
- Take a look at your cancellation clause. If you don’t enjoy working with a particular processor, you want to make sure you’re able to break the contract without suffering a hefty fine or fee.
- Look for interchange plus pricing models. Interchange plus is the most desirable form of pricing both for its transparency and potential to allow for lower costs.
While getting the right credit card processing equipment or negotiating your rates isn’t an easy task, you need the technology to boost your business’ sales and bottom line. Customers want the convenience of paying with a card and your business wants to draw in more customers. Accepting credit cards is one great way to do that.
According to research from Merchant Warehouse and Column Five:
Even if your business doesn’t have the ability to optimize its website for mobile payment acceptance, you still should work on finding a solution for accepting credit cards in-store. You’ll be able to provide greater payment flexibility to customers who are looking for convenient ways to shop. Not only that, you could find that accepting credit cards allows your business to tap into the “Impulse Buyer” demographic more easily as many consumers are more comfortable swiping their plastic than they are dolling out cash.
Accepting credit cards does cost your business money in the short-term as you invest in equipment and find a credit card merchant services provider. But, it’s the big picture you have for your business’ future that really matters.
The good news, however, is that you can locate lower credit card processing fees to help you find ways to save for this investment. Here’s how:
While getting started accepting credit cards isn’t always inexpensive, mobile POS systems and single credit card processing systems are often an easier and more cost-effective way to get things started. By offering credit cards, you’ll be able to provide more payment options to customers while ensuring your business isn’t held up waiting for a payment to come through.
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Comment :
Businesses can accept payment from customers in a variety of ways. From credit cards to cash, these methods offer pros and cons for customers and for businesses. If you decline to accept a particular payment method, you could limit your customer base. Depending on the type of business you do and the type of customers you have, you may not need to accept some methods of payment. Weighing the pros and cons of different methods can help you make the appropriate decisions for your business.
Credit Card
Credit cards offer your customers convenience. They don't have to carry cash, and they can choose to pay off the purchase over time or all at once. As a business, credit cards give you the satisfaction of almost instant payment. But this convenience comes at a price. Credit card companies charge a percentage of sales, usually 3% to 5% for the privilege of accepting their cards. For this reason, some small businesses choose not to accept credit cards. If your customers are primarily other businesses, you may also choose not to accept credit cards, because commercial customers usually do not pay in this manner. If you do accept credit cards, verify the identity and signature of the card holder. If you accept a fraudulent card, you could be left with an unpaid bill. So be careful when you accept the credit cards check the signature behind the card before you do all the transactions.
Mobile Payment
Referred as mobile money, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems, it is only recently that the technology to support such systems has become widely available.
