It’s a fact – we live in a nearly cashless society and, as a result, the cash-only business is fast becoming the dinosaur of the retail space. Accepting credit cards is nearly a requirement in today’s business climate. So what are the pros of accepting credit cards at your business? We at North American Bancard have put together a short list explaining the benefits of accepting cards – both credit and debit – at your business.
Convey a sense of trust. When first launching a business, you won’t have the credibility of a well-established company, so gaining instant credibility by promoting that you’re able to accept credit cards will help your business evolve. Customers trust those companies with their personal and financial information so you’ll be able to acquire respectability and strong customer relationships when compared to companies that don’t accept credit cards.
The more payment options, the better the sales. Why limit your customers to just cash? Because the number of people carrying cash decreases every day, accepting credit cards will open the door to more opportunities, and hopefully more wallets.
Credit Cards drive e-commerce. Nearly every transaction made on the Internet is paid for by some sort of payment card — be it credit, debit or gift cards — so having a successful online presence and creating an excellent revenue stream is crucial for the growth of your business.
Plastic is better than a check. Because of the high level of diligence done by credit card processors, it’s less likely that you’ll be a victim of fraud when compared to accepting checks. Accepting one bad check can make a business susceptible to spending valuable time dealing with banks and trying to find the customer to get reimbursed.
Impulse buys pay the same as calculated purchases. Credit cards offer a convenience that will help increase the likelihood of your customers making “impulse purchases.” Customers tend not to hesitate with “convenient, nice to have” purchases when they use a credit card compared to harder-to-part-with cash.
Set-up is easy. Companies like North American Bancard pride themselves on making the application process, and subsequent set-up of the merchant account, as seamless as possible. Our goal is to create a smooth transaction process, leading to a better relationship with your customers.
To learn more about the pros and cons of accepting credit cards, visit sba.gov where they have a complete list of how the benefits can outweigh the negatives.