02 May 7 Reasons for Your Business to Accept Credit Cards
Beginning to accept credit card payments can be one of the best ways to grow your business. A majority of consumers (66%) prefer to use credit cards to make payments. Even though there will be a small amount of cost involved, for most businesses, the advantages far exceed that small expense. Here are 7 reasons for your business to accept credit cards:
1. Additional Customers
The more customers you attract, the greater your chance for additional revenue. Letting potential customers know that you accept credit cards and debit cards can be a magnet for new business. It broadens your potential customer base quite a bit. As mentioned above, 66% of consumers prefer to use credit cards. With younger customers, that preference is even more dramatic: 69% of Millennials will only shop at a business if they accept credit cards or debit cards.
2. Increased Sales
Accepting credit cards can not only lead to increase sales from the additional customers you will attract. But, customers are also likely to spend more when they pay with a credit card. According to Dun & Bradstreet, consumers spend up to 18% more when using credit cards instead of cash for purchases.
3. Improved Cash Flow
Waiting for a check to arrive in the mail, or waiting for a check to clear, can slow down the availability of funds necessary to run your business. Credit card and debit cards transactions are authorized quickly, processed electronically and settled every day. Usually, the funds are deposited into your bank account within 1 or 2 days, and available to use immediately. This will create an incredibly positive impact on your cash flow.
4. Competitive Advantage
As mentioned above, 66% of consumers prefer to use credit cards. Yet approximately 50% of small businesses do not accept credit cards. If your business offers the payment options that customers prefer the most, like credit cards and debit cards, that can give you a distinct advantage over your competition. On the other hand, if your competition already accepts cards, then offering the ability to pay with plastic at your business will help ensure your current customers stay loyal, and give you the best opportunity to compete moving forward.
5. Business Credibility
Credit card brands like Visa, Mastercard, Discover, and American Express are well recognized. Cardholders trust those brands enough to carry a card in their wallet, and that trust transfers to the merchants who accept those cards. By displaying the logos of the cards you accept – at your check-out counter, on your website, and/or on your invoices – you are letting customers know your business can be trusted. When they trust you, they are more likely to purchase from you and recommend you to others.
6. Eliminates Risk of Bounced Checks
How much time does it take to remedy even one bounced check? Think about the time spent talking with your bank, tracking down the customer, and monitoring when the replacement payment arrives. Not to mention the negative effects of not having those funds while the situation is being remedied. Credit card and debit card transactions are only approved if the funds are available, and they are further screened as they are processed to reduce the risk of fraud.
7. Accepting Cards is Relatively Inexpensive
Credit card processing rates have gone down to the point that even the smallest of businesses can benefit from accepting debit cards and credit cards. Business owners discover that the reasons to accept cards listed above not only cover the cost involved, but help their business grow significantly, making the acceptance of debit and credit cards an excellent return on investment.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and personal customer service? Are they offering solutions to grow your business and being proactive about helping you reduce risk and increase your savings?
BASYS Processing features:
• A friendly, live voice will answer the phone when you call; no automated phone systems
• In-house PCI Compliance team to walk you through the process step-by-step, improving security and reducing costs
• A knowledgeable Account Manager assigned to your business to support your needs
• Accept payments in person, over the phone or online
• Next-day funding options
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.
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