|July 20th, 2018|
There have been fumes of change that are engulfing technology and finances altogether which result in increased use of plastic cash offering more revenue.
However tempting it may sound, the truth behind it depicts another story. 75% of small business merchants find it difficult to introduce a new payment method in their process as their consumers aren’t ready to accept the change. The brick of rejection stands tall from clients’ side as the fear of fraud pricks them.
Check Out The Acceptation Of Payment Methods By Merchants and Consumers
|Electronic Bank Debit/ACH||14%|
For B2B and B2C relationships, the behavioral pattern is changing and tends towards dynamicity. So, are you wondering is it worth to invest in small business credit card processing in today’s scenario?
Let’s look at the detailed information and decide what looks perfect for your business.
What Are The Benefits Of Accepting Credit Cards?
Thinking about up front charges and added fees of owning and maintaining merchant account might make you cringe but its benefits will fade that fear away.
> Time Saving
With limited steps, fast processing and easy integration, credit cards save customers’ and your time. Keeping a customer wait in the queue gives them time to review their picked items which might turn negative for you as they might switch/cancel/leave anytime during the wait. Therefore, for faster checkout process, nothing works like credit card.
> Higher Sales
When there’s no restriction of cash, people tend to shop freely. Interestingly, America’s 4th biggest contribution in debts in is by credit cards (6% debts). Clearly, this indicates towards higher sales as people are comfortable in utilizing credit cards for necessity or luxury.
> Flexible Process
Another reason which is considered by the clients to pay through credit than cash is the safety. Credit cards come with no-fraud guarantee, reward points, credit score enhancement and more. Also, clients like to have options – Cash, online or credit.
Lastly, it comes to more superficial but crucial aspect of business – your rapport in market. Including latest technology by accepting plastic cash makes your business favorable entity in market. With stronger trust foundation, you gain your clients’ preference.
These benefits support inclusion of credit card processing in your small business.
What Are The Ways To Accept Credit Card?
This decade has unfolded the large spectrum of online business and scope of monetary transaction in secured and assured manner. Look at these ways through which you can accept credit card payments:
1. In-Store & Over The Counter Sale
Incorporate a POS system or simply purchase a credit card reader for your store. Along with payment perks, multi-branch company chains can easily track progress of sales, keep customers’ information and allocate inventory as per demographics.
2. Online Sales
If you’re planning to start your eCommerce business then a website and online payment becomes inevitable for you. To integrate both, you’ll need merchant account and gateway. Giving away information over Internet scared people but encryption and secured platforms have cashed their trust. That’s why experts suggest, “Choose your payment processor more carefully than your date.”
3. Mobile Sale
This is the latest of the above techs. Like our Phone Swipe terminal, you get a device imitating a card reader but quite handy and a software which enables you to convert your smartphone or tablet, a on-the-go gateway for processing safe payments.
4. Online Invoicing & Recurring Sales
Online virtual terminal and merchant account is all you need to accept payments through credit cards where the customer pays his/her invoice online. Similarly, recurring payments can be processed through the same channel by letting the clients activate recurring billing.
The Final Verdict:
Thinking about growth and not implying the concept on your business model will not make you efficient in long run. Also, sooner the assimilation of newer technology, better are the chances of grazing future with full support of your audience.