Last year, the research showed there was a rapid decline in cash payments. 55% of the nation’s 27 million small businesses didn’t accept credit cards, and because of this they potentially missed out on $100 billion in annual sales.
Even though cash continues to be the most commonly accepted payment type for small business owners, accepting credit cards counts for a number of important benefits no one can reject. So what are the top benefits of accepting credit cards?
- Legitimate Business
When you display the logos of the credit cards you accept, you grab cardholders’ attention and make them trust in your business.
- Increased Sales
By accepting credit/debit cards, you enlarge your potential customer base. The increased number of customers leads to increased sales.
- Ability to Survive the Competition
The competitors in your field are already accepting credit cards. You should do the same so to remain competitive.
- Encourage Shoppers to Make a Purchase
Shoppers are looking for ways to complete transactions quickly and easily without the need for running to the ATM for cash or writing a check.
- Improved Cash Flow
Credit card transactions are processed electronically and settled quickly so there is no need to wait for checks to clear, no more billing and waiting to collect from your customers. You start handling less cash.
- A Requirement for Online Businesses
Credit cards are used to complete the great majority of transactions on the Internet.
- No More Bad Checks
While being processed, credit card transactions are screened to mitigate the risk of fraud. Also, you can turn to a reputable payment processor like emerchantbroker.com (EMB) to get unmatched fraud prevention and protection services for payment processing. EMB is voted the #1 high risk merchant services provider in the US and boasts an A+ rating with the BBB. EMB can help you reduce chargebacks and grow successfully.
- Offers Convenience for Shoppers
Customers prefer those methods of payment that offer convenience and provide them with benefits. If you don’t offer a credit card option, you risk losing customers.
- Inexpensive Payment Option
In our modern times, credit card processing is a highly competitive industry. You can easily find merchant services that are the best fit for your budget. EMB offers the lowest possible rates in the industry.
- Quick and Easy Setup
Turning to emerchantbroker.com, you can enjoy fast and easy setup. Your merchant account application will be processed immediately, and you’ll be able to process credit card sales within 24 – 48 hours.
No matter you’re operating an offline or online business, accepting credit cards will result in positive outcomes for your business. Even if accepting credit cards costs you some money up front, its benefits will outweigh the fees associated with the service.