Only when an entrepreneur understands what makes consumers prefer utilizing credit cards over other payment methods can he/she take the initiative of setting up a card terminal— really, isn’t it simpler and more convenient? But if you still need further insight on why you should embrace credit cards; here are 6 good reasons to do so:
1.Everyone, including you immediate competitor Is Doing It – Currently, most if not all businesses whether online or physical-location accept payment via credit cards. As a result, people no longer carry huge amounts of liquid money anymore. So if they come shopping at your store only to realize they can’t pay with plastic, then chances are; they may not make the purchase. Is that what you want for your business?
- Allows you to Keep Track of all Payments – Accepting payment via cards means the system is automatically keeping electronic records. What’s more, you can easily have this data retrieved in just an hour, day or subsequent tax season. In other words, Bookkeeping is made easier.
- Collect Payments faster and easier– No business owner enjoys the cat-and-mouse game of chasing debtors. And for small business, such debts may cause a huge financial burden. However, credit cards offer the convenience and ease when you come across a client who owes you some cash, thus making it much easier to recover the amount owed.
- You set the stage for Online Shopping– Up to 90% of internet purchases are initiated using credit cards. So if you have plans to launch or expand your online presence, start by accepting these well-liked cards.
- Triggers Impulsive spending and buying among customers – Cash limits the shopper to what he/she has in their pocket right then. On the other hand, most customers boast of relatively high credit limits which makes unplanned-for purchases and spending on luxuries much easier. What else does a business owner enjoy more than having customers spend more and more money on their goods?
- You get paid instantly– Unpaid invoices form the worst part of running a small startup. Some clients may take months to clear their balances often causing serious cash flow issues. By contrast, customers are more likely to pay via credit cards than go through the boring process of check writing and mailing. Eventually, payment is much faster and customers don’t have to follow long processes to have it done.
Aren’t these more than enough reasons to have you make the decision right here, right now? Well, it just turns out that despite the security repercussions that come with plastic payments, we just can’t do without them.
Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders is the UK’s best sagepay review company, serving both traditional and high-risk merchants.