June 27, 2013

Credit Card Processing: Top 6 Reasons Why Merchants Need to Consider It

credit-card
There are many great reasons why most people today prefer to use their credit cards instead of cash in paying for their purchases. For one, credit cards are a lot easier to carry as compared to cash. You also have limited liability in case your card gets lost or stolen. On the other hand, if you lose your money or it gets stolen from you, you can say goodbye to it forever.

In addition, some people prefer to use plastic money so that they can track their expenditures more easily while some are in it to rack up points and collect exciting rewards. There are also some people who prefer to use their cards to save precious time. After all, having a credit card eliminates the need to visit the bank just to get some cash or the need to write checks as they pay for their purchases.

Should You Accept Credit Card Transactions?

Accepting credit card payments can also be good for your business, as small as it may be. Here are some reasons why.
  • It can increase your revenue. Considering the fact that most people prefer to pay for their purchases using their credit and/or debit cards, offering flexible payment options at your point-of-sale can considerably increase your sales. Credit card holders are known to buy 2.5 times more merchandise, prefer to buy higher margin goods and specialty items and more likely to buy on impulse as compared to non-card holders.
  • It can help you avoid lost sales opportunities. When people want to buy your products but don't have enough cash to do so, they will leave and may never come back.
  • It can facilitate improved cash flow. Aside from allowing you to enjoy a significant increase in sales, accepting credit card payments can also improve your cash flow. The money from your credit card sales will automatically be delivered to your bank so you don't have to wait for checks to clear or send invoices just to collect your money.
  • It can boost the legitimacy of your business. Studies show that the simple act of displaying credit card logos in your place of business can instill a sense of trust in the minds of your customers.
  • It can foster customer loyalty. Providing your customers a more convenient way to pay and minimizing their time at checkout will keep them coming back for more.
  • It can improve your productivity. Since credit card processing allows transactions to proceed automatically, it can ease your administrative duties and allow you to concentrate on some of the more important aspects of running your business.

Accepting credit card transactions really makes a lot of sense. Just make sure you choose a reliable payment processing service such as PayMeSecure when you are ready to start accepting non-cash transactions and you will definitely reap all the rewards in no time.

Jean McDaniels has owned a quick mart for the past 7 years, but recently took a leap of faith with a food truck business of selling burritos. He has found success with using PayMeSecure’s wireless services to help with credit card processing for his business.

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